G-III Apparel Group Ltd (GIII) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the G-III Apparel Group's fourth quarter and full fiscal 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Neal Nackman, Chief Financial Officer. Please go ahead, sir.

美好的一天，感謝您的支持。歡迎參加 G-III Apparel Group 第四季和 2024 財政年度完整財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的第一位發言人，財務長尼爾·納克曼 (Neal Nackman)。請繼續，先生。

Good morning and thank you for joining us. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees and actual results may differ materially from those expressed or implied in forward-looking statements. Important factors that could cause actual results of operations or the financial condition of the company to differ are discussed in the documents filed by the company with the SEC. The company undertakes no duty to update any forward-looking statements.

早安，感謝您加入我們。在開始之前，我想提醒與會者，今天的電話會議和問答環節中所做的某些陳述可能構成聯邦證券法含義內的前瞻性陳述。前瞻性聲明並非保證，實際結果可能與前瞻性聲明中明示或暗示的結果有重大差異。本公司向 SEC 提交的文件中討論了可能導致公司實際經營結果或財務狀況出現差異的重要因素。該公司不承擔更新任何前瞻性陳述的責任。

In addition, during the call, we will refer to non-GAAP net income, non-GAAP net income per diluted share, and adjusted EBITDA, which are all non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to GAAP measures in our press release, which is also available on our website. I will now turn the call over to our Chairman and Chief Executive Officer, Morris Goldfarb.

此外，在電話會議中，我們將提及非 GAAP 淨利潤、非 GAAP 稀釋每股淨利潤以及調整後 EBITDA，這些都是非 GAAP 財務指標。我們在我們的新聞稿中提供了這些非公認會計原則財務指標與公認會計原則指標的調節表，該新聞稿也可以在我們的網站上找到。我現在將把電話轉給我們的董事長兼執行長莫里斯·戈德法布。

Thank you, Neal. And thank you, everyone, for joining us. Full-year 2024 was an important year for G-III. I am proud of the strong results our team delivered. We've accelerated our long-term strategic priorities and developed new opportunities as we transition out of our Calvin Klein and Tommy Hilfiger businesses. The strength, relevance, and recognition of our brands, along with our powerful corporate foundation, enables us to deliver product that inspires and creates exciting brand experiences for consumers. We successfully navigated through another year in a tough dynamic retail landscape. We believe the consumer environment continues to remain under pressure as we enter the new year but have a strong plan in place to drive our business. We're investing for the future, and I'm excited about our path forward as a global leader in fashion. Now I want to share a few significant highlights from the year.

謝謝你，尼爾。感謝大家加入我們。2024年全年對G-III來說是重要的一年。我為我們團隊取得的強勁成果感到自豪。隨著 Calvin Klein 和 Tommy Hilfiger 業務的轉型，我們加快了長期策略重點並開發了新的機會。我們品牌的實力、相關性和認可度，以及強大的企業基礎，使我們能夠提供能夠激發消費者靈感並創造令人興奮的品牌體驗的產品。我們在充滿活力的零售環境中成功度過了又一年。我們相信，進入新的一年，消費者環境繼續面臨壓力，但我們已經制定了強有力的計劃來推動我們的業務。我們正在為未來投資，我對我們作為全球時尚領導者的前進道路感到興奮。現在我想分享這一年中的一些重要亮點。

In fiscal 2024, we grew the sales penetration of our businesses, excluding Calvin Klein and Tommy Hilfiger, by 7%. As a result, our go-forward brands represented approximately 60% of our total company sales in fiscal 2024, and we anticipate this penetration to further grow closer to 70%, increasing our top line by over 3% in fiscal 2025, while we continue to scale down Calvin Klein and Tommy Hilfiger. We successfully launched Donna Karan, one of the most iconic American brands, which has just had retail selling floors. With a fantastic collection supported by the largest marketing campaign ever through G-III and a new fragrance launch, the response from customers has been incredible. This validates our belief that the brand has a significant runway ahead.

2024 財年，除 Calvin Klein 和 Tommy Hilfiger 外，我們業務的銷售滲透率成長了 7%。因此，我們的前進品牌在2024 財年約占公司總銷售額的60%，我們預計這一滲透率將進一步增長至接近70%，從而使我們的營收在2025 財年增加3% 以上，同時我們持續縮小 Calvin Klein 和 Tommy Hilfiger 的規模。我們成功推出了最具代表性的美國品牌之一唐娜·卡蘭 (Donna Karan)，該品牌剛剛開設零售店。憑藉 G-III 有史以來最大規模的營銷活動和新香水的推出支援的精彩系列，客戶的反應令人難以置信。這證實了我們的信念，即該品牌前方有廣闊的發展空間。

We solidified and went to market with three additional growth initiatives with Nautica, Halston, and Champion, all of which are highly respected brands. We're investing in talent for our future growth and hired Dana Perlman in the newly created role of Chief Growth and Operations Officer, as part of our executive leadership team.

我們透過 Nautica、Halston 和 Champion 等三個額外的成長計劃鞏固並進入市場，所有這些都是備受推崇的品牌。我們正在為未來的成長投資人才，並聘請 Dana Perlman 擔任新設立的首席成長和營運長職位，作為我們執行領導團隊的一部分。

Now let's review our full year and fourth quarter 2024 financial results. Full year non-GAAP net income per diluted share increased 42% to $4.4 from $2.85 in the prior fiscal year and 85% to $0.76 compared to $0.41 in last year's fourth quarter, both above our guidance. Net sales for the full fiscal year were $3.1 billion compared to $3.23 billion last year and $765 million for the fourth quarter compared to $854 million last year. The fourth quarter top line relative to our plan was impacted by warm weather, as well as a consumer environment, which remains challenging.

現在讓我們回顧一下 2024 年全年和第四季的財務表現。全年非公認會計原則攤薄每股淨利潤從上一財年的 2.85 美元增長 42% 至 4.4 美元，與去年第四季的 0.41 美元相比增長 85% 至 0.76 美元，均高於我們的指導。整個財年淨銷售額為 31 億美元，去年為 32.3 億美元；第四季淨銷售額為 7.65 億美元，去年為 8.54 億美元。與我們的計劃相關的第四季度營收受到溫暖天氣以及仍然充滿挑戰的消費環境的影響。

Gross margins expanded by over 600 basis points for the full year. This was driven by disciplined inventory management, moderation and freight, a greater mix of our own brands, and the AUR improvements. We believe current gross margin levels are sustainable into the future, and we further strengthened our credit profile, ending the year in a net cash position compared to last year's net debt position of 1.6 times. This is after having paid down $125 million in outstanding debt and repurchasing $26 million of our own stock. Currently, we have over $1 billion in liquidity. Now let's review some of the key results.

全年毛利率成長超過 600 個基點。這是由嚴格的庫存管理、節制和貨運、我們自有品牌的更大組合以及 AUR 改進推動的。我們相信目前的毛利率水準在未來是可持續的，並且我們進一步增強了我們的信用狀況，年底的淨現金頭寸是去年淨債務頭寸的 1.6 倍。這是在償還了 1.25 億美元的未償債務併回購了 2,600 萬美元的股票之後。目前，我們擁有超過 10 億美元的流動資金。現在讓我們回顧一下一些關鍵結果。

We're a partner of choice and have strong relationships with a diversified retail network and data-driven approach not only prioritizes the consumer at the heart of everything we do, but also enables us to create collections in over 20 categories across our 30-plus brands with a broad range of fashion. Categories that drove the quarter included outerwear, dresses, sportswear, handbags, and suit separates across our key brands. The team sports division had a good quarter and year. We, again, renewed our NFL and Major League Baseball licenses.

我們是首選合作夥伴，與多元化的零售網路和數據驅動的方法有著牢固的關係，不僅將消費者放在我們所做的一切工作的核心位置，而且使我們能夠在30 多個品牌中創建20多個類別的產品系列擁有廣泛的時尚品牌。本季帶動的類別包括我們主要品牌的外套、洋裝、運動服、手提包和套裝單品。團隊運動部門在季度和年度都表現出色。我們再次更新了 NFL 和美國職棒大聯盟的許可證。

Nautica Jeans just launched this spring in over 200 doors and online with our retail partners and is off to a great start. In addition, we're also selling that to the brand's global distribution network and will expand into a broad range of additional categories over the next few years. We believe Nautica can predominantly fill the void of our current Tommy Hilfiger business. Halston is coming to life. A design as extensively reviewed the archives, which helped develop our sophisticated and modern take on the collection, which was very well received in full market. As the master licensee, we can sublicense to expand into additional categories and share in the revenue generating another income stream. With full control of the business, we see the annual net sales potential of over $500 million.

Nautica Jeans 今年春天剛與我們的零售合作夥伴在 200 多家門市和網路上推出，並取得了良好的開端。此外，我們還將其銷售給該品牌的全球分銷網絡，並將在未來幾年內擴展到廣泛的其他類別。我們相信 Nautica 可以主要填補我們目前 Tommy Hilfiger 業務的空白。霍爾斯頓復活了。廣泛回顧檔案的設計有助於我們對系列產品進行精緻而現代的詮釋，並在整個市場上廣受好評。作為主被授權人，我們可以透過分授權擴展到其他類別，並分享產生另一個收入來源的收入。完全控制該業務後，我們預計年淨銷售額潛力將超過 5 億美元。

Our new Champion outerwear had a good first quarter -- first market with deliveries available for fall of 2024. For fiscal 2024, our go-forward brands, excluding Calvin Klein and Tommy Hilfiger, registered high-single digit growth, while our total sales declined 4%. In fiscal 2025, we're expanding it to new lifestyle categories to extend their reach and see a tremendous opportunity to capture market share, particularly internationally. Specifically, we're working with new distribution partners to grow into new categories. We believe the overall sales and profitability for the go-forward brands have a runway for expansion, and we are investing to deliver outsized growth. These go-forward brands will account for almost 70% of our revenues in fiscal 2025.

