Interparfums Inc (IPAR) 2024 Q4 法說會逐字稿

Greetings and welcome to the Interparfums Inc. 2024 fourth quarter and year-end conference call and webcast. (Operator Instructions) It is now my pleasure to introduce your host, Karin Daly, Vice President at the Equity Group and Interparfums investor relations representative. Thank you. You may begin.

問候並歡迎參加 Interparfums Inc. 2024 年第四季和年終電話會議和網路廣播。（操作員指示）現在我很高興介紹您的主持人，Equity Group 副總裁兼 Interparfums 投資者關係代表 Karin Daly。謝謝。你可以開始了。

Thank you, Chamali. Joining us on the call today will be Chairman and Chief Executive Officer Jean Madar, Chief and Chief Financial Officer, Michelle Atwood.

謝謝你，Chamali。今天參加電話會議的還有董事長兼執行長 Jean Madar、首席兼財務長 Michelle Atwood。

On behalf of the company, I would like to note that this conference call may contain forward-looking statements which involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from projected results.

我代表公司指出，本次電話會議可能包含前瞻性陳述，涉及已知和未知的風險、不確定性和其他可能導致實際結果與預測結果有重大差異的因素。

These factors may be found in the company's filings with the Securities and Exchange Commission under the headings forward-looking statements and Risk factors. Forward-looking statements speak only as of the date on which they are made, and Interparfums undertakes no obligation to update the information discussed.

這些因素可以在公司向美國證券交易委員會提交的文件的前瞻性聲明和風險因素部分中找到。前瞻性陳述僅代表其作出之日的觀點，Interparfums 不承擔更新所討論資訊的義務。

As a reminder, Interparfums consolidated results include two business segments European-based operations through Interparfums SA, the company's 72% of French subsidiary, and United States-based operations. It is now my pleasure to turn the call over to Jean Madar. Jean.

提醒一下，Interparfums 的合併業績包括兩個業務部門：透過 Interparfums SA（該公司擁有 72% 股份的法國子公司）開展的歐洲業務，以及美國業務。現在我很高興將電話轉給 Jean Madar。吉恩。

Thank you, Karen, and good morning, everyone and thank you for joining us on today's call. 2024 was a great year for us. We closed it on a high note with a record fourth quarter sales and earnings. Our sales culminated to 1,452. And the adjusted earnings before an impairment was $518 per diluted shares for a year, beating our guidance of $5.15.

謝謝你，凱倫，大家早安，謝謝你們參加今天的電話會議。 2024 年對我們來說是偉大的一年。我們以創紀錄的第四季銷售額和收益高調結束了這一季度。我們的銷量最終達到 1,452 輛。調整後每股攤薄收益 (減損前) 為 518 美元，超出我們預期的 5.15 美元。

It was also the year we initiated distribution and sales for the two new brands, Lacoste and Roberto Cavalli. We also renewed our license agreement with Van Cleef and Arpels, extending our 18-year partnership into the next decade. And we also signed an agreement that will bring the half price fragrance business under our direction starting 2026.

這也是我們開始分銷和銷售兩個新品牌 Lacoste 和 Roberto Cavalli 的一年。我們也與梵克雅寶續簽了許可協議，將我們18年的合作關係延長到下一個十年。我們還簽署了一項協議，從 2026 年開始，半價香水業務將納入我們的指導範圍。

We have also been recognized for a number of awards and achievements this year, but the one that we are the most proud of was our inclusion in Time Magazine, world-based companies, sustainable growth ranking,

今年，我們也獲得了許多獎項和成就，但最讓我們感到自豪的是被《時代》雜誌評選為全球企業永續成長排名，

which rewards the 500 most exemplary companies in terms of economic growth and environmental commitment over the period 2021 to 2023. Specifically, our 72% owned subsidiary Anter SA ranked number 44 out of 500 among all the companies in the world.

該獎項旨在獎勵 2021 年至 2023 年期間在經濟成長和環境承諾方面最具示範作用的 500 家公司。具體來說，我們擁有 72% 股權的子公司 Anter SA 在全球 500 強企業中排名第 44 名。

Talking to business, talking about business, for the second year in a row, Jimmy Choo, the largest brand in our portfolio, increased sales by 7% for the year, largely driven by the ongoing success of the I want shoe franchise. Guests also had a stellar year, growing 13% as a result of a continued robust performance of its legacy fans, plus the initial success of our new pillar gets iconic.

談生意，談生意，連續第二年，我們投資組合中最大的品牌 Jimmy Choo 的年銷售額增長了 7%，這主要得益於 I want 鞋類特許經營的持續成功。賓客們也度過了輝煌的一年，得益於其傳統粉絲的持續強勁表現，其收入增長了 13%，再加上我們新支柱的初步成功，其收入具有標誌性。

The branded 2025 with very strong programs and momentum from the fashion house. Donna Karan DKNY fragrances, which joined our portfolio mid 2022, generated already sales in excess of $100 million. I would like now to take an opportunity to provide an update on Ferragamo. As we took the license three years ago and the initial focus was to clean up the distribution.

2025 品牌擁有非常強大的計劃和來自時裝公司的動力。唐娜卡蘭 (Donna Karan) DKNY 香水於 2022 年中期加入我們的產品組合，其銷售額已超過 1 億美元。現在我想藉此機會介紹一下菲拉格慕的最新情況。由於我們三年前就獲得了許可證，最初的重點是清理分佈。

Which we did. The largest markets for Ferragamo are USA, Italy, and Mexico. And very important for us is that we are going to launch a new blockbuster, the first blockbuster for Ferragamo in the last fourth years. It is called FIA, and we plan to invest over $20 million on the brand in 2025 behind the new visual merchandizing approach and the new advertising campaign.

我們確實這麼做了。菲拉格慕最大的市場是美國、義大利和墨西哥。對我們來說非常重要的是，我們將推出一部新的重磅電影，這是菲拉格慕四年來的第一部重磅電影。它被稱為 FIA，我們計劃在 2025 年為該品牌投資超過 2000 萬美元，用於新的視覺行銷方法和新的廣告活動。

So FIA will be the first major blockbuster launch developed with a creative vision of Maximilian Davis, the creative director of Ferragamo, and it incorporates the core elements of the brand, especially of the brand's new aesthetic, the organic shapes, the fluidity, the texture, and it represents a true design innovation.

因此，FIA 將成為 Ferragamo 創意總監 Maximilian Davis 以創意眼光打造的首款重磅產品，它融合了品牌的核心元素，尤其是品牌的新美學、有機造型、流動性、質感，代表著真正的設計創新。

Regarding the advertising, we showed the advertising with a super photographer Mario Cerreti, and it features a top model, the top model Carolina Spakovski. The new campaign is set against the backdrop of the city of Florence. Florence is the birthplace and headquarters of the brand, and it expresses the vision of modern. So, we have a big hope for this new blockbuster.

關於廣告，我們與超級攝影師 Mario Cerreti 合作展示了廣告，其中有一位頂級模特，頂級模特 Carolina Spakovski。新的活動以佛羅倫薩市為背景。佛羅倫斯是品牌的誕生地和總部，表達了現代的願景。所以，我們對這部新大片寄予厚望。

Touching on our newest brands, Lacoste far exceeded our expectations in its first year under our management, achieving over $84 million in sales, or 6% of our total sales with strong popularity worldwide. We did not just relaunch Lacoste Original, we redefined its place in the market.

談到我們的最新品牌，Lacoste 在我們管理的第一年就遠遠超出了我們的預期，實現了超過 8,400 萬美元的銷售額，占我們總銷售額的 6%，在全球範圍內廣受歡迎。我們不僅重新推出了 Lacoste Original，還重新定義了它在市場上的地位。

Through a blend of strategy, creativity, market insight, and commercial innovation, we are transforming Laco's presence, setting a new standard in its space, and in 2025 this year, we will also expand the original line for both men and women and the [L1212].