我們的新款 Champion 外套第一季表現良好——第一個市場可於 2024 年秋季交付。2024 財年，我們的前沿品牌（Calvin Klein 和 Tommy Hilfiger 除外）實現了高個位數成長，而我們的總銷售額下降了 4%。在 2025 財年，我們將其擴展到新的生活方式類別，以擴大其影響範圍，並看到奪取市場份額的巨大機會，特別是在國際市場份額。具體來說，我們正在與新的分銷合作夥伴合作，以拓展新的類別。我們相信，前進品牌的整體銷售額和盈利能力有一個擴張的跑道，我們正在投資以實現超額成長。到 2025 財年，這些先進品牌將占我們收入的近 70%。

One of our most important initiatives this year was the development of Donna Karan, which just launched at retail in the US. Inspired by the archives, we've designed a collection centered on empowering women that captures the brand's timeless elegance and accessible luxury, tailored to meet the full lifestyle needs of today's customers. We invested heavily to support the launch in several ways. First, with an incredible marketing campaign featuring eight iconic models, spanning several generations, all of whom have a connection to the brand. I'm thrilled we have some of the biggest names in fashion, including Cindy Crawford, Linda Evangelista, Carolyn Murphy, Amber Valletta, Karlie Kloss, along with the renowned photographer, Annie Leibovitz.

我們今年最重要的舉措之一是開發剛在美國零售店推出的 Donna Karan。受這些檔案的啟發，我們設計了一個以賦予女性權力為中心的系列，體現了品牌永恆的優雅和觸手可及的奢華，專為滿足當今客戶的全面生活方式需求而量身定制。我們投入巨資以多種方式支持此次發布。首先，透過一場令人難以置信的行銷活動，以八位標誌性模特兒為主角，跨越幾代人，他們都與該品牌有聯繫。我很高興我們有一些時尚界的大腕，包括辛蒂克勞馥、琳達伊凡格麗塔、卡洛琳墨菲、安柏瓦萊塔、卡莉克勞斯，以及著名攝影師安妮·萊博維茨。

Second, we enhanced the Donna Karan website with a new look and feel where consumers can better experience the power of the brand. Third, with our fragrance partner Interparfums, we launched the cashmere collection to complement the brand's iconic Cashmere Mist fragrance, which will extend the brand's presence. I'm extremely pleased to add the reaction to the new Donna Karan collection, a marketing campaign received major excitement and global attention with over 5.5 billion impressions in the United States and growing. We're already seeing the results with the initial product. Our Donna Karan product commands higher AURs than most of our other brands and is resonating with consumers and selling through and almost immediately.

其次，我們以全新的外觀和感覺增強了 Donna Karan 網站，讓消費者可以更好地體驗品牌的力量。第三，我們與香水合作夥伴 Interparfums 合作推出了羊絨系列，以補充品牌標誌性的 Cashmere Mist 香水，這將擴大品牌的影響力。我非常高興地向大家介紹唐娜·卡蘭(Donna Karan) 新系列的反響，這一營銷活動引起了極大的關注並受到全球關注，在美國的展示次數超過55 億次，並且還在不斷增長。我們已經看到了初始產品的結果。我們的唐娜·卡蘭 (Donna Karan) 產品比我們大多數其他品牌擁有更高的 AUR，並引起了消費者的共鳴，並且幾乎立即銷售。

Retailers have already increased their buys for the second half of the year. This launch is just the beginning of a new era of fashion for Donna Karan, and we're committed to building a lasting brand equity. We plan to expand the brand globally and now see a $1 billion annual sales opportunity over time. DKNY is well established in the contemporary fashion space and is known for merging modern tailoring with sophisticated ease, celebrating the aspirational and practical spirit of New York. In North America, DKNY grew high single digits, and we saw strength across most of its core categories.

零售商已經增加了下半年的採購量。這次發布只是唐娜·卡蘭 (Donna Karan) 時尚新時代的開始，我們致力於建立持久的品牌資產。我們計劃在全球範圍內拓展品牌，現在預計隨著時間的推移，年銷售額將達到 10 億美元。DKNY 在當代時尚界享有盛譽，以將現代剪裁與精緻輕鬆融為一體、頌揚紐約的理想和實用精神而聞名。在北美，DKNY 實現了高個位數成長，我們看到了其大部分核心類別的實力。

The total brand grew low single digits as we repositioned our international presence. We pruned some of our noncore accounts and product offerings. In Europe, we're focused on elevating our wholesale presence through capsule collections and pop-up experiences to expand the brand. In addition, we're also accelerating our digital footprint with Zalando and other key pure-player partners. We've brought renewed energy to DKNY with new investments this spring by designing contemporary styles that are fashion-forward for younger consumers that complement our core offerings of the collection.

隨著我們重新定位我們的國際業務，總品牌成長了低個位數。我們削減了一些非核心帳戶和產品。在歐洲，我們致力於透過膠囊系列和快閃體驗來提升我們的批發業務，以擴大品牌影響力。此外，我們還與 Zalando 和其他主要的純玩家合作夥伴一起加速我們的數位足跡。今年春天，我們透過新的投資為 DKNY 注入了新的活力，設計出適合年輕消費者的時尚前衛風格，與我們系列的核心產品相得益彰。

We launched a new highly relevant spring marketing campaign with supermodel and actress Kaia Gerber, Cindy Crawford's daughter, as the global face of the brand. This campaign taps into the younger appeal of DKNY and generated over 626 million press and social media impressions. Additionally, at the end of the month, we're activating a new capsule collection, heart of New York with Kaia, which will create buzz and excitement around DKNY. These initiatives will all drive global awareness and are focused on energizing the brand to connect with consumers.

我們推出了一項高度相關的全新春季行銷活動，由辛蒂克勞馥 (Cindy Crawford) 的女兒、超級名模兼女演員 Kaia Gerber 作為該品牌的全球代言人。該活動充分利用了 DKNY 的年輕魅力，並產生了超過 6.26 億次媒體和社交媒體印象。此外，在本月底，我們將與 Kaia 一起啟動一個新的膠囊系列，“紐約中心”，這將在 DKNY 周圍引起轟動和興奮。這些措施都將提高全球意識，並致力於激發品牌與消費者的連結。

We see many untapped growth opportunities, particularly internationally, and believe there's a $1 billion annual net sales potential for the brand over the next few years. As a reference point, when we launched the brand in 2017, it did virtually no sales in North American wholesale channel. As a result of our team's execution, DKNY sales approach $650 million, and if you include our licensees, our global retail sales to consumers were over $2 billion for fiscal 2024.

我們看到了許多尚未開發的成長機會，特別是在國際上，並相信該品牌在未來幾年內有 10 億美元的年淨銷售額潛力。作為參考，當我們在 2017 年推出品牌時，它在北美批發通路幾乎沒有銷售。由於我們團隊的執行，DKNY 銷售額接近 6.5 億美元，如果包括我們的被授權方，2024 財年我們向消費者的全球零售額將超過 20 億美元。

With a full year of owning Karl Lagerfeld, we're pleased with the brand's performance. Karl was an icon in the fashion industry. The international business experienced mid-teen growth in fiscal 2024 as we expanded its reach in Europe through wholesale and retail store openings and entry into new markets and categories. Here in North America, Karl Lagerfeld Paris also performed well, growing in high single digits with ample runway as we expand into additional categories. This year, we'll launch suit separates and expand sportswear and dresses into additional doors. Karl Lagerfeld, as the theme of the Met Gala, received global recognition and exposure, which was complemented by capsule collections along the many global activations. Further, we opened its first five-star luxury hotel in Macau and have six projects in the works.

擁有 Karl Lagerfeld 一整年，我們對品牌的表現感到滿意。卡爾是時尚界的偶像。隨著我們透過開設批發和零售店以及進入新市場和類別擴大了在歐洲的業務範圍，國際業務在 2024 財年實現了中位數成長。在北美，Karl Lagerfeld Paris 也表現出色，隨著我們擴展到其他類別，其成長速度達到了高個位數，並且擁有充足的跑道。今年，我們將推出套裝單品，並將運動服和洋裝擴展到更多門類。Karl Lagerfeld 作為 Met Gala 的主題獲得了全球的認可和曝光，並在許多全球活動中推出了膠囊系列。此外，我們還在澳門開設了第一家五星級豪華酒店，並有六個項目正在建設中。

We're leveraging the power of the Karl Lagerfeld name and his vision to extend the lifestyle appeal and global awareness of the brand while delivering incremental licensing revenue. In fiscal 2024, the brand approached $500 million in reported net sales, including our licensees, global retail sales to consumers were over $1.5 billion. In fiscal year 2025, Karl Lagerfeld is expected to grow solid double digits. We see greater than $1 billion in annual net sales opportunity for the brand.

我們正在利用 Karl Lagerfeld 名字的力量和他的願景來擴大品牌的生活方式吸引力和全球知名度，同時增加授權收入。2024 財年，品牌報告的淨銷售額接近 5 億美元，包括我們的授權商在內，全球消費者零售額超過 15 億美元。2025 財年，Karl Lagerfeld 預計將達到兩位數的穩定成長。我們預計品牌的年淨銷售額將超過 10 億美元。

Vilebrequin, our luxury brand inspired by the sea and central bay lifestyle, experienced double-digit increases in fiscal 2024, driven by growth into new markets through distribution partners and new stores. The newly opened location in Paris, Rue de la Paix, which offers a higher penetration of our luxury line, enabled us to increase our store AURs by double digits. We will incorporate this luxury product into a wider range of our stores and distribution channels. We're very pleased with the first-ever beach club and restaurant for Vilebrequin, bringing the brand to life on the water. We've quickly leveraged the concept through additional initiatives. In fiscal 2025 we have a newly opened beach club in Abu Dhabi and a few more in the works.