透過融合策略、創造力、市場洞察力和商業創新，我們正在改變 Laco 的形象，在其領域樹立新標準，並且在今年 2025 年，我們還將擴大男女原始產品線以及[L1212]。

Roberto Cavalli met our expectations in its first year in our prestige portfolio, adding 2% to our top line at $31 million in sales in less than 11 months. Earlier in the year, we revamped the inherited fragrances and launched a new scent called sweet ferocious. We also introduced Just Cavalli Wildheart and a collection of hair and body mist. In 2025, we have a very important blockbuster fragrance.

Roberto Cavalli 加入我們高端品牌組合的第一年就達到了我們的預期，在不到 11 個月的時間內，銷售額增長了 2%，達到 3,100 萬美元。今年早些時候，我們重新設計了傳承下來的香水，推出了一種名為「甜蜜兇猛」的新香水。我們還推出了 Just Cavalli Wildheart 以及一系列頭髮和身體噴霧。2025年，我們有一款非常重要的重磅香水。

For Cavalli, it is called Certain time, and our partnership with the Cavalli brand comes at the perfect time with new store openings, widespread buzz in fashion media and social platforms, and fashion icons embracing its bold designs. Cavalier resurgence is in a full swing. In December 24.

對於 Cavalli 來說，這被稱為“特定時刻”，我們與 Cavalli 品牌的合作正值最佳時機，新店開業、時尚媒體和社交平台的廣泛關注以及時尚偶像對其大膽設計的青睞。騎士復興正在如火如荼地進行著。12月24日。

We signed up for all of white brand names and registered trademarks for Class 3 fragrance and cosmetic products, and in 2026 Annan will begin commercial use of a fragrance brand. Today, off-white fragrances for men and women are sold in department stores like Sacks and Neiman Marcus, specialty stores, and of course online.

我們註冊了所有白色品牌名稱和第 3 類香水和化妝品的註冊商標，2026 年安南將開始對香水品牌進行商業使用。如今，男士和女士的 Off-White 香水在 Sacks 和 Neiman Marcus 等百貨公司、專賣店以及網上均有銷售。

Our three largest markets, North America, Western Europe, and Asia Pacific attained gains of 6%. 21% for Western Europe and 3% for Asia Pacific in 2024 compared to 2023. The Middle East and Africa, Eastern Europe and Central and South America also grew sales by 5%, 14%, and 17% respectively.

我們最大的三個市場——北美、西歐和亞太地區——都實現了 6% 的成長。與 2023 年相比，2024 年西歐將成長 21%，亞太地區將成長 3%。中東和非洲、東歐以及中南美洲的銷售額也分別成長了 5%、14% 和 17%。

Interesting to not is travel retail sales continue to strengthen and increase by 20% from 2023. Travel retail is an important channel, and our goal is to continue to focus on brand building versus trying to get quick wins for promotion.

有趣的是，旅遊零售額將繼續增強，從 2023 年起將成長 20%。旅遊零售是一個重要的管道，我們的目標是繼續專注於品牌建設，而不是試圖快速獲得促銷勝利。

As always, we will continue to prioritize our retail and wholesale partners consistent with our established strategy. In 2024, direct sales to retailers, including travel retail, represented approximately 49% of our net sales, up from 47% one year earlier.

像往常一樣，我們將繼續按照既定策略優先考慮我們的零售和批發合作夥伴。2024 年，包括旅遊零售在內的零售商直接銷售額約占我們淨銷售額的 49%，高於一年前的 47%。

As previously disclosed, beginning in 2024, our Italian hub began managing sales in Italy for all our brands. This model has demonstrated its success, and we are actively exploring opportunities to expand it into new markets, including the UK and Spain.

如前所述，從 2024 年開始，我們的義大利中心開始管理我們所有品牌在義大利的銷售。該模式已證明其成功，我們正在積極探索將其擴展到新市場的機會，包括英國和西班牙。

Much of the success we achieved in 2024 is due in part to our omnichannel services, including our e-commerce business, specifically on Amazon and Vivabo, one of the largest e-commerce channels in France. We also recently launched our homepage on TikTok shop, and while it started very small, it has been gaining momentum.

我們在 2024 年的成功很大程度上歸功於我們的全通路服務，包括我們的電子商務業務，特別是在亞馬遜和法國最大的電子商務管道之一 Vivabo 上的業務。我們最近也在 TikTok 商店上推出了我們的主頁，雖然起步規模很小，但發展勢頭強勁。

Rapidly with purchases increasing week over week since its inception. Consumers are growing increasingly confident in purchasing fragrances online, driven by content creators and influencers across various social media platforms who are sparking the excitement around niche and luxury scents. The digital shift has not only fueled discovery but also increased online fragrances sense.

自成立以來，購買量每週都在迅速增加。受各種社交媒體平台上的內容創作者和影響者的推動，消費者對在線購買香水的信心越來越大，他們激發了人們對小眾和奢侈香水的興趣。數位化轉變不僅推動了香水的發現，也增強了線上香水的意識。

One of our greatest strengths is our ability to stay ahead of emerging trends from the growing demand for premium, ultra-premium, and luxury fragrances to the right of multicent collections, we anticipate what consumers want. We have seen a surge in fragrance use among males, particularly among [10s], along with a shift to gender neutral sense and highly concentrated long-lasting formulas.

我們最大的優勢之一是我們能夠始終走在新興趨勢的前沿，從對優質、超優質和奢華香水日益增長的需求到多元化系列，我們都能預測消費者的需求。我們發現男性香水使用量激增，尤其是 10 多歲的男性，同時也出現了向中性香水和高濃度持久配方轉變的趨勢。

Our brands are in demand across the globe, as evidenced by increased sales in all major markets in 2024 compared to 2023. We also understand the art of capturing a consumer's attention and enticing them to pick up a fragrance, experience its scent and connect with it on a deeper emotional level.

我們的品牌在全球範圍內都很受歡迎，2024 年所有主要市場的銷售量與 2023 年相比都有所增長，這證明了這一點。我們也懂得如何吸引消費者的注意力，吸引他們拿起香水，體驗其香味，並在更深的情感層面上與之產生連結。

Disengagement where a fragrance becomes a true reflection of their identity, is the lens through which we evaluate our brands and uncover new opportunities for growth. While the past two years have primarily focused on extension, in 2025, we will introduce bold new fragrances that energize our brands. From new blockbusters to pillars and elevated extensions, we are crafting high quality.

當香水真正反映出他們的身份時，脫離就是我們評估品牌和發現新的成長機會的鏡頭。雖然過去兩年我們主要專注於擴展，但在 2025 年，我們將推出大膽的新香水，為我們的品牌注入活力。從新的大片到支柱和高架延伸，我們都在打造高品質。

Highly concentrated sense aligned with the evolving preferences of today's fragrance consumers. With regards to product launches in our 2025 pipeline, we have blockbusters debut for Ferragamo, as I mentioned before, also for GUESS, also for Cavalli. We also have a fragrance duo for Karl Lagerfeld and a new collection for DKNY for MCM and fragrance.

高度濃縮的感覺符合當今香水消費者不斷變化的喜好。關於我們 2025 年的產品發布計劃，我們將為 Ferragamo 推出重磅產品，正如我之前提到的，還有 GUESS 和 Cavalli。我們還有卡爾拉格斐 (Karl Lagerfeld) 的雙人香水和 MCM 的 DKNY 新品及香水系列。

Guests will see iconic for men in stores in the spring and of course we have extension across nearly all the rest of our portfolio, including our three largest brands, Jimmy Chou, we have a new men extension. And Mont Blanc, we are enlarging the Ment collection with Starwood and we are also expanding the explorer family with Explorer Xtreme. Pouch for Me welcome new version early this year.

春季，顧客將在商店中看到男士標誌性產品，當然，我們的產品系列幾乎涵蓋了我們所有其他產品，包括我們的三大品牌 Jimmy Chou，我們推出了新的男士系列。至於萬寶龍，我們正在與 Starwood 合作擴大 Ment 系列，同時我們也正在透過 Explorer Xtreme 擴展探險家系列。Pouch for Me 今年年初迎來了新版本。

In keeping with increased demand for highly concentrated long-lasting sales. 2025 will also mark the creation of our first proprietary. A brand called Solferino. It is a collection of 10 niche fragrances developed by Star perfumers to be launched initially through an ultra-selective distribution channel, no more than 100 points of sales. We'll also open a store in Paris entirely dedicated to the brand.

為了滿足對高度濃縮的長期銷售日益增長的需求。 2025 年也將標誌著我們第一個專有技術的誕生。一個名為 Solferino 的品牌。它是由明星調香師開發的 10 款小眾香水系列，最初將透過超選擇性分銷管道推出，銷售點不超過 100 個。我們還將在巴黎開設一家專門針對該品牌的商店。

And along with e-commerce dedicated sites with a Solférino collection, our goal is to gain insight that can be applied across our portfolio while also strengthening our position in the robust high-end fragrance market. As we step into the high-end fragrance market, we are also thoughtfully pruning our portfolio of smaller brands. In 2024 and the end of 2024, we discontinued Dunhill, and in 2025, the bouche license will expire.

除了擁有 Solférino 系列的電子商務專用網站之外，我們的目標是獲得可應用於我們整個產品組合的洞察力，同時加強我們在強勁的高端香水市場中的地位。當我們進入高端香水市場時，我們也在精心修剪小品牌組合。2024 年和 2024 年底，我們停止了 Dunhill 的業務，2025 年，bouche 授權也將到期。

Both of these brands will present a small part of our portfolio, and our goal will be to make up for these losses through new brands like Offwhite and Solférino and other new licenses, while also growing our core brands faster.

這兩個品牌都只占我們產品組合的一小部分，我們的目標是透過 Offwhite 和 Solférino 等新品牌和其他新許可來彌補這些損失，同時更快地發展我們的核心品牌。

We are also streamlining our supply chain for our European-based operations. We have historically relied on third party logistics providers for services such as packing, shipping, warehousing, and other fulfilment. And in the US, we recently decided to transition our warehouse in New Jersey, but we have operated on our own for. 30 years to the same model of a 3PL in an effort to streamline operation and reduce our overhead costs.

我們也正在簡化我們歐洲業務的供應鏈。我們過去一直依賴第三方物流供應商提供包裝、運輸、倉儲和其他履行等服務。在美國，我們最近決定將倉庫轉移到新澤西州，但我們仍自行營運。 30 年來，我們一直採用同一種 3PL 模式，努力簡化營運並降低管理成本。

As our business continues to grow, leveraging third party logistic partners will enhance efficiency and enable us to better serve our customers while focusing on our core competencies. We plan to complete this transition by June 2025. Looking ahead, the momentum in the global fragrance market continues its positive trajectory. But at a slower pace than in more recent years.

隨著我們業務的不斷成長，利用第三方物流合作夥伴將提高效率，使我們能夠更好地服務客戶，同時專注於我們的核心競爭力。我們計劃在 2025 年 6 月之前完成這項過渡。展望未來，全球香水市場動能將持續保持正面趨勢。但速度比近幾年慢。

We are also facing a range of overhead wins including potential tariffs, regulatory challenges, and currency fluctuations. On the tariff side, we source our components from multiple regions and are actively working with our suppliers, particularly in China, to navigate potential tariff evolutions. We buy certain components from China like plastic and metal cap.

我們還面臨一系列間接成本，包括潛在的關稅、監管挑戰和貨幣波動。在關稅方面，我們從多個地區採購零件，並積極與供應商（特別是中國供應商）合作，以應對潛在的關稅變化。我們從中國購買某些零件，如塑膠和金屬蓋。

While an increase in tariffs on components remains a possibility this year, our goal is to mitigate cost impact, so we don't have to pass them on to our retail and wholesale partners. Additionally, as an exporter of American made finished goods to neighbouring countries and an importer of finished goods made in Europe, we are closely monitoring potential changes in US import and export taxes.

雖然今年零件關稅仍有可能上調，但我們的目標是減輕成本影響，這樣我們就不必將其轉嫁給我們的零售和批發合作夥伴。此外，作為向鄰國出口美國製成品的出口商和進口歐洲製成品的進口商，我們正在密切關注美國進出口稅的潛在變化。

Should these costs rise, we will explore all possible strategies to offset the impact on imports, including potential pricing adjustments. While this factor poses challenge. We believe they do not represent significant cause for concern, as we believe that most of the industry is taking this approach.

如果這些成本上升，我們將探索所有可能的策略來抵消對進口的影響，包括潛在的價格調整。雖然這個因素帶來了挑戰。我們認為這並不代表值得擔憂的重大原因，因為我們相信大多數行業都採取了這種方法。

On the regulatory side, our team will continue to ensure our product meets the highest standard of safety and compliance worldwide, and we are all prepared to navigate the complex regulatory landscape to mitigate any potential disruptions. While we are seeing unprecedented changes, we have strategies in place to address them effectively and minimize disruptions. This includes chemical safety.

在監管方面，我們的團隊將繼續確保我們的產品符合全球最高的安全和合規標準，並且我們都已準備好應對複雜的監管環境，以減輕任何潛在的干擾。雖然我們正經歷前所未有的變化，但我們已經制定了策略來有效應對這些變化並最大限度地減少干擾。這包括化學安全。

Where we are reformulating a lot of our products as necessary to ensure compliance while continuing to innovate within safe parameters. There are few banned substances that are prevalent in many fragrances. We expect that we need to reformulate about 80% of our formulas and packaging over the next three years. We have successfully gone through a similar process when the [lilial] was banned in the recent past.

我們正在根據需要重新配製許多產品，以確保合規性，同時繼續在安全參數範圍內進行創新。許多香水普遍存在一些禁用物質。我們預計未來三年內我們需要重新制定大約 80% 的配方和包裝。當[lilial]在最近被禁止時，我們已經成功經歷了類似的過程。

On listing and registration, the modernization of cosmetics and Regulation Act called MoCA represents a major shift in FDA oversight of cosmetics. We have implemented rigorous compliance measures to meet MA requirements so that we abide by mandatory product listing, safety substantiation, and facility registration. Given the focus on deregulation, we are also already anticipating and prepared to navigate increased legislative activity at the state level.

在上市和註冊方面，化妝品現代化監管法案（MoCA）代表了FDA對化妝品監管的重大轉變。我們實施了嚴格的合規措施來滿足 MA 要求，以便我們遵守強制性產品清單、安全證實和設施註冊。鑑於對放鬆管制的關注，我們也已經預期並準備好應對州一級立法活動的增加。

To close, our innovative and creative expertise combined with the strength of the current fragrance market and the depth and diversity of our brand portfolio position us well for another year of record sales and earnings while economic and geopolitical uncertainties prevail, our agile workforce and ability to adapt to evolving conditions are key to sustaining our success. I will not turn it over to Michel for a review of our financial, Michel.

總而言之，我們的創新和創造性專業知識，加上當前香水市場的實力以及我們品牌組合的深度和多樣性，使我們在經濟和地緣政治不確定性盛行的情況下，有望在新的一年裡創下銷售和盈利記錄，我們敏捷的員工隊伍和適應不斷變化的條件的能力是我們保持成功的關鍵。我不會把它交給米歇爾來審查我們的財務狀況，米歇爾。

Yeah, thank you, Jean, and good morning, everyone. I will begin by discussing the consolidated results before breaking them down into our two operating units, European and US-based operations. Overall, as you've seen from our earnings released, we delivered significant top line growth while expanding margins. We also beat our sales and earning guidance.

是的，謝謝你，Jean，大家早安。我將首先討論合併結果，然後將其細分為我們的兩個營運部門，即歐洲和美國的業務。總體而言，正如您從我們發布的收益報告中看到的那樣，我們在提高利潤率的同時，也實現了顯著的收入成長。我們的銷售額和獲利也超出了預期。

As we reported, consolidated net sales grew 10% in both the final quarter and the full year to $362 million and $1.452 billion respectively for the year. Gross margin was broadly in line with the prior year periods at 64.5% and 63.9% for the fourth quarter. And full year as GNA as a percentage of net sales was largely consistent with 2024 at 44.7%, which is up only 10 basis points from one year earlier.