我們的奢侈品牌 Vilebrequin 的靈感源自於大海和中央海灣的生活方式，在透過分銷合作夥伴和新店進軍新市場的推動下，該品牌在 2024 財年實現了兩位數的成長。在巴黎和平街新開業的門市提高了我們奢侈品系列的滲透率，使我們的商店 AUR 實現了兩位數的成長。我們將把這種奢侈品納入我們更廣泛的商店和分銷管道。我們對 Vilebrequin 首家海灘俱樂部和餐廳感到非常滿意，讓品牌在水上煥發活力。我們透過其他舉措迅速利用了這個概念。到 2025 財年，我們將在阿布達比新開設海灘俱樂部，還有更多的海灘俱樂部正在籌建中。

Going forward, we're focused on expanding the lifestyle product assortment to extend our consumer reach and now believe there's an annual net sales potential north of $500 million over the long term. As we transition from Calvin Klein and Tommy Hilfiger over the next few years, our brands, Donna Karan, DKNY, Karl Lagerfeld, Nautica, Halston, Vilebrequin will be our core brands. There are significant opportunities across the board, including internationally, where they're underpenetrated.

展望未來，我們將專注於擴大生活方式產品種類，以擴大我們的消費者範圍，現在相信，從長遠來看，年淨銷售額潛力將超過 5 億美元。未來幾年，隨著我們從 Calvin Klein 和 Tommy Hilfiger 轉型，我們的品牌 Donna Karan、DKNY、Karl Lagerfeld、Nautica、Halston、Vilebrequin 將成為我們的核心品牌。各方面都存在重大機遇，包括國際上尚未充分滲透的機會。

Digital remains an important priority, and we made significant investments to grow our capabilities this year. We've put an increased focus on rapid expansion with a pure-play channel, where we've added dedicated talent to support these platforms. Pure-play sales for the year increased 10%, and our Amazon business further outpaced this performance. These efforts helped offset the moderation in traditional retail partners' digital channels. The speed at which pure-play sales have grown, makes clear and the market share opportunity we have with this channel.

數位化仍然是一個重要的優先事項，我們今年進行了大量投資來增強我們的能力。我們更加重視透過純粹的管道進行快速擴張，並增加了專門的人才來支援這些平台。今年純業務銷售額成長了 10%，我們的亞馬遜業務進一步超過了這一業績。這些努力有助於抵消傳統零售合作夥伴數位通路的放緩。純業務銷售成長的速度清楚地表明了我們在該通路中擁有的市場份額機會。

Our European brands have built successful digital businesses with Zalando and other third-party digital marketplaces, and we're leveraging these capabilities across our portfolio to build the digital business of our other brands. We're also accelerating our dropship and partner programs to further provide tailored brand assortments on a third-party marketplace. And we're also upgrading our own digital websites to enhance consumer engagement, conversion, and site performance.

我們的歐洲品牌已經與 Zalando 和其他第三方數位市場建立了成功的數位業務，我們正在我們的產品組合中利用這些功能來建立我們其他品牌的數位業務。我們也正在加速我們的代發貨和合作夥伴計劃，以進一步在第三方市場上提供客製化的品牌分類。我們還升級了自己的數位網站，以提高消費者參與度、轉換率和網站效能。

In our retail business segment, we were disappointed in the results. We're already executing on plans that include management changes, reducing our store footprint, and more importantly, rebasing the merchandising strategy for the retail business to present a better brand experience to consumers. We expect these changes will enable us to significantly reduce losses from fiscal 2024 levels.

在我們的零售業務部門，我們對結果感到失望。我們已經在執行計劃，包括管理變革、減少商店佔地面積，更重要的是，重新調整零售業務的銷售策略，以便為消費者提供更好的品牌體驗。我們預計這些變化將使我們能夠在 2024 財年的水平上大幅減少損失。

In conclusion, we ended our fourth quarter and full year delivering non-GAAP earnings that beat our expectations. We've laid out the foundation for our path forward. Our team has versatility, best-in-class design and merchandising experience, and retail relationships have allowed us to move quickly to develop our new initiatives and bring them to market. Looking ahead, we're optimistic about fiscal year 2025 with our new launches and continued growth of our own brands. As we build new brands this year, we will invest in high-impact global marketing to continue excitement, storytelling, and momentum for these fashion collections. And we'll also invest in infrastructure and talent to expand our operational capabilities to deliver our long-term strategy.

總之，我們第四季和全年的非公認會計原則收益超出了我們的預期。我們已經為我們的前進道路奠定了基礎。我們的團隊擁有多才多藝、一流的設計和行銷經驗，零售關係使我們能夠快速開發新舉措並將其推向市場。展望未來，我們對 2025 財年的新產品推出和自有品牌的持續成長持樂觀態度。今年，當我們打造新品牌時，我們將投資於具有高影響力的全球行銷，以繼續為這些時尚系列帶來興奮感、故事和動力。我們還將投資基礎設施和人才，以擴大我們的營運能力，以實現我們的長期策略。

As we've entered fiscal 2025, we continue to believe that the consumer environment will remain under pressure. We expect net sales to be approximately $3.2 billion, a growth of over 3% compared to this past year. We expect non-GAAP earnings per share in the range of $3.50 to $3.60, which reflects the investments I just spoke about. Our objective is still clear, leverage our unique culture and continue to grow on a global scale. Focus our investments on key brands to drive long-term growth as we transition out of Calvin Klein and Tommy Hilfiger. Invest and involve how we operate by leveraging technology and data while identifying efficiencies across our organization to support our global growth. Implement and execute the retail business segment around the plant. We believe our strong financial position provides us flexibility to invest in our growth, explore strategic transactions, and opportunistically return capital to our shareholders. I'm confident in G-III's future as a global leader in fashion.

隨著我們進入 2025 財年，我們仍然認為消費環境仍將面臨壓力。我們預計淨銷售額約為 32 億美元，較去年增長 3% 以上。我們預計非 GAAP 每股盈餘將在 3.50 美元至 3.60 美元之間，這反映了我剛才談到的投資。我們的目標仍然明確，利用我們獨特的文化並繼續在全球範圍內發展。隨著我們從 Calvin Klein 和 Tommy Hilfiger 轉型，將投資重點放在關鍵品牌上，以推動長期成長。投資並參與我們如何利用技術和數據進行運營，同時確定整個組織的效率以支持我們的全球成長。在工廠周圍實施和執行零售業務部門。我們相信，我們強大的財務狀況使我們能夠靈活地投資於我們的成長、探索策略交易，並伺機向股東返還資本。我對 G-III 作為全球時尚領導者的未來充滿信心。

I'll now pass the call to Neal for a discussion of our fourth quarter and full year financial results, as well as our fiscal 2025 outlook.

我現在將電話轉接給 Neal，討論我們第四季和全年的財務業績，以及 2025 財年的前景。

Thank you, Morris. Net sales for the fourth quarter ended January 31, 2024, was $765 million compared to $854 million in the same period last year. Unseasonably warm weather and a challenging consumer environment were significant headwinds to the quarter. Net sales of our wholesale segment was $729 million compared to$ 822 million in the previous year. Net sales of our retail segment were $51 million for the fourth quarter compared to net sales of $49 million. Our gross margin percentage was 37.1% in the fourth quarter of fiscal 2024 compared to 33.2% in the previous year's fourth quarter. The wholesale segment's gross margin was 35.6% compared to 31.4% in last year's comparable quarter.

謝謝你，莫里斯。截至 2024 年 1 月 31 日的第四季淨銷售額為 7.65 億美元，去年同期為 8.54 億美元。反常的溫暖天氣和充滿挑戰的消費環境是本季的重大阻力。我們批發部門的淨銷售額為 7.29 億美元，而前一年為 8.22 億美元。我們零售部門第四季的淨銷售額為 5,100 萬美元，而去年同期淨銷售額為 4,900 萬美元。2024 財年第四季我們的毛利率為 37.1%，去年第四季為 33.2%。批發部門的毛利率為 35.6%，去年同期為 31.4%。

The gross margin percentage in the current year's period was positively impacted by improved sourcing costs, primarily from lower freight costs compared to the previous year. In addition, the gross margin percentage in last year's fourth quarter was negatively impacted by the significant onetime demurrage charges of approximately $10 million. The gross margin percentage in our retail operations segment was 44.2% compared to 45.8% in the prior year.

本年度的毛利率百分比受到採購成本改善的正面影響，主要是由於貨運成本較上年降低。此外，去年第四季的毛利率還受到約1,000萬美元的一次性滯期費的負面影響。零售業務分部的毛利率為 44.2%，去年為 45.8%。

Non-GAAP SG&A expenses were $218 million compared to $236 million in last year's fourth quarter. We had strong warehousing efficiencies compared to our expectations and actually had lower warehousing costs compared to the prior year. Our current warehouse capacity is now well aligned with our current and planned inventory levels. As a percentage of sales, SG&A delevered in the quarter as a result of the higher penetration of sales from the acquired Karl Lagerfeld business, which has a higher percentage of expenses to sales than the rest of the company. Non-GAAP net income for the fourth quarter was $36 million or $0.76 per diluted share, compared to $20 million or $0.41 per diluted share in the previous year's fourth quarter, driven by improvements in gross margins and less interest expense.

非 GAAP SG&A 費用為 2.18 億美元，去年第四季為 2.36 億美元。與我們的預期相比，我們的倉儲效率很高，而且與前一年相比，實際上倉儲成本較低。我們目前的倉庫容量與目前和計劃的庫存水準非常一致。由於收購的 Karl Lagerfeld 業務的銷售滲透率較高，SG&A 在本季度的銷售額中所佔百分比有所下降，該業務的費用佔銷售的比例高於公司其他部門。第四季非公認會計準則淨利潤為3,600 萬美元，即稀釋後每股收益0.76 美元，而去年第四季的淨利潤為2,000 萬美元，即稀釋後每股收益0.41 美元，這主要得益於毛利率的提高和利息支出的減少。

Now let's review results for the full fiscal year ended January 31, 2024. Net sales for the fiscal year 2024 were $3.1 billion, a decrease of 4% from $3.23 billion in fiscal 2023. Incremental sales from the acquired Karl Lagerfeld business for five additional months this year added $95 million to net sales. Net sales of our wholesale operations segment decreased to $3.01 billion or 4.6% from $3.16 billion last year. Net sales of our retail operations segment for the year were $148 million compared to the previous year's $137 million. Full fiscal year 2024 gross margin percentage increased 600 basis points and was 40.1% compared to 34.1% in the prior year.