正如我們所報導的，最後一個季度和全年的綜合淨銷售額均成長了 10%，分別達到 3.62 億美元和 14.52 億美元。毛利率與去年同期基本持平，第四季為 64.5% 和 63.9%。全年 GNA 佔淨銷售額的百分比與 2024 年基本一致，為 44.7%，僅比去年同期上升 10 個基點。

We maintain significant investments in A&P to strengthen brand awareness, stay competitive, and support on ongoing growth, especially with two new brands in our portfolio. In total, we devoted $281 million in A&P, which is 7% higher than last year. However, as a percentage of net sales, A&P was 19.3%, which is below our target of 21% as we face some of our A&P investments into the first half of 2025, where we believe we will get a higher ROI.

我們對 A&P 保持大量投資，以增強品牌知名度、保持競爭力並支持持續成長，尤其是我們產品組合中有兩個新品牌。總體而言，我們在廣告宣傳方面投入了 2.81 億美元，比去年增加了 7%。然而，廣告和促銷佔淨銷售額的百分比為 19.3%，低於我們的 21% 的目標，因為我們的部分廣告和促銷投資將推遲到 2025 年上半年，我們相信屆時我們將獲得更高的投資回報率。

Royalty expenses, which are included in SGNA average approximately 8% in 2024, generally in line with our five year run rates. That brings our 2024 consolidated operating com before impairment loss to $279 million a year over year increase of 11%, and an operating margin that is best in class at 19.2% and slightly ahead of prior year period.

包含在 SGNA 中的特許權使用費在 2024 年平均約為 8%，與我們的五年運行率基本一致。這樣，我們 2024 年扣除減損損失前的合併營業利潤將達到 2.79 億美元，年增 11%，營業利潤率將達到 19.2%，達到同行業最佳水平，略高於去年同期。

Our effective tax rate for the yearuro was 24.2%, which is a blended rate between our US, French, and Italian entities. This rate improved by 60 basis points from the 24.8% in 2023 when we had a $3 million tax assessment.

我們今年的有效稅率為 24.2%，這是我們美國、法國和義大利實體的混合稅率。這一稅率比 2023 年我們的稅收評估金額為 300 萬美元時的 24.8% 提高了 60 個基點。

Now moving into our different segments for our European-based operations, we finished the year on a strong note, achieving 6% sales increase in the fourth quarter and leading to a 10% sales increase for the year. Gross margins were lower by 30 basis points to 67% for the full year as a result of unfavourable brand and channel mix, but they did expand slightly in the fourth quarter by 20 basis points, reaching 69%.

現在轉向我們在歐洲運營的不同部門，我們以強勁的業績結束了這一年度，第四季度實現了 6% 的銷售額增長，全年銷售額增長了 10%。由於品牌和通路組合不利，全年毛利率下降 30 個基點至 67%，但第四季毛利率略有擴大，成長 20 個基點，達到 69%。

As GNA expenses increase on a dollar basis for the fourth quarter and the full year, but decreases a percentage of net sales by 80 basis points for the full year compared to the prior year period as we face some of our A&P expenses into the first half of 2025.

由於第四季度和全年的 GNA 費用按美元計算有所增加，但由於我們將在 2025 年上半年面臨部分 A&P 費用，因此全年淨銷售額的百分比與去年同期相比下降了 80 個基點。

We expect higher AP expenses from our European-based operations in the first half of 2025 as a result of this shift as we continue to rebalance our investments across the year to achieve better ROI. Consistently with what we did in 2024.

由於這一轉變，我們預計 2025 年上半年我們位於歐洲的業務的應付帳款支出將會增加，因為我們將繼續全年重新平衡投資，以實現更好的投資回報率。與我們在 2024 年所做的一致。

As previously communicated during the 4th quarter, our French subsidiary, which manages our European-based brands, recorded a supplemental non-recurring non-cash impairment charge of $4 million relating to Russia's fashion business. To provide some context, when we acquired Ross in 2015, we acquired both the fragrance and the fashion business for $108 million.

正如先前在第四季度所通報的那樣，負責管理我們歐洲品牌的法國子公司記錄了與俄羅斯時尚業務相關的 400 萬美元補充非經常性非現金減損費用。具體來說，當我們在 2015 年收購 Ross 時，我們以 1.08 億美元的價格收購了其香水和時尚業務。

We allocated $20 million to the fashion trademarks and the balance to fragrances. Fragrances continues to perform ahead of expectation in line with our core competency and expertise, but the fashion business has been more challenging. At this time we are actively discussing and seeking alternative solutions for Russia's fashion business which triggered this need to impair the asset.

我們為時尚商標分配了 2000 萬美元，其餘的則分配給香水。憑藉我們的核心競爭力和專業知識，香水業務的表現繼續超出預期，但時尚業務面臨的挑戰更大。目前，我們正在積極討論並尋求針對俄羅斯時尚業務的替代解決方案，這引發了對資產減損的需求。

After this impairment, we will have $7 million on our balance sheet of the original $20 million that we started out with. All told, net income attributable to European-based operations grew 12% to $140 million for the full year. Now turning to US-based operations, it's a similar story. We achieved 16% sales increase in the fourth quarter, leading to 12% gain for the year.

扣除此次減損後，我們的資產負債表上原本有 2,000 萬美元，現在只有 700 萬美元。整體而言，全年歸屬於歐洲業務的淨收入成長 12%，達到 1.4 億美元。現在轉向美國的業務，情況也類似。我們第四季的銷售額成長了 16%，全年銷售額成長了 12%。

Gross margin was down 60 basis points from 57.9% in the fourth quarter of 2024, but this was driven by unfavourable product in channel mix. However, for the year, gross margin expanded by 90 basis points to 57.9% as a result of favorable brand and channel mix. As John noted, we are expanding our direct to retail channel in the US, which is gross margin accretive.

毛利率較 2024 年第四季的 57.9% 下降了 60 個基點，但這是由於通路組合中產品不利所致。然而，由於品牌和通路組合良好，今年毛利率擴大了 90 個基點，達到 57.9%。正如約翰所說，我們正在擴大美國直接零售通路，這將增加毛利率。

We will continue to focus on the strategy while maintaining strong relationships with key wholesalers as our preferred partners. Similar to European-based operations, as GNA increased on a dollar basis, but as a percentage of net sales decreased 190 basis points from the prior year's fourth quarter.

我們將繼續專注於該策略，同時與主要批發商保持良好的關係，將其作為我們的首選合作夥伴。與歐洲的業務類似，GNA 以美元計算增加，但佔淨銷售額的百分比較去年第四季下降了 190 個基點。

On a full year basis, as GNA as a percentage of sales increased by 70 basis points to 40.5% as a result of continued investment in infrastructure and employee headcount to support the growth of the business as well as increased A&P activities. Overall, net income attributable to US-based operations grew 8% to $69 million for the full year.

從全年來看，由於持續投資基礎設施和員工隊伍以支援業務成長以及增加 A&P 活動，GNA 佔銷售額的百分比增加了 70 個基點，達到 40.5%。整體而言，全年歸屬於美國業務的淨收入成長 8%，達到 6,900 萬美元。

We closed the year in a strong financial position with $235 million in cash equivalents, and short-term investments and working capital of $582 million. With 10% sales growth, we managed to keep inventory flat compared to last year as the benefit of our inventory optimization program started to bear fruit throughout the year.

我們以強勁的財務狀況結束了這一財年，擁有 2.35 億美元的現金等價物以及 5.82 億美元的短期投資和營運資金。隨著銷售額成長 10%，我們的庫存優化計畫的效益在全年開始顯現，因此我們設法保持庫存與去年同期持平。

We also significantly improved our cash conversion cycle, delivering operating cash flow of $188 million in 2024, which is the equivalent to 92% of net income, and this was up from $106 million or 56% of net income in 2023. Our long-term debt approximated $157 million and was primarily driven by the loans that we took out to acquire our headquarters.

我們也大幅改善了現金轉換週期，2024 年的營運現金流達到 1.88 億美元，相當於淨收入的 92%，高於 2023 年的 1.06 億美元或淨收入的 56%。我們的長期債務約為 1.57 億美元，主要來自於我們為收購總部而藉出的貸款。

From a cash flow perspective, accounts receivable was up 17% from prior 2023, while days outstanding increased from 66 to 66 days in 2024 from 62 days in '23. It reflects the change in our channel mix as just discussed, but with strong partnerships, we do not anticipate any issues with collections.

從現金流角度來看，應收帳款較 2023 年增加了 17%，而未償付天數從 2023 年的 62 天增加到 2024 年的 66 天。正如剛才所討論的，它反映了我們管道組合的變化，但憑藉強大的合作夥伴關係，我們預計不會出現任何收款問題。

As announced in our press release yesterday, given their confidence in our long-term growth prospects, operating cash generation, and solid balance sheet, our board of directors approved a 7% increase in our annual dividend to $3.20 per share, up from $3 per share in 2023. This represents a 60% payout on 2025 expected EPS.

正如我們昨天在新聞稿中宣布的那樣，鑑於董事會對我們的長期增長前景、經營現金流和穩健資產負債表的信心，董事會批准將年度股息從 2023 年的每股 3 美元提高 7% 至每股 3.20 美元。這代表著 2025 年預期每股盈餘的 60% 派息。

Before we open the call for questions, I wanted to address 2025 guidance. As Jean and for that matter, most of our peers have stated, the fragrance market's momentum is continuing but at a more modest pace. While we did beat our guidance on sales and earnings in 2024, competition slowed down and their operating margins contracted as the category becomes more competitive.

在我們開始提問之前，我想談談 2025 年的指導。正如 Jean 以及我們的大多數同行所說，香水市場的發展勢頭仍在持續，但速度較為溫和。雖然我們確實超越了 2024 年的銷售額和收益預期，但隨著該類別競爭加劇，競爭放緩，營業利潤率下降。

We're also seeing foreign exchange headwinds for the first time in two years, with the EUR reaching 102 against the dollar in January versus 108 throughout most of 2024 and actually 109 in January '25. We already know that these FX headwinds will impact us in the first quarter of 2025 by about 2 points and possibly extend into the rest of 2025.

我們還兩年來首次遭遇外匯逆風，1 月歐元兌美元匯率達到 102，而 2024 年大部分時間歐元兌美元匯率為 108，2025 年 1 月歐元兌美元匯率實際上為 109。我們已經知道，這些外匯逆風將在 2025 年第一季對我們產生約 2 個百分點的影響，並可能延續到 2025 年剩餘時間。

Despite these headwinds and eroding competitive margins, we remain confident that 2025 will be another record year and are maintaining our guidance of $1.51 billion in net sales and EPS of $5.35 per share, both a 4% growth across the board. We will update this guidance as the year progresses. With that operator, please open the lines for questions.

儘管面臨這些不利因素和競爭利潤率的下降，我們仍然相信 2025 年將是另一個創紀錄的一年，並維持 15.1 億美元淨銷售額和每股 5.35 美元的預期，兩者均實現 4% 的全面增長。我們將隨著時間的推移更新此指南。請與該接線員聯繫，以便解答疑問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Thank you. Our first question comes from the line of Linda Bolton Weiser with DA Davidson. Please proceed with your question.

謝謝。我們的第一個問題來自 DA Davidson 的 Linda Bolton Weiser。請繼續您的問題。

Yeah, yes, hello. So I was wondering if you could talk about, I think in the press release there was a mention of destocking in the industry, and I was curious if you could give us a sense of what's going on there because I know you had that issue last year in 2024, but I thought it was completed and that you felt things were in good shape. Can you just kind of tell us where you think the channel inventory stand at this point? Thanks.

是的，是的，你好。所以我想知道您是否可以談談，我認為新聞稿中提到了行業去庫存的問題，我很好奇您是否可以讓我們了解一下那裡正在發生什麼，因為我知道您去年在 2024 年遇到過這個問題，但我認為它已經完成了，而且您覺得情況很好。您能否告訴我們您認為目前的通路庫存狀況如何？謝謝。

Hello, Linda. Well, thank you for your question. I will say that we did a good selling in November and December, anticipating a good Christmas sell through, which happened, by the way, and I will say that in the last 2-3 months, the GAAP between selling and sell out reduced, so it's not going to be a Severe as it was in the whole year of 2024, Michel, you want to add something? Yeah.

你好，琳達。嗯，謝謝你的提問。我想說的是，我們在 11 月和 12 月的銷售情況不錯，預計聖誕節的銷售情況會很好，順便說一句，聖誕節的銷售情況也確實很好，我想說的是，在過去的 2-3 個月裡，銷售和售罄之間的 GAAP 差距縮小了，所以不會像 2024 年全年那樣嚴重，米歇爾，你想補充一點嗎？是的。

I would say, as Linda, we saw about two to three points of destocking effect, a GAAP between our cell and our sell out. Most of that. Happened in the in the first nine months of the year. There was still a small difference in the fourth quarter, but it was really moderate, and I think at this point in time we're feeling comfortable that, the worst is behind us in this area.

我想說，正如琳達所說，我們看到了大約兩到三個點的去庫存效應，即我們的單位和我們的賣出之間的 GAAP。大部分都是。發生在今年前九個月。第四季仍然存在一些小的差異，但確實比較適中，我認為此時此刻我們感到很舒服，因為這個領域最糟糕的時期已經過去了。

Okay, sounds good. And then, I was kind of curious about, when you talked about the competition just now at the end of your remarks, I mean, the category has always been competitive, big players and yourself gaining market share over time. What do you mean by competition kind of changing and do you expect that you can gain market share in 2025?

好的，聽起來不錯。然後，我有點好奇，當您在發言結束時談到競爭時，我的意思是，這個類別一直競爭激烈，大公司和您自己都在隨著時間的推移獲得市場份額。您所說的競爭變化是指什麼？您是否預計到 2025 年您能獲得市場份額？

Okay, so Linda, I mean, if you look at the data is really, we like to look at the outside and understand what's really happening out there. So we are looking at our competitive peers, obviously the ones that are publicly traded. And what we can see really is, across the board, the growth of our peer group has been below the overall market.

好的，琳達，我的意思是，如果你看一下數據，我們會發現我們喜歡觀察外部情況，了解外面到底發生了什麼。因此，我們正在尋找競爭對手，顯然是那些上市公司。我們真正看到的是，整體而言，我們同業的成長低於整體市場。

So, while the market has been very good and very strong, the sell-in, which is obviously reflected in our peer group sales, has been lower, and I think this whole destocking thing has probably impacted the broader industry, not just us on the margins.

因此，儘管市場表現非常好而且非常強勁，但銷售量（這顯然反映在我們同行的銷售中）卻較低，我認為整個去庫存事件可能影響了整個行業，而不僅僅是我們的利潤率。

If you look at our trailing 12 months margins where we've actually been able to hold our operating margins flat, what we see very clearly is most of our competitors have had eroding operating margins.

如果你看一下我們過去 12 個月的利潤率，我們實際上能夠保持我們的營業利潤率平穩，我們可以清楚地看到，我們的大多數競爭對手的營業利潤率都在下降。

Again, it's always difficult to go into the details when you're looking at this, based on what's been disclosed, but we are seeing a pretty strong trend of eroding margins across our competitors, and I think If you look at what's been happening in the past, I think the whole industry was surprised by the market and probably was investing less, and I think as the market slows down and people start to anticipate that growth, I think the category is definitely getting more competitive.

再次強調，根據已披露的信息，很難詳細說明，但我們看到競爭對手的利潤率正在大幅下降，而且我認為，如果回顧過去的情況，你會發現整個行業都對市場感到驚訝，可能投資減少了，但隨著市場放緩，人們開始預期增長，這個類別的競爭肯定會更加激烈。

So Yeah, I tend to agree. Are we going to gain market share in 2025? We think that the level of innovation that we have for most of the brands is quite impressive. I mean, we have Blockbuster for Ferragamo, Blockbuster for Ross, for Cavalli, for MCL. It's an important year of Blockbuster.

是的，我傾向同意。我們會在 2025 年獲得市佔率嗎？我們認為，我們為大多數品牌所展現的創新水平令人印象深刻。我的意思是，我們有針對 Ferragamo 的 Blockbuster、針對 Ross 的 Blockbuster、針對 Cavalli 的 Blockbuster 和針對 MCL 的 Blockbuster。這是百視達重要的一年。

We have very important extensions on important brands like Jimmy Chu and Mont Blanc and coach. So, yes, I think it will continue at a more moderate pace, but I think we have the tools to gain market share.