現在讓我們回顧一下截至 2024 年 1 月 31 日的整個財年的表現。2024 財年淨銷售額為 31 億美元，比 2023 財年的 32.3 億美元下降 4%。今年，收購的 Karl Lagerfeld 業務另外五個月的銷售額增量為淨銷售額增加了 9,500 萬美元。我們的批發業務部門的淨銷售額從去年的 31.6 億美元下降至 30.1 億美元，成長 4.6%。本年度我們零售業務部門的淨銷售額為 1.48 億美元，而前一年為 1.37 億美元。2024 財年毛利率百分比成長 600 個基點，為 40.1%，而前一年為 34.1%。

The wholesale segment gross margin percentage was 39% compared to 32.6% in the previous year. The gross margin percentage in fiscal 2024 was positively impacted by improved sourcing costs, primarily from lower freight costs compared to fiscal 2023. The gross margin percentage in the prior year was negatively impacted by the significant onetime demurrage charges of approximately $42 million. Finally, the inclusion of the acquired Karl Lagerfeld business for a full 12 months positively impacted our gross margin percentage by approximately 100 basis points. The gross margin percentage in our retail operations segment was 48.1% compared to 49.9% in the prior year.

批發業務毛利率為39%，上年度為32.6%。2024 財年的毛利率百分比受到採購成本改善的正面影響，主要是由於與 2023 財年相比貨運成本降低。上一年的毛利率受到約 4,200 萬美元的一次性滯期費的負面影響。最後，納入收購的 Karl Lagerfeld 業務整整 12 個月對我們的毛利率產生了約 100 個基點的正面影響。零售業務部門的毛利率為 48.1%，去年為 49.9%。

Non-GAAP SG&A expenses for the year were $917 million compared to $843 million last year. The full year's non-GAAP SG&A as a percentage of sales was 29.6% compared to 26.1% last year. SG&A expenses increased as a result of the inclusion of $72 million associated with the acquired Karl Lagerfeld business. SG&A delevered as a result of the added Karl Lagerfeld business and the inflationary pressures we incurred throughout the year. Full year non-GAAP net income was $190 million or $4.4 per diluted share compared to $139 million or $2.85 per diluted share in the previous year. The increase was driven by improvements in gross margins and interest expense. Our lower interest expense reflects interest income on the significant cash flow generated this year and reduced debt from the paydown of the seller notes related to the Donna Karan acquisitions.

本年度非 GAAP SG&A 費用為 9.17 億美元，去年為 8.43 億美元。全年非 GAAP SG&A 佔銷售額的百分比為 29.6%，去年為 26.1%。由於納入了與收購的 Karl Lagerfeld 業務相關的 7,200 萬美元，SG&A 費用有所增加。由於 Karl Lagerfeld 業務的增加以及我們全年遭受的通膨壓力，SG&A 去槓桿化。全年非 GAAP 淨利為 1.9 億美元，即稀釋後每股收益 4.4 美元，而前一年為 1.39 億美元，即稀釋後每股收益 2.85 美元。這一增長是由毛利率和利息支出的改善所推動的。我們較低的利息支出反映了今年產生的大量現金流的利息收入，以及與唐娜·卡蘭 (Donna Karan) 收購相關的賣方票據還款所帶來的債務減少。

Turning to the balance sheet, we made good progress with respect to our inventory levels. Inventory decreased 27% to $520 million at the end of the quarter from last year's $709 million. We made strong progress rightsizing our inventory levels as we had appropriately adjusted our inventory purchases to account for the higher than usual inventory we carried over from the previous year. Our inventory levels are now better aligned with future sales. We ended the year with a net cash position of approximately $90 million, compared to a net debt position of $428 million in the prior year. This swing from a net debt to net cash position is primarily a result of cash flows from operations, which includes the large decrease in our inventory levels.

談到資產負債表，我們在庫存水準方面取得了良好進展。本季末庫存從去年的 7.09 億美元下降 27% 至 5.2 億美元。我們在調整庫存水準方面取得了巨大進展，因為我們適當調整了庫存採購，以考慮到我們從上一年結轉的高於平常的庫存。我們的庫存水準現在與未來的銷售更好地保持一致。年底，我們的淨現金部位約為 9,000 萬美元，而前一年的淨債務部位為 4.28 億美元。從淨債務到淨現金部位的轉變主要是由於營運現金流所致，其中包括我們庫存水準的大幅下降。

We had cash and availability under our revolving credit agreement of over $1 billion at the close of the year. This is after the repayment of $125 million of debt outstanding under the seller's notes. We believe that our liquidity and financial position provide us the flexibility to invest in our future growth and take advantage of strategic opportunities in the marketplace.

截至年底，我們的循環信貸協議擁有超過 10 億美元的現金和可用資金。這是在償還賣方票據下 1.25 億美元的未償債務之後的結果。我們相信，我們的流動性和財務狀況使我們能夠靈活地投資於未來的成長並利用市場上的策略機會。

As per our guidance, we are very optimistic about fiscal year 2025 as we launch our new brand and continue to grow our owned brands. For the full fiscal year 2025, we expect net sales of approximately $3.2 billion, growth of approximately 3%, driven by our own brands and the launches of the new initiatives. This growth is happening as sales of Calvin Klein and Tommy Hilfiger continue to decrease as we transition away from these brands. In the upcoming fiscal year 2025, we anticipate sales of these two brands will represent approximately 30% of our total net sales, down 10% from fiscal 2024 when they represented 40% of our net sales.

根據我們的指引，我們對 2025 財年非常樂觀，因為我們將推出新品牌並繼續發展我們的自有品牌。在我們自己的品牌和新舉措的推出的推動下，我們預計 2025 年整個財年的淨銷售額約為 32 億美元，增長約 3%。隨著 Calvin Klein 和 Tommy Hilfiger 的銷售量隨著我們逐漸放棄這些品牌而持續下降，這種成長正在發生。在即將到來的 2025 財年，我們預計這兩個品牌的銷售額將占我們總淨銷售額的約 30%，比 2024 財年下降 10%，當時它們占我們淨銷售額的 40%。

On a non-GAAP basis, we expect net income for fiscal 2025 of between $167 million and $172 million or between $3.50 and $3.60 per diluted share. This compares to non-GAAP net income of $190 million or $4.4 per diluted share for fiscal 2024. Full year fiscal 2025 adjusted EBITDA is expected to be between $290 million and $295 million compared to adjusted EBITDA of $324 million in fiscal 2024. Our fiscal 2025 guidance includes approximately $60 million in incremental expenses, primarily associated with the launches of Donna Karan, Nautica, and Halston. Approximately 65% of these expenses are related to marketing initiatives to support the Donna Karan and DKNY brands. The remaining expenses are primarily related to technology and talent to expand operational capabilities.

根據非公認會計原則，我們預計 2025 財年淨利將在 1.67 億美元至 1.72 億美元之間，或稀釋後每股收益在 3.50 美元至 3.60 美元之間。相比之下，2024 財年非 GAAP 淨利潤為 1.9 億美元，即稀釋後每股收益 4.4 美元。2025 財年全年調整後 EBITDA 預計在 2.9 億至 2.95 億美元之間，而 2024 財年調整後 EBITDA 為 3.24 億美元。我們 2025 財年的指引包括約 6,000 萬美元的增量支出，主要與 Donna Karan、Nautica 和 Halston 的推出相關。其中約 65% 的費用與支持 Donna Karan 和 DKNY 品牌的行銷活動有關。其餘費用主要與擴大營運能力的技術和人才有關。

For the first quarter of fiscal year 2025, we expect net sales of approximately $615 million compared to $607 million in the same period of fiscal 2024. We expect a non-GAAP net loss for the first quarter of fiscal 2025 to be between a $5 million loss and breakeven or between a negative $0.10 loss per share and $0 per share. This compares to non-GAAP net income of $6 million or $0.13 per diluted share for the first quarter of fiscal 2024. The first quarter's expected results include approximately $20 million of incremental expenses, which is driving the decrease in net income in the quarter.

我們預計 2025 財年第一季的淨銷售額約為 6.15 億美元，而 2024 財年同期為 6.07 億美元。我們預計 2025 財年第一季的非 GAAP 淨虧損將在 500 萬美元虧損與損益兩平之間，或每股負虧損 0.10 美元至 0 美元之間。相比之下，2024 財年第一季非 GAAP 淨利為 600 萬美元，攤薄後每股收益為 0.13 美元。第一季的預期業績包括約 2,000 萬美元的增量支出，這導致該季度淨利潤下降。

Let me provide some additional context around modeling. For sales, we expect the first half of the year to be relatively flat to last year. In the second half of the year, we will see outsized growth as we continue to expand and launch our new brand initiatives. As for the gross margin rate, we expect full fiscal year 2025 to be similar to fiscal year 2024. Gross margins in the first quarter are expected to be slightly higher.

讓我提供一些有關建模的額外背景資訊。對於銷售，我們預計今年上半年將與去年持平。今年下半年，隨著我們繼續擴大和推出新的品牌計劃，我們將看到超額成長。至於毛利率，我們預計2025財年將全年與2024財年相似。第一季的毛利率預計將小幅提高。

Regarding SG&A, as I mentioned, we plan to make several investments to support the growth of our business for the long term. On the quarterly cadence of the SG&A spend, we expect the marketing spend to be skewed towards the first and third quarters in line with the spring and fall marketing campaigns. We expect interest expense to be approximately $23 million for the full year. As compared to fiscal 2024, we expect a much larger benefit in the first half of the year where we expect to continue to earn interest income on the significant cash balance we are carrying into fiscal 2025. In the second half of the year, in line with our increased seasonal working capital needs, we expect interest expense will still be better than last year, but closer to last year's levels.