我們對 Jimmy Chu、Mont Blanc 和 Coach 等重要品牌進行了非常重要的擴充。所以，是的，我認為它會以更溫和的速度繼續下去，但我認為我們有能力獲得市場份額。

Thanks. And then just my last question is, the Ferragamo blockbuster that sounds exciting. What month or what part of the year do you think it launches in and will it be a gradual roll out or more of a global launch?

謝謝。我的最後一個問題是，菲拉格慕的大片聽起來很令人興奮。您認為它會在哪個月或哪個時候推出？它會逐步推出還是全球推出？

It's going to start. It's going to start in the second quarter. We're going to start seeing some sale in the 2nd quarter, accelerating in the third quarter. Important markets will be, as I said, USA, but I'm going to China next week to see higher market there. As it has been quite challenging for a while, but we think that with the right level of promotion.

一切就要開始了。它將在第二季度開始。我們將在第二季開始看到一些銷售，並在第三季加速。正如我所說，重要的市場是美國，但我下週要去中國看看那裡更高的市場。雖然一段時間以來這一直是個相當大的挑戰，但我們認為只要有適當的推廣，就會有挑戰。

We can promote the new in China also, even though China, as has been not in in terms of percentage of sales, we are below our competitors. I think it represented only 4% for us. We think that we have some possibility, some interesting. Possibilities with Ferragamo, but the largest market would be Italy, US, and also Mexico as the market share of Ferragamo in Mexico is quite high. Let's go.

我們也可以在中國推廣新產品，儘管在中國，就銷售百分比而言，我們低於競爭對手。我認為它對我們來說只佔4%。我們認為我們有一些可能性，一些有趣的東西。有可能與菲拉格慕合作，但最大的市場是義大利、美國和墨西哥，因為菲拉格慕在墨西哥的市佔率相當高。我們走吧。

Okay, that's it for me thanks a lot.

好的，對我來說就這樣了，非常感謝。

Thank you, Linda, for your patience.

謝謝你，琳達，你的耐心。

Thank you. Our next question comes from the line of Ashley Hellins with Jeffreys. Please proceed with your question.

謝謝。我們的下一個問題來自 Jeffreys 的 Ashley Hellins。請繼續您的問題。

Hi, thanks for taking our questions. So just first, you said that you'd expect for this year the market's going to remain robust, but moderate off of, the strong years we've seen in the last few years. Just curious if you can maybe talk about specific markets, if you're seeing any more moderation in certain markets versus others, and then as the market normalizes, what should we expect for promotional levels? Thanks so much.

您好，感謝您回答我們的問題。首先，您說您預計今年市場將保持強勁，但與過去幾年的強勁表現相比將有所放緩。我只是好奇您是否可以談談特定的市場，您是否看到某些市場相對於其他市場有更多緩和，然後隨著市場正常化，我們應該對促銷水平有何期待？非常感謝。

Okay, so I'll maybe take Ashley. I'll probably take the first question. I mean, if you look at if you look at the market overall, I mean, in 2024 things started off really strong, and I'm going to give you a couple of data points. The US was up. 20% in the first quarter and it was up also 20% in the third quarter. What we saw is really the fourth quarter was more moderate and still very strong, but 11% growth.

好的，我可能會選擇 Ashley。我可能會回答第一個問題。我的意思是，如果你看一下整個市場，你會發現 2024 年市場開局非常強勁，我將為你提供幾個數據點。美國上漲。第一季成長了20%，第三季也成長了20%。我們看到的是，第四季確實表現較為溫和，但仍然非常強勁，成長率達到 11%。

Okay, that's just to give you an illustration on the US numbers. We saw that pretty much at a global level. First quarter was 15%. The second quarter was 10%. Quarter three was still very strong, and then quarter four was slower.

好的，這只是給你一個美國數字的說明。我們在全球範圍內都看到了這一點。第一季為15%。第二季為10%。第三季仍然非常強勁，但第四季就慢了下來。

So, we finished the year at about 11% at the global level for the top markets that we track and 9%. In the fourth quarter, so we did see a pretty significant slowdown in that growth versus what we had had in the first half of the year.

因此，我們今年在全球追蹤的頂級市場的份額約為 11%，而其他市場的份額約為 9%。因此，與上半年相比，我們第四季的成長確實出現了相當明顯的放緩。

Going forward, I think the industry is seeing mid-single digit, which is still kind of what we have historically been able to grow by. On proportionalities you want to maybe take that, and I can Jean.

展望未來，我認為該行業將實現中等個位數成長，這仍然是我們歷史上能夠實現的成長水平。關於比例，你可能想採取這一點，我可以，Jean。

Yes, I don't think, we will see, more, promotional in 2025 and 2024. I think it's going to be, almost at the same level. I would like to say that, like Michel mentioned in his remarks, the money that we are investing in advertising and promotion.

是的，我不認為我們會在 2025 年和 2024 年看到更多的促銷活動。我認為幾乎會處於同一水平。我想說的是，正如米歇爾在發言中提到的，我們在廣告和推廣方面投入的資金。

It's really very strong. We have invested around on our side almost $300 million on advertising and promotion, and this is without counting what our partners, distributors are spending, which I estimate another $100 million. This money that is spent in the market is really what's going to ensure sales in the future for us.

確實非常強。我們在廣告和促銷方面的投資已接近 3 億美元，這還不包括我們的合作夥伴和分銷商的支出，我估計他們還花費了 1 億美元。在市場上投入的這些資金確實能確保我們未來的銷售。

Yeah, I would also just maybe build on as we talk about promotionally, as this is not a category where people typically discount on price. I think when you when you talk about proportionality, it's generally usually more about offers, and we did see, an uptick in the number of gift sets in the fourth quarter because I think a lot of the consumer, there has been a lot of pricing, as we did not take a lot of pricing.

是的，我可能還會在我們討論促銷時繼續討論，因為這不是人們通常會打折的類別。我認為，當您談論比例時，通常更多地涉及優惠，我們確實看到第四季度禮品套裝的數量有所增加，因為我認為許多消費者已經有很多定價，而我們沒有採取很多定價。

We took no pricing in 2024 and we're not planning to take pricing in 2025, but there has been a lot more pricing taken by our competitors, and I think that for some of those brands that are maybe priced themselves up a lot, they have had to offer more value in the form of more gift sets, and I think we saw that pretty clearly in the fourth quarter. Thanks so much. That's.

我們在 2024 年沒有定價，我們也不打算在 2025 年定價，但我們的競爭對手的定價要高得多，我認為對於其中一些可能定價過高的品牌，他們必須以更多禮品套裝的形式提供更多價值，我認為我們在第四季度非常清楚地看到了這一點。非常感謝。就是這樣。

Super helpful. I'll pass it on.

超有幫助。我會傳達的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Korinne Wolfmeyer with Piper Sandler. Please proceed with your question.

我們的下一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。請繼續您的問題。

Hey, good morning. Thanks for taking the question. I'd like to touch a little bit on kind of the building blocks of the performance by brands in 2024. So, our understanding is, the addition of Lacoste Valley added about nine points.

嘿，早安。感謝您回答這個問題。我想稍微談談 2024 年品牌表現的基石。因此，我們的理解是，Lacoste Valley 的加入增加了約 9 分。

There was maybe a headwind from Dunhill, and then there was some commentary in the press release that the TOP 70% grew about 4% if I'm correct, so that means the rest of the business was, struggling a little bit or didn't grow as much or maybe it was negative. So can you touch a little bit on what's going on with some of those softer brand performances and what gives you confidence and maybe those recovering a bit here in 2025. Thanks.

登喜路可能帶來了阻力，然後新聞稿中的一些評論說，如果我沒記錯的話，前 70% 的業務增長了約 4%，這意味著其餘業務有點掙扎，或者沒有增長那麼多，或者可能是負面的。那麼，您能否稍微談談一些表現較弱的品牌的情況，是什麼讓您有信心，也許這些品牌在 2025 年會有所復甦。謝謝。

Yeah, so Karun, I mean, inevitably, when you add a lot of brands and new brands and large brands, you want to focus on the biggest parts of the portfolio. Some of the declines can be driven by a number of things. If you take a brand like Lanvin for example, which is, which has declined this year, this is entirely driven by the footprints. A lot of the Lanvin businesses in Russia.