關於SG&A，正如我所提到的，我們計劃進行多項投資以支持我們業務的長期成長。根據 SG&A 支出的季度節奏，我們預計行銷支出將向第一季和第三季傾斜，與春季和秋季行銷活動保持一致。我們預計全年利息支出約為 2,300 萬美元。與 2024 財年相比，我們預計上半年將獲得更大的收益，我們預計將繼續從 2025 財年的大量現金餘額中賺取利息收入。下半年，隨著我們季節性營運資金需求的增加，我們預計利息支出仍將好於去年，但更接近去年的水準。

We expect capital expenditures of approximately $50 million. This is higher than our spend in previous years, principally driven by the build-out of shop-in-shops for new brand launches and new technology to support our business. We are estimating a tax rate of 28.5% for fiscal 2025. We have not anticipated any potential share repurchases in our guidance.

我們預計資本支出約為 5000 萬美元。這高於我們前幾年的支出，主要是由於為新品牌發布而建立店中店以及支持我們業務的新技術。我們預計 2025 財年的稅率為 28.5%。我們的指導方針中沒有預期任何潛在的股票回購。

That concludes my comments. I will now turn the call back to Morris for closing remarks.

我的評論到此結束。現在我將把電話轉回給莫里斯，讓他發表結束語。

Thank you, Neal, and thank you all for joining us today. I'm proud of what the team has been able to achieve this past year and look forward to seeing the success that lies ahead. I'd also like to thank the entire organization, our many partners, and all our stakeholders for their continued support.

謝謝尼爾，也謝謝大家今天加入我們。我對團隊在過去一年所取得的成就感到自豪，並期待看到未來的成功。我還要感謝整個組織、我們的眾多合作夥伴以及所有利害關係人的持續支持。

Operator, we're now ready to take some questions.

接線員，我們現在準備回答一些問題。

(Operator Instructions) Edward Yruma, Piper Sandler.

（操作說明）Edward Yruma、Piper Sandler。

Good morning, guys. Thanks for taking the question. A few for me. I guess first on outerwear, industry inventory, everything you ended up clean on your books. And just curious how much outerwear do you think are packed away and how does this influence your upcoming fiscal year guide? And then as a follow up, thank you for the color on the performance or the projected performance contribution of the Calvin and Tommy. I guess, how do you think about the profitability of those businesses relative to your acquired brands and how that will be for this fiscal year? And how we should think about that changing over time. Thank you.

早上好傢伙。感謝您提出問題。給我幾個。我想首先是外套、行業庫存，以及你最終在帳本上清理乾淨的所有東西。只是好奇您認為有多少外套被收起來，這對您即將到來的財政年度指南有何影響？作為後續行動，感謝您對卡爾文和湯米的表演或預計表演貢獻的貢獻。我想，您如何看待這些業務相對於您收購的品牌的獲利能力以及本財年的獲利能力如何？以及我們應該如何看待隨著時間的推移而變化的情況。謝謝。

Thanks for your questions, Ed. And our code inventories in really good shape. Unfortunately, we had an unseasonable season. We do have some carryover, but it's in core basics. It's not high risk. Coats for this company has never been high risk. We've been in the coat business for over 50 years. We know how to manage inventory and we know how to sell through inventory at a reasonable profit, even in carryover product. The industry, I really can't speak to, I'm not certain of how everybody else sits, but my assumption is that there is an increased level of inventory sitting either in packaway or sitting in warehouses that have yet to sell their product. But again, I have a high confidence level that our inventories are in good shape and will provide profits for the company in the coming year.

謝謝你的提問，艾德。我們的程式碼庫存狀況非常好。不幸的是，我們經歷了一個不合季節的季節。我們確實有一些遺留問題，但這是核心基礎。這不是高風險。這家公司的大衣從來都不是高風險的。我們從事外套業務超過 50 年。我們知道如何管理庫存，也知道如何以合理的利潤銷售庫存，即使是結轉產品。我真的無法與這個行業交談，我不確定其他人的情況如何，但我的假設是，包裝袋中或尚未出售產品的倉庫中的庫存水平有所增加。但我再次堅信，我們的庫存狀況良好，並將在未來一年為公司帶來利潤。

As it relates to guidance on --

因為它涉及指導--

In terms of your second question, Ed, as far as profitability on the own brands versus Calvin and Tommy. So to start, the Calvin and Tommy businesses have been strong drivers of our business in the past. They generated a high operating margin for us, but one of the beauties for us as we go through this transition is that we will be moving to brands that really don't pay a royalty or pay a reduced royalty, and that should significantly impact our operating margins go forward. In addition to that, we've got licensing income that comes off those businesses. That's purely profitable business for us. So we see as these portfolios change and keep evolving towards a more own brand, that we'll have improvement in both gross margins, as well as operating margins.

關於你的第二個問題，Ed，關於自有品牌與 Calvin 和 Tommy 的獲利能力。首先，卡爾文和湯米的業務過去一直是我們業務的強大推動力。他們為我們帶來了很高的營業利潤，但在我們經歷這一轉變時，對我們來說的好處之一是，我們將轉向那些真正不支付版稅或支付減少的版稅的品牌，這應該會對我們的品牌產生重大影響。營業利潤率持續提高。除此之外，我們也從這些業務中獲得授權收入。這對我們來說是純粹的獲利業務。因此，我們認為，隨著這些投資組合的變化並不斷發展為更多的自有品牌，我們的毛利率和營業利潤率都會有所提高。

In terms of the marketing spend that we might do for these businesses, the way we look at that is we're really comparable. We would have been paying our marketing spend to the license, instead we'll do our own marketing. In some ways, we'll have more control over that, we'll be able to direct it, of course, our own brands, we can distribute worldwide. So in addition to having a broader distribution base, full control, we think the operating margins of the business will slowly improve as we shift to the owned brands.

就我們可能為這些企業所做的行銷支出而言，我們的看法是我們確實具有可比性。我們本來會向許可證支付行銷費用，但我們會自己進行行銷。在某些方面，我們將對此有更多的控制權，我們將能夠指導它，當然，我們自己的品牌，我們可以在全球範圍內分銷。因此，除了擁有更廣泛的分銷基礎和完全控制權之外，我們認為，隨著我們轉向自有品牌，業務的營運利潤率將慢慢提高。

Let me add a little bit to that, Ed. Our own brands are generally higher AURs than our licensed brands. Our margins are significantly better today with DKNY, we're buying better, we're positioning it differently. And our new launch of Donna Karan is significantly higher. Our AURs are significantly higher than Calvin Klein and Tommy Hilfiger. At the early stage, we don't have a huge business planned for our first year out. We're careful on distribution. The sell-throughs are stellar. We have a high demand for more inventory. We don't have the ability of servicing all of the demand for the first half of the year. We're working hard for the back end of the year to accommodate the demand that's there. Again, much higher AURs than we currently have.

讓我補充一點，艾德。我們自有品牌的 AUR 通常高於我們的授權品牌。今天，我們與 DKNY 的利潤率顯著提高，我們購買得更好，我們的定位也不同。而我們新推出的唐娜·卡蘭 (Donna Karan) 則明顯更高。我們的 AUR 明顯高於 Calvin Klein 和 Tommy Hilfiger。在早期階段，我們並沒有為第一年制定龐大的業務計畫。我們對分配非常謹慎。銷量非常出色。我們對更多庫存的需求很高。我們沒有能力滿足上半年的所有需求。我們正在為今年年底努力工作，以滿足那裡的需求。同樣，AUR 比我們目前的高得多。

Yes, got it. Maybe one other follow-up for me. I know the retail business has been problematic for many years. How much of the soft results in the quarter were the legacy outlet stores versus maybe costs associated with some of the own brand flagship at a high street location? Thank you.

是的，明白了。也許是我另一個後續的行動。我知道零售業務多年來一直存在問題。本季的軟性業績有多少是來自傳統直營店，而可能是與高街位置的一些自有品牌旗艦店相關的成本？謝謝。

We don't have any real high street locations. Most of our fleet of stores is outlet. They're being managed a little bit differently, go forward. We believe we've trimmed the non-performing stores. We still are burdened with corporate overhead that feeds into the stores. We're adjusting that, and I think we'll see a significant difference this year. And maybe, for the first time next year, we'll see a profit in our retail fleet. There's always been a thought of retaining the retail business, there is a need for it. The environment really tells us that we need to get better at retail to sustain real estate to enable us to showcase and sell product. As store counts reduce in department store sector, we need a hedge. So we need to get better at retail. Our universe of competition, and I would guess you follow all of them, their businesses is much more vertical based than ours. Ours is skewed on the wholesale. So we fight hard to get better on our own retail distribution. With that, as we expand our European footprint, retail is better for us there. We are profitable in our retail venues in Vilebrequin and DKNY, and we're exploring opportunities to expand those retail footprints.

我們沒有任何真正的高街地點。我們的商店大多是直銷店。他們的管理方式有點不同，繼續吧。我們相信我們已經削減了表現不佳的商店。我們仍然承受著為商店提供的企業管理費用的負擔。我們正在對此進行調整，我認為今年我們會看到顯著的變化。也許，明年我們將首次看到我們的零售車隊獲利。一直有保留零售業務的想法，這是必要的。環境確實告訴我們，我們需要在零售方面做得更好，以維持房地產，使我們能夠展示和銷售產品。隨著百貨公司行業的商店數量減少，我們需要對沖。因此，我們需要在零售方面做得更好。我們的競爭領域，我猜你會關注他們所有人，他們的業務比我們的業務更垂直。我們的偏向批發。因此，我們努力爭取更好的零售分銷。這樣，隨著我們擴大歐洲業務，零售業對我們來說會變得更好。我們在 Vilebrequin 和 DKNY 的零售場所實現了盈利，並且我們正在探索擴大這些零售業務的機會。

Thank you.

謝謝。

Thank you, Ed.

謝謝你，艾德。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

Thanks a lot for taking my questions. First, can you just update us on the order book and how you're feeling going into this next year about the wholesale environment, what's driving the confidence in the back half acceleration you alluded to in the guide. And then just secondly, as the portfolio continues to grow and you look to expand, are there categories or products you're specifically looking to focus on with this initiative or where do you think the most opportunity lies. Thanks.

非常感謝您回答我的問題。首先，您能否向我們介紹訂單簿的最新情況，以及您對明年批發環境的感受，是什麼推動了您在指南中提到的後半段加速的信心。其次，隨著產品組合不斷增長並且您希望擴大規模，您是否特別希望透過此計劃關注哪些類別或產品，或者您認為最大的機會在哪裡。謝謝。

Ashley, I didn't hear the back end of your second question, the follow-up. What was that? Was it Europe? Was the question skewed towards Europe?

阿什利，我沒有聽到你的第二個問題的後續部分。那是什麼？是歐洲嗎？這個問題是否偏向歐洲？

Just new categories or products and where you think the most opportunity lies within those.

只是新的類別或產品，以及您認為其中最大的機會。

Okay. Our order book is strong and as I inferred a few minutes ago, it's growing in Donna Karan. We're working hard in trying to accommodate what the order book could look like if we're able to service the demand. Our budgets are basically based on our order book and the timing is towards the back end of the year. We believe we've got a strong business in place. We have inventory -- that we have sufficient inventory to service part of our coat business. We're careful on how we are buying into it. So we're looking at a good year. The forecast is good, barring the unforeseen and unfortunately, in the last few years, there's been a bunch of unforeseen. Everything we can control really tells us that we're in the middle of a reasonably good year.

好的。我們的訂單量很大，正如我幾分鐘前推斷的那樣，唐娜·卡蘭的訂單量正在增長。如果我們能夠滿足需求，我們正在努力適應訂單簿的情況。我們的預算基本上是基於我們的訂單，時間安排在今年年底。我們相信我們已經擁有了強大的業務。我們有庫存——我們有足夠的庫存來為我們的部分外套業務提供服務。我們對如何買入它持謹慎態度。所以我們期待著美好的一年。預測是好的，除非有不可預見的情況，不幸的是，在過去的幾年裡，發生了很多不可預見的事情。我們所能控制的一切確實告訴我們，我們正處於相當不錯的一年。

As far as the categories, we're expanding suit separates into Karl Lagerfeld, which is an important category for us throughout the company and we anticipate that's going to turn out good. Everything we're doing in Karl Lagerfeld, including the door count expansion, leads us to believe we're going to have a very good year with Lagerfeld. DKNY is stronger than it's ever been and the launch of Donna Karan has been great. So there aren't additional categories that we're exploiting. We're expanding the penetration of the handbag business, the footwear business, the suit separate business. So there's a good deal of opportunity there.

就類別而言，我們正在將西裝單品擴展到 Karl Lagerfeld，這對我們整個公司來說是一個重要的類別，我們預計結果會很好。我們在 Karl Lagerfeld 所做的一切，包括門市數量的擴張，讓我們相信我們將與 Lagerfeld 一起度過美好的一年。DKNY 比以往任何時候都更強大，唐娜·卡蘭 (Donna Karan) 的推出也非常棒。因此，我們沒有利用其他類別。我們正在擴大手袋業務、鞋類業務、西裝單項業務的滲透率。所以那裡有很多機會。

I'd say the one piece that's a little bit outside of what we generally talk about, our team license business is expanding in categories. We have Starter as a brand and Starter is growing significantly. We've added distribution. We have great cooperation with the licensing partner. So that appears to have opportunities for the first time in a long time to expand.

我想說的是，有一點有點超出我們通常談論的範圍，我們的團隊許可業務正在類別擴展。我們有 Starter 這個品牌，而 Starter 正在顯著成長。我們添加了分發。我們與授權合作夥伴有著良好的合作。因此，這似乎是很長一段時間以來第一次有機會擴大。

Great. Thank you.

偉大的。謝謝。

Thank you, Ashley.

謝謝你，阿什利。

Will Gaertner, Wells Fargo.

威爾·加特納，富國銀行。

Hi. Good morning, Morris and Neal. Thanks for taking my question. Maybe you could just start by framing how big your own brands are now as far as revenue goes?

你好。早安，莫里斯和尼爾。感謝您提出我的問題。也許您可以先了解一下您自己的品牌現在的收入有多大？

Sure. Thank you. Let's answer your question --

當然。謝謝。我們來回答你的問題--

We're at about [1.5 billion] now on the own business as well.

我們現在也有大約[15 億]的自營業務。

Is there any way to parse out by brand, those brands are --

有沒有辦法依品牌解析出來，那些品牌就是--

We really don't do that yet. I can tell you we're just beginning to ship Donna Karan. So Donna Karan in pure dollar revenue is not going to be the driver. It will be the growth stimulus for the future. We've never seen a launch this successful. We're positioning it well, the product. I encourage you to be conscious of the marketing and the product that's in the stores and I think you'll understand the potential of the brand. The DKNY business is growing strong double digits. That's forecasted to do that this year. Lagerfeld will grow even bigger as a percentage than DKNY.

我們確實還沒有這樣做。我可以告訴你，我們才剛開始運送唐娜卡蘭。因此，唐娜·卡蘭（Donna Karan）的純美元收入不會成為推動因素。這將成為未來的成長動力。我們從未見過如此成功的發射。我們對產品的定位很好。我鼓勵您注意商店中的行銷和產品，我認為您會了解該品牌的潛力。DKNY 業務正在以兩位數的速度強勁增長。預計今年會做到這一點。Lagerfeld 的成長百分比甚至會超過 DKNY。

So we're very comfortable with what we have in place. We see amazing growth. We're shrinking the scale of Calvin and Tommy by design and by dilution of our ability going forward of delivering categories. But we're doing a sensational job of building our own brands to accommodate the misses on Tommy and Calvin. We've given up $0.5 billion of Tommy Calvin top line sales over the last two years, and we're forecasting a 3% growth going forward. I'd say that's a major achievement in an environment that's difficult.

因此，我們對現有的情況感到非常滿意。我們看到了驚人的成長。我們正在透過設計和削弱我們提供類別的能力來縮小 Calvin 和 Tommy 的規模。但我們在打造自己的品牌方面做得非常出色，以適應湯米和卡爾文的失誤。過去兩年，我們已經放棄了 5 億美元的 Tommy Calvin 營收，預計未來將成長 3%。我想說，這是在困難的環境中取得的一項重大成就。

Will, I guess let me add a little bit of framing for you. We're at about 1.5 billion today, it's about half the total business. We expect significant growth into next year, strong double-digit growth into next year. We could be as much as 55% of our own businesses next year. But I think the thing to take away is if you look at the opportunities that we've talked about over the new initiatives, we see over $3 billion of opportunities. Between Donna Karan, we've called out as $1 billion. DKNY we've also called out as a $1 billion. Karl Lagerfeld, we think the total opportunity is $1 billion. We've got Holsten and Nautica both at $0.5 billion. And let's for the moment not even get into the global client growth, which we think is also strong.

威爾，我想讓我為你添加一些框架。今天我們的規模約為 15 億，約佔總業務的一半。我們預計明年將出現顯著成長，強勁的兩位數成長。明年我們可能會擁有多達 55% 的自營業務。但我認為值得注意的是，如果你看看我們在新舉措中討論的機會，我們會看到超過 30 億美元的機會。我們與唐娜·卡蘭 (Donna Karan) 合作籌集了 10 億美元。丹克尼我們也呼籲投入 10 億美元。Karl Lagerfeld，我們認為總機會是 10 億美元。Holsten 和 Nautica 的估值均為 5 億美元。我們暫時不談全球客戶成長，我們認為全球客戶成長也很強勁。

So I think if you look at all those opportunities, without giving you the specifics of where we're at on each specific brand today, we've got about $3 billion of potential opportunity. We've got to replace about $1 billion of Calvin and Tommy business. So we've got plenty of runway to more than replace it. And of course, we expect to do that in short order. I think if anything, we've showed the last year and our projection into this next year is that we're really able to replace significant chunks of declining Calvin and Tommy business really without a bump. And our hope is to be able to continue to do that.

因此，我認為，如果你審視所有這些機會，而不向你提供我們今天在每個特定品牌上的具體情況，我們就有大約 30 億美元的潛在機會。我們必須更換 Calvin 和 Tommy 價值約 10 億美元的業務。所以我們有足夠的跑道來取代它。當然，我們希望在短時間內做到這一點。我認為，如果有什麼不同的話，那就是我們去年的表現以及對明年的預測是，我們確實能夠毫無障礙地取代卡爾文和湯米業務中大量下滑的業務。我們的希望是能夠繼續這樣做。

(multiple speakers) We can't forget your question keys in on our own brands. We do have several licenses that are important. All our team licenses are important. We have a Levi's license that is of scale. We have assets outside of our own that are going to participate in the growth of the company. And one might consider the opportunity that's out there of acquiring other assets and signing other deals. We've done a great job of integrating assets into our operating companies. Talent pool, just as good as it gets and now we're all done, and we're all being North America and we're going to achieve the same in Europe in the coming years.

（多名發言者）我們不能忘記您對我們自己品牌的提問。我們確實有幾個重要的許可證。我們所有團隊的許可證都很重要。我們擁有大規模的李維斯 (Levi's) 許可證。我們擁有自己以外的資產，這些資產將參與公司的發展。人們可能會考慮收購其他資產和簽署其他交易的機會。我們在將資產整合到我們的營運公司方面做得非常出色。人才庫，盡善盡美，現在我們都完成了，我們都在北美，未來幾年我們將在歐洲實現同樣的目標。

We have a mission. Our mission is to expand our footprint, our capabilities globally and the globe is a big place. There are opportunities that we never focused on. So we didn't have the ability with the licenses that we have. Today, we have the opportunities, we have the desire, we have the capital, and there's recognition in Europe of who we are. We've done a nice job of positioning and now it's time for the growth period internationally.