是的，Karun，我的意思是，當你添加很多品牌、新品牌和大品牌時，你不可避免地會想要專注於作品集中最大的部分。一些下降可能是由多種因素造成的。以像 Lanvin 這樣的品牌為例，其今年的銷售下滑完全是由足跡造成的。俄羅斯有很多 Lanvin 的業務。

And Eastern Europe, where we know there have been issues as well as in China where the market has been softer. So inevitably not, what we want to do is really focus on our largest brands, make sure we're growing those disproportionately. And then on the little ones we continue to focus and give them the right level of attention and investment.

我們知道東歐也存在一些問題，而中國市場也較為疲軟。所以不可避免的是，我們想要做的是真正專注於我們最大的品牌，確保這些品牌能夠不成比例地成長。然後，我們繼續關注小孩子，並給予他們適當的關注和投資。

Sometimes this is all can be driven by phasing of innovation and things like that. So, the smaller brands typically are going to be a little, always going to be a little bit more volatile because of their size inevitably and more sensitive to innovation and geographic footprint.

有時這一切都可以透過創新的分階段等來推動。因此，較小的品牌通常會有點、總是會有點不穩定，因為它們的規模不可避免地對創新和地理足跡更為敏感。

Yeah, totally, I will say that we work hard on the brands that are smaller. They are not less important, but they are smaller in size. A very important brand for us is Oscar de la Renta. We have a great Footprint in the US, but internationally it is more challenging, but we are able to maintain the sales. We are able also to maintain the sales on Van Cleef, which is a smaller brand for us.

是的，完全正確，我想說的是，我們為較小的品牌付出了巨大的努力。它們的重要性並非不高，只是規模較小。對我們來說一個非常重要的品牌是 Oscar de la Renta。我們在美國擁有很大的市場份額，但在國際上更具挑戰性，但我們能夠保持銷售。我們也能夠維持梵克雅寶 (Van Cleef) 的銷售，儘管對我們來說這是一個較小的品牌。

But of course, in this super competitive environment it's already not bad to maintain the level of sales for this brand. Also, innovation is key for even more important for this smaller brand, and it depends on the timing. We know for instance that a brand like MCN is going to grow in 2025 because we have a great collection that will be launch that is launching now where we have already some indications that we'll have a nice growth.

但當然，在這種超級競爭的環境下，保持這個品牌的銷售水準已經不錯了。此外，對於這個小品牌來說，創新至關重要，而且取決於時機。例如，我們知道像 MCN 這樣的品牌將在 2025 年實現成長，因為我們即將推出一系列精彩的產品，而且我們已經有一些跡象表明我們將實現良好的成長。

Very helpful thank you so much for all the color, and then maybe Michelle if you could just give us a little bit more context on what you're baking in as far as gross margin and operating margin performance over the course of the year and the puts and takes we should be thinking about from a quarterly cadence perspective. Thanks.

非常有幫助，非常感謝您的所有細節，然後也許米歇爾，您能否給我們提供更多關於您在全年毛利率和營業利潤率表現方面的信息，以及從季度節奏的角度我們應該考慮的利弊。謝謝。

Okay, so on the top, we don't generally like to provide quarterly guidance because we like to run our business for the next 10 years, not necessarily the next quarter. Overall, what I would say is on the top line, we have two factors that are going to impact us in the first quarter.

好的，首先，我們通常不喜歡提供季度指導，因為我們想經營未來 10 年的業務，而不一定是下個季度。總的來說，我想說的是，有兩個因素將對我們第一季的業績產生影響。

The first one is obviously the loss of Dunhill, which is going to impact the first three quarters because we phased it out at the end of September. We know that that's about a point.

第一個顯然是失去 Dunhill，這將對前三個季度產生影響，因為我們在 9 月底逐步淘汰了 Dunhill。我們知道那是一個點。

Across the year and across the portfolio, the other thing is FX, and as you, as I indicated in my prepared remarks, FX last year was close to 109 in the first quarter. Right now, we don't really know where we're going to land, but you know it oscillates between 104, 105.

縱觀全年和整個投資組合，另一件事是外匯，正如我在準備好的演講中所指出的，去年第一季的外匯接近 109。現在，我們真的不知道我們會降落在哪裡，但你知道它在 104 到 105 之間波動。

So, we believe that, just rule of thumb, FX hits us by about half of that impact, so. If you look at a 109 versus a 105, that's about two points. Okay, so we are expecting right now the first quarter to be about flat, but it's mostly driven by the effects of the Dunhill impacts on gross margins at this point in time we're not really expecting any significant.

因此，我們相信，根據經驗法則，外匯對我們造成的影響約佔其影響的一半。如果你比較一下 109 和 105，你會發現差異大約是兩分。好的，我們現在預計第一季的業績將基本持平，但這主要是受 Dunhill 對毛利率的影響，目前我們預計不會有任何顯著變化。

Obviously, there's the normal seasonality of when we sell in gift sets and things like that but generally speaking and channel footprint. But generally speaking, we're not expecting any significant changes in our gross margin for the year nor on a bi-quarter basis. On the EGNA side, I think as you clearly probably read through my prepared remarks, we did face some A&P into the first quarter.

顯然，我們銷售禮品套裝和類似產品時有正常的季節性，但一般來說還有通路足跡。但總體而言，我們預計今年或每兩季的毛利率不會發生任何重大變化。在 EGNA 方面，我想正如您可能已經讀過我準備好的演講稿時所說，我們在第一季確實面臨一些 A&P 問題。

I think, behind a lot of the blockbuster launches that we have, we felt that we would get a much better ROI for our money. We also believe that. We need to balance our spending more. Historically we have spent a significant amount only in the fourth quarter, and our strategy has not been necessarily to reduce the fourth quarter, but when we're adding dollars, we're adding them where we think that we will get a better ROI.

我認為，在我們推出的許多轟動性產品背後，我們感覺到我們的投資將獲得更好的投資報酬率。我們也相信這一點。我們需要進一步平衡我們的支出。從歷史上看，我們只在第四季度花費了大量資金，我們的策略不一定是減少第四季度的支出，但是當我們增加資金時，我們會將其投入到我們認為可以獲得更好投資回報率的地方。

And we did that successfully this year in the first quarter, and we will most probably continue to do that again. Next year, so you can expect that A&P will be higher and more than likely the operating margins will erode the as a result of that in the first quarter.

我們今年第一季成功地做到了這一點，而且我們很可能會繼續這樣做。因此，你可以預期明年 A&P 的銷售額將會更高，而且很可能第一季的營業利潤率會因此受到侵蝕。

Great thanks so much.

非常好，非常感謝。

Thank you.

謝謝。

Our next question comes from the line of Susan Anderson with Canaccord Genuity. Please proceed with your question.

我們的下一個問題來自 Canaccord Genuity 的 Susan Anderson。請繼續您的問題。

Hi, thanks for taking my question. I guess maybe just following up on that building block question, maybe looking at 2025, if you could give some color just on how you think the performance of your top brands will trend, I guess should we expect the larger top brands.

你好，謝謝你回答我的問題。我想也許只是繼續討論這個基本問題，也許展望 2025 年，如果您可以給出一些關於您認為頂級品牌的表現趨勢的詳細信息，我想我們應該期待更大的頂級品牌。

To be more like a low single digit growth whereas maybe a little bit of upside from there then is coming from the newer launches such as Ferragamo or continued, growth from the Lacoste business or maybe if you could just give some color there.

更像是一個較低的個位數增長，而也許從那裡開始的一點點上升空間來自於菲拉格慕等新產品的推出，或者來自拉科斯特業務的持續增長，或者如果你能給出一些細節的話。

I'll chime in and then maybe you want to, you can build on this. I mean, if you look at, if you look at our innovation, I think what that what the innovation clearly points to is where we're going to have significant growth. We're going to have significant growth on gas.