我們有一個使命。我們的使命是在全球擴大我們的足跡和能力，而地球是一個很大的地方。有些機會我們從未關注過。所以我們沒有能力利用我們擁有的許可證。今天，我們有機會，我們有願望，我們有資本，我們在歐洲得到了認可。我們的定位做得很好，現在是國際成長期的時候了。

Got it. Maybe just one more for me. You touched on Europe, Morris. Just any color there? It sounds like you guys are performing pretty well. What's the retail for you guys, the appetite for -- we heard slowdown there and just curious what you're seeing on your end there.

知道了。也許對我來說只是多一個。你談到了歐洲，莫里斯。那裡有什麼顏色嗎？聽起來你們表現得很好。你們的零售量、興趣是什麼——我們聽說那裡的經濟放緩，只是好奇你們在那裡看到了什麼。

Slowdown, usually in five companies at that scale, we were not going to slow down. We're going to grow. We're at the early stage with an appetite for our product, regardless of what economies look like. This is a fashion business. What we do is create fashion that's in vogue. We service it well, and there's no doubt in my mind that we're going to grow in spite of the economic headwinds that might come our way.

放緩，通常是五家這種規模的公司，但我們不會放慢腳步。我們會成長。無論經濟狀況如何，我們仍處於早期階段，對我們的產品有興趣。這是一家時尚企業。我們所做的就是創造流行的時尚。我們為它提供了良好的服務，毫無疑問，儘管我們可能面臨經濟逆風，但我們仍將實現成長。

Got it. Thank you. I'll pass it on.

知道了。謝謝。我會把它傳遞下去。

Mauricio Serna, UBS.

毛里西奧·塞爾納，瑞銀。

Great. Good morning and thanks for taking my question. I just wanted to reconcile, I think you mentioned about the Calvin Klein and Tommy Hilfiger would roughly represent 30% of sales this year, down from 40% last year. I think that like roughly implies those revenues are going to be down like almost $300 million. And I just want to make sure, I think this year, you're only losing $50 million from the big denim license. I just wanted to first to check on that, like if the rest was just like winding down of the business.

偉大的。早安，感謝您提出我的問題。我只是想調和一下，我想你提到的 Calvin Klein 和 Tommy Hilfiger 大約佔今年銷售額的 30%，低於去年的 40%。我認為這大致意味著這些收入將減少近 3 億美元。我只是想確保，我認為今年，你只會因大型牛仔布許可而損失 5000 萬美元。我只是想先檢查一下，就像剩下的事情是否就像業務結束一樣。

And then maybe I know you have several initiatives going on underway this year. Maybe if you could parse out how much of the growth is coming from organically from the brands that you already have and that you just continue growing versus the new initiatives. And then just lastly, maybe if you could give us some puts and takes on the gross margin because that's flat year over year. How are things like the Red Sea disruption, freight, promotions. What are the big drivers there that will take us to a flat gross margin. Thank you.

也許我知道你們今年正在進行幾項措施。也許如果你能分析有多少成長來自於你已經擁有的品牌的有機成長，而你只是繼續成長而不是新的舉措。最後，也許您可以給我們一些毛利率的看跌期權和看跌期權，因為毛利率同比持平。紅海幹擾、貨運、促銷等情況如何？導致我們毛利率持平的主要驅動因素是什麼？謝謝。

Mauricio, just to help you work out some of that math, I think that if you look at what we're forecasting from '24 to '25, we are looking at about $240 million of fall-off in the Calvin-Tommy business. That's slightly less than fell off in the previous year. So obviously, we're going to be up about $100 million, that means that the growth in the rest of the portfolio is about $340 million. That growth is fairly evenly split between the new initiatives and growth on the current business that we're performing. In terms of the flat gross margin percentage, I think you hit it on the head. We are a little bit concerned about the Red Sea. It has not impacted us just yet outside of our European distribution, which it has impacted already. We do anticipate that that will be a little bit of a headwind for us. Hopefully, it doesn't become too great. Gross margin plan of being flat, we're pretty pleased with that kind of result in this current environment.

Mauricio，只是為了幫助您計算出一些數學結果，我認為如果您看看我們對 24 年至 25 年的預測，我們會發現 Calvin-Tommy 業務的損失約為 2.4 億美元。比前一年的降幅略少。顯然，我們將成長約 1 億美元，這意味著投資組合的其餘部分將成長約 3.4 億美元。這種成長在新措施和我們正在執行的當前業務的成長之間相當均勻地分配。就毛利率持平而言，我認為你擊中了要害。我們有點擔心紅海。它還沒有對我們在歐洲分銷之外的地區產生影響，它已經對我們產生了影響。我們確實預計這對我們來說會有點阻力。希望它不會變得太大。毛利率計劃持平，我們對當前環境下的這種結果感到非常滿意。

Great. Thanks for that. Good luck.

偉大的。感謝那。祝你好運。

Thank you, Mauricio.

謝謝你，毛里西奧。

Janet Kloppenburg, JJK Research Associates.

珍妮特‧克洛彭堡 (Janet Kloppenburg)，JJK 研究助理。

Hi, everybody. I got on a little bit late more so if I'm answering a question that's been asked or that you discussed, I apologize. But I wondered what you were thinking and embedded in your guidance for Macy's planned store closings and what effect that may have on your business in the next three years as they close roughly 150 stores. And with respect to the new launch of Donna Karan, which is beautiful by the way. I wondered if that was going to be a drag on earnings this year because of the marketing investments or if we should expect a contribution. Thank you.

大家好。我來得有點晚了，所以如果我正在回答別人提出的問題或你們討論過的問題，我深表歉意。但我想知道您對梅西百貨計劃關閉商店的指導意見中包含什麼想法，以及隨著梅西百貨關閉大約 150 家商店，這可能會對您未來三年的業務產生什麼影響。至於唐娜·卡蘭 (Donna Karan) 的新產品，順便說一句，它很漂亮。我想知道這是否會因為行銷投資而拖累今年的收益，或者我們是否應該期望有所貢獻。謝謝。

Thank you, Janet. Let me deal with the Donna question first. Thanks for noticing the campaign. It's --

謝謝你，珍妮特。讓我先解決唐娜的問題。感謝您關注活動。它是--

Very beautiful.

很漂亮。

Thank you. We've been celebrated for it. There was just an event by Time Magazine on the West Coast that we got well recognized, that we were very excited by the campaign. I'd like to call out Trey Laird for all the wonderful work he's done and I'll have to attribute a lot of success to his talent. Internally --

謝謝。我們因此而受到慶祝。剛剛在西海岸舉辦了《時代》雜誌的一場活動，我們得到了廣泛認可，我們對這次活動感到非常興奮。我要讚揚 Trey Laird 所做的所有出色工作，我必須將許多成功歸功於他的才華。內部--

I didn't know Trey did it. He's fantastic.

我不知道特雷做到了。他太棒了。

We took the best that we could get. The best that there is out there, whether it was the models, the photographer, the brain trust, Trey and his team and our own team, which also should get recognition for what they've done. It will be a drag because of everything I just described. We're spending a disproportionate amount of money on the advertising campaign and the media purchases. It's positioning the brand for the future. It will pay dividends next year, and we're not a one-year show. We're here for over 50 years, and hopefully, we'll be here for another 50 years. So we're comfortable with the investment in the future.

我們盡我們所能。那裡最好的，無論是模特兒、攝影師、智囊團、特雷和他的團隊以及我們自己的團隊，他們所做的事情也應該得到認可。由於我剛才描述的一切，這將是一個拖累。我們在廣告活動和媒體購買上花費了不成比例的資金。它為品牌的未來定位。它明年就會帶來紅利，而且我們不是一年期的節目。我們在這裡已經 50 多年了，希望我們還能在這裡再待 50 年。因此，我們對未來的投資感到滿意。

As your question on Macy's. We can only guess, as Macy's has said, the door count is projected to be fairly aggressive, but the dollar value on the door count is approximately 10% of their sales. And there's nothing that says we can further penetrate the remaining good doors. We're looking at a possibility of 5% to 10% dilution should the door count decrease, but that's over time. I don't believe they will shut 150 doors within this fiscal year. And they are projecting smaller door growth, the smaller doors are projected to grow and I believe, will play an important role in that as well. Our brands are important to Macy's. We represent a significant share of Macy's fashion business, not just for the brands, for who we are and how we accommodate the needs of Macy's. We understand it better than anybody in the world. I would be very fast to say, we understand the Macy's business. Cooperation is great, and it's not a major concern for us.

正如你對梅西百貨的問題。正如梅西百貨所說，我們只能猜測，門數預計會相當激進，但門數的美元價值約為其銷售額的 10%。沒有任何跡象表明我們可以進一步穿透剩下的好門。如果門數減少，我們正在考慮稀釋 5% 到 10% 的可能性，但這只是隨著時間的推移。我不相信他們會在本財年內關閉 150 家門。他們預計較小的門將增長，較小的門預計會增長，我相信，也將在其中發揮重要作用。我們的品牌對梅西百貨很重要。我們在梅西百貨時尚業務中佔有重要份額，不僅僅是對於品牌而言，對於我們是誰以及我們如何滿足梅西百貨的需求而言。我們比世界上任何人都更了解這一點。我會很快地說，我們了解梅西百貨的業務。合作是偉大的，這不是我們主要關心的問題。

One more question if I could squeeze it in. On the contrary, the off-price retailers are doing very well. Seems to be taking market share, and I wonder how you view your opportunity there as we move through '24 and '25. Thank you.

還有一個問題，我是否可以把它塞進去。相反，折扣零售商的表現卻非常好。似乎正在佔據市場份額，我想知道當我們進入“24”和“25”時，您如何看待您在那裡的機會。謝謝。

We respect the off-price channel. We are very important to them as they are to us. We choose the brands, we collectively choose the brands that are appropriate for them. And we look to protect our brands in distribution yet we know the significance of the off-price channel. We know its growth potential. We've seen it and we've been part of it and we do products specific for them as well as they help us when needed in moving product. They've been an essential piece of our business. We don't underplay it. We're not embarrassed by it. It's the enabler for department stores to get service the way they do. So we like the off-price business.

我們尊重折扣管道。我們對他們非常重要，就像他們對我們一樣。我們選擇品牌，我們集體選擇適合他們的品牌。我們希望在分銷中保護我們的品牌，但我們知道折扣管道的重要性。我們知道它的成長潛力。我們已經看到了這一點，我們也參與其中，我們專門為他們生產產品，並且他們在需要行動產品時幫助我們。它們一直是我們業務的重要組成部分。我們並沒有低估它。我們並不為此感到尷尬。它使百貨公司能夠以自己的方式獲得服務。所以我們喜歡特價業務。

Paul Kearney, Barclays.

保羅·科爾尼，巴克萊銀行。

Good morning. Thanks for taking my question. As the licenses come off and with the need to grow the old business for the next 50 years, can you talk about some of the initiatives the company has to improve the capabilities on own brands, whether it's operational changes, building a digital platform, brand and retail expertise, or investing in marketing capabilities. Thanks.

早安.感謝您提出我的問題。隨著牌照的到期以及未來50年發展老業務的需要，您能否談談公司為提高自有品牌能力而採取的一些舉措，無論是運營變革、構建數位平台、品牌和零售專業知識，或投資行銷能力。謝謝。

Two things. It's not written that we have to grow. It's written that we have to be profitable and more profitable. We can run a smaller business with significantly better margins than to accommodate the profitability concern that we have as paramount. So it's not -- we're no longer going to be on a top line driven company as a key focus. Key focus is going to be profitability. The tools that we need, we have. We don't need any more tools. We have the best talent in the industry, and maybe in the world, operating in our company. Most of those people will be transitioned from Tommy, Calvin into our own brands, which is absolutely wonderful. We don't have to go out to the market, hire people, train them, and integrate them into the G-III culture. They are here. They are G-III. There's an entire team here that carries a plate of G-III and not the individual brands.

兩件事情。沒有寫到我們必須成長。上面寫著，我們必須獲利，而且獲利更多。我們可以經營規模較小的企業，獲得比我們最重要的獲利能力更高的利潤率。所以，我們不再將一家以營收驅動的公司當作重點。重點關注的是獲利能力。我們擁有我們需要的工具。我們不需要更多的工具。我們公司擁有業界乃至全世界最優秀的人才。這些人中的大多數將從Tommy、Calvin過渡到我們自己的品牌，這絕對是美妙的。我們不必走出去市場，僱用人員，培訓他們，並將他們融入G-III文化。他們在這裡。他們是G-III。這裡有一整個團隊拿著 G-III 的牌子，而不是單一品牌。

So we're working on enhancing our data platforms. Technology is key. We're going to optimize our logistics capabilities. We have some weaknesses that we're shoring up, and that's part of the expense of this year, and we're investing in Europe. We're investing in space and in talent. And again, there will be a media spend that will be targeted toward Europe within the coming months. We've got it -- I think we have it all. It's not a start-up company. It's not a company that is going from base zero projecting out what you're seeing. We're there, we don't need anything, and we have the capital to sustain it and support it. Well, thank you for your question.

因此，我們正在努力增強我們的數據平台。技術是關鍵。我們將優化我們的物流能力。我們正在彌補一些弱點，這是今年費用的一部分，我們正在歐洲進行投資。我們正在投資空間和人才。未來幾個月內，媒體支出將再次針對歐洲。我們已經擁有了——我想我們已經擁有了一切。這不是一家新創公司。這不是一家從零開始預測你所看到的公司。我們就在那裡，我們不需要任何東西，而且我們有資本來維持和支持它。嗯，謝謝你的提問。

Thank you.

謝謝。

Rob Rosenhaus, Telsey Group.

羅布‧羅森豪斯，特爾西集團。

Thanks for taking my questions here at the end. We touched on the international business a couple of times here, but maybe can you dive a little bit deeper into the go-forward opportunity abroad there, particularly with the increased focus on the own brand penetration and maybe talk about what the profitability profile looks like versus the domestic business. And then just secondly, one last question on M&A. Obviously, it's been a big part of the business in recent quarters and recent years. Is there anything of interest right now in the current environment, are you guys kind of seeing your hands full with what you have and the focus is just on the current portfolio for the time being? Thank you.

感謝您最後在這裡提出我的問題。我們在這裡多次談到了國際業務，但也許您可以更深入地探討國外的發展機會，特別是隨著對自有品牌滲透率的日益關注，也許可以談談盈利狀況對比國內業務。其次，最後一個問題是關於併購的。顯然，最近幾個季度和最近幾年它一直是業務的重要組成部分。在當前的環境下，有什麼有趣的事情嗎？你們是否已經忙於自己所擁有的東西，而暫時只專注於當前的投資組合？謝謝。

I guess I'll answer your last question first. Yes, there are opportunities that we like a lot in Europe. We have identified some. We're working through it. We do our diligence, we do it carefully. And there's a good bet that there is an acquisition opportunity or investment opportunity at hand. Hopefully, we get it accomplished soon. As far as our European initiatives, again, this is not new. Lagerfeld started out as a European company. We took on an equity stake for North America and eventually bought the entire company. So the origins are European, the heritage is European, and the operating company really sits in Europe and they kind of steer the ship.

我想我會先回答你的最後一個問題。是的，歐洲有我們非常喜歡的機會。我們已經確定了一些。我們正在解決這個問題。我們盡職盡責，我們認真做事。而且很有可能有收購機會或投資機會。希望我們能盡快完成它。就我們的歐洲舉措而言，這並不是什麼新鮮事。Lagerfeld 最初是一家歐洲公司。我們收購了北美公司的股權，並最終收購了整個公司。因此，起源是歐洲，傳統是歐洲，營運公司實際上位於歐洲，他們在某種程度上掌舵這艘船。

So what hasn't happened is that there has never been a significant investment in the growth of the European business for Lagerfeld, where they're getting our arms wrapped around what's needed. And we're going to invest in the future of Lagerfeld going down the road. There's an extremely talented group that's spearheading it now. No changes need to be made in management. We have been -- we had the time to get acquainted with them with our relationship with North America. So again, the transition and the acquisition really didn't complicate the lives of the international piece or the American piece.

因此，沒有發生的是，拉格菲爾德從未對歐洲業務的成長進行過重大投資，而他們卻讓我們全力滿足我們的需求。我們將投資 Lagerfeld 的未來。現在有一個非常有才華的團隊正在帶頭。管理方面無需進行任何變更。我們有時間與他們熟悉我們與北美的關係。再說一遍，轉型和收購實際上並沒有讓國際或美國作品的生活變得複雜。

And Vilebrequin, same feature. Vilebrequin is a European brand, born in St. Tropez. Spearheaded by a group out of Geneva and Paris. And again, for the first time in years, we're making significant investment in the growth of Vilebrequin. We have initiatives to open a beach club, more on the franchise side than the operating side. I don't think we're that company that's going to grow food and beverage, but there are many, extremely talented companies that want to use our brand to grow and we're in the middle of signing deals and finding opportunities that will impact the profitability of, again, our brands. Not necessarily the top line because we like the licensing side of life, and that doesn't always come to top line growth, that's bottom line that contributes to.

和 Vilebrequin，具有相同的功能。Vilebrequin是一個歐洲品牌，誕生於聖特羅佩。由日內瓦和巴黎的一個小組主導。多年來，我們再次對 Vilebrequin 的發展進行了大量投資。我們計劃開設一家海灘俱樂部，更多是在特許經營方面，而不是在營運方面。我不認為我們是一家將發展食品和飲料的公司，但有許多非常有才華的公司希望利用我們的品牌來發展，我們正在簽署協議並尋找能夠影響的機會再次是我們品牌的盈利能力。不一定是營收，因為我們喜歡生活中的授權方面，這並不總是帶來營收成長，這才是有助於獲利的底線。

And so I believe we've got -- and let me touch on DKNY. DKNY when we bought it, it was European in distribution more so than it was American. So we're now showing up that entity. We've spent a lot of time on evaluating what's essential for the future in DKNY. And we -- there's an appetite for the brand, serious appetite for the brand that we're going to trying to fill. There's a newcomer, which is Donna Karan, which we haven't even broach that opportunity in Europe or anywhere else in the world. And we've had phone calls based on this campaign and the knowledge of the sell-throughs at retail for bringing that brand to life everywhere in the world.

所以我相信我們已經有了——讓我談談 DKNY。當我們購買 DKNY 時，它在歐洲的分銷比在美國的分銷更多。所以我們現在正在顯示該實體。我們花了很多時間來評估 DKNY 未來的基本要素。我們－對這個品牌有胃口，對我們要努力滿足的品牌有強烈的胃口。有一個新人，那就是唐娜·卡蘭（Donna Karan），我們甚至還沒有在歐洲或世界其他任何地方向她提供這樣的機會。我們已經接到了基於這次活動的電話以及零售銷售的知識，以便將該品牌帶到世界各地。

So it's an exciting period of time for G-III. We're redoing showrooms. We are here to stay, we are here to grow. And I think we've proved out that we can and we have a team that will. So it's a good place to be. We're feeling good about the times for G-III.

所以對 G-III 來說這是一個激動人心的時期。我們正在重做陳列室。我們在這裡留下來，我們在這裡成長。我認為我們已經證明我們可以，而且我們有一支團隊可以做到。所以這是一個好地方。我們對 G-III 的時代感覺很好。

Great. Thank you. Best of luck.

偉大的。謝謝。祝你好運。

Thank you, Rob. Thanks for your question.

謝謝你，羅布。謝謝你的提問。

And this concludes our Q&A portion. I'll turn the call back over to management for closing remarks.

我們的問答部分到此結束。我會將電話轉回管理層以供結束語。

Thank you all for your interest, and we hope you enjoy the spring season. We look forward to speaking to you in June. Thank you.

感謝大家的關注，希望您享受春天。我們期待在六月與您交談。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。