我會加入進來，然後也許你願意，你可以在此基礎上繼續發展。我的意思是，如果你看一下我們的創新，我認為創新清楚地表明了我們將實現顯著成長。我們的天然氣產量將大幅增加。

We're going to have significant growth on Ferragamo, on Cavalli, on the cost, on MCM and on Donna Kare and DKNY, those brands, because of that's where we have significant innovation will grow disproportionately and you will see more growth from those brands.

我們將在 Ferragamo、Cavalli、MCM、Donna Kare 和 DKNY 等品牌上實現顯著成長，因為我們在這些品牌上進行了重大創新，因此這些品牌將實現不成比例的成長，你會看到這些品牌實現更多成長。

Next year in terms of the larger brands like Mont Blanche, Aichi, and Coach, where the pace of innovation is going to be more like the flankers like we've seen this year, the growth will be more moderate, but we believe that that is the right strategy for those brands, and we are ramping up our innovation program for 2026.

明年，對於萬寶龍、愛知和蔻馳等較大的品牌而言，其創新步伐將更像我們今年看到的側翼品牌，增長將更加溫和，但我們相信，這對這些品牌來說是正確的戰略，我們正在加大 2026 年創新計劃的力度。

All three of those brands, and we are Looking to build those brands and accelerate the growth when that happens in 2026. And then on some of the smaller brands in our portfolio, we'll probably continue to see some decay, including what we basically said before with Dunhill, which is leading our portfolio, and Boron, which will eventually phase out by the end of 2025.

所有這三個品牌，我們都在尋求建立這些品牌並在 2026 年加速成長。然後，對於我們投資組合中的一些較小的品牌，我們可能會繼續看到一些衰退，包括我們之前所說的登喜路（Dunhill），它是我們投資組合中的領頭羊，而 Boron 最終將在 2025 年底逐步淘汰。

Yeah, I will add much, largest brands, Jimmy Choo, Montblanc, coach, we have, in, extensions where the brands that are smaller will have Blockbusters. This is, what we had the. What we have for 2025, we are also working now on 2026 and 20,207 in order to have investor for our important that's why we are looking at the growth of 4% for 2025.

是的，我會補充很多，最大的品牌，Jimmy Choo、Montblanc、Coach，我們都有擴展，較小的品牌會有大片。這就是我們所擁有的。我們已經為 2025 年制定了計劃，現在我們也在為 2026 年和 20207 年制定計劃，以便為我們的重要項目吸引投資者，這就是為什麼我們預計 2025 年的增長率將達到 4%。

And I think it will be interesting to see that this growth will be also will come with profitability. We are not going to, we are not anticipating, for instance, to have more gift sets or more promotion, next year, so it's going to be a very clean.

我認為有趣的是，這種成長也將帶來獲利。例如，我們明年不會、也不期望推出更多禮品套裝或更多促銷活動，因此，情況會非常乾淨。

Okay great that's really helpful and then maybe I don't know if you could talk about just kind of what you're seeing to start 2025 and it throughout the first quarter so far just I guess in general trends around fragrance if you're still seeing the same dynamic between sell in and sellouts and then you know as everyone knows beauty in general had a rough start I guess to the year maybe if you could talk about you're seeing a similar trend and if anything has changed as weather may be improved in some regions thanks.

好的，太好了，這真的很有幫助，然後也許我不知道您是否可以談談您對 2025 年初以及整個第一季度所看到的情況，我想就香水方面的總體趨勢而言，如果您仍然看到賣出和賣出之間的相同動態，那麼您知道，眾所周知，美容業總體上開局不順，我想今年您可以談論您看到了類似的趨勢，以及您是否會看到某些天氣的

Yeah, okay, so maybe I'm going to address your point around sell in versus sell out. I think we're seeing, as we said in the first three first nine months of the year, we did see a pretty significant difference between our sell-in and our sellout. It was between two to three points in the fourth quarter it was significantly.

是的，好的，也許我要談談你關於賣入與賣出的問題。我認為我們看到，正如我們在今年前三個九個月所說的那樣，我們的賣出量和賣出量之間確實存在相當大的差異。在第四節的兩到三分之間，情況變得十分明顯。

Smaller and I think at this point in time we're feeling pretty comfortable as I as I said when I got the question from Linda, we are certainly believe that this is a broad base across the industry, particularly when we look at our competitive set and we look at their sell in versus their sellout in the overall market. So, I think this is an industry trend that probably was a carryover effect of 2023.

規模較小，我認為此時此刻我們感覺相當舒服，正如我在琳達提出的問題時所說的那樣，我們當然相信這是整個行業的廣泛基礎，特別是當我們看看我們的競爭對手，看看他們的銷售情況與整個市場的銷售情況。所以，我認為這是一種產業趨勢，可能是 2023 年的延續效應。

And at this point in time, I think we're feeling pretty good that we're there. In terms of trends. I think a lot of the trends have remained the same and, in the US and we're seeing them everywhere else, which is more men, historically fragrance has been under penetrated in men versus female. We are seeing more men, younger men entering the category.

此時此刻，我認為我們對自己所取得的成就感到非常高興。就趨勢而言。我認為很多趨勢保持不變，在美國以及我們在其他地方都可以看到這些趨勢，其中男性更多，從歷史上看，香水在男性中的滲透率低於女性。我們看到越來越多的男性、更年輕的男性進入這個類別。

We are seeing people looking for more long-lasting fragrances, and I think we will continue to see that trend, I think, going forward as people become more sophisticated. I To use the analogy of you start with a, you TRY, you start with a beer, and then you move on to craft beer and you become as you become more knowledgeable of the category,

我們看到人們在尋找更持久的香味，我認為隨著人們變得更加成熟，我們將繼續看到這種趨勢。我用一個比喻來說明，你從嘗試開始，從啤酒開始，然後你轉向精釀啤酒，隨著你對這個類別的了解越來越多，

I think you see this pretty much everywhere whether it's with beers, whether it's with wine, whether it's with cognac, and we see this also with fragrances, which is as people become more knowledgeable about the category, they start to invest more, they start to use more and typically they become more sophisticated.

我想你幾乎隨處都可以看到這種情況，無論是啤酒、葡萄酒、干邑白蘭地，我們在香水中也能看到這種情況，隨著人們對這一類別的了解越來越多，他們開始投入更多，開始使用更多，而且通常他們會變得更加成熟。

John yes, to answer your questions on the growth by quarter, we don't like to give guidance by quarter, but, as I said, we're looking at 4% for the year. When is it going to happen? How is it going to happen? I will say, first and second quarter.

約翰，是的，回答你關於按季度增長的問題，我們不喜歡按季度給出指導，但正如我所說，我們預計今年的增長率為 4%。這什麼時候會發生？事情會怎樣發生？我會說第一季和第二季。

Lower than third and fourth, because of the flow of blockbuster rolling out of blockbuster coming, so I'm not going to put some numbers, but I will say I will not be surprised if we if it's a little flat in the first quarter increase in the second and. Much better third and fourth in order to get to this 4% growth that we that we think we we're going to achieve in 2025.

低於第三和第四，因為大片的推出帶來了大量票房大片，所以我不會給出具體數字，但我會說，如果第一季票房略有持平，而第二季度有所增長，我不會感到驚訝。為了達到我們認為將在 2025 年實現的 4% 的成長率，第三和第四名要好得多。

Okay, great, thanks so much. That's very helpful. Good luck in.2025.

好的，太好了，非常感謝。這非常有幫助。祝你 2025 年好運。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. I would like to turn the floor back to Michelle Atwood for close remarks.

問答環節已結束。我想把發言權交還給米歇爾·阿特伍德 (Michelle Atwood)，請她最後發表意見。

All right, thank you very much and thank you all for joining our call today. Before I end the call, I'd like to again thank our teams for all their hard work in 2024. Our success is a direct reflection of our people and the unique contribution they make each day, and I think you see the extent of the work that we do across the board, whether it's the brands, the geographies, and the functions that get us to where we are and behind a lot of these results. I'd like to also mention.

好的，非常感謝，也感謝大家今天參加我們的電話會議。在結束通話之前，我想再次感謝我們的團隊在 2024 年所做的一切努力。我們的成功直接反映了我們的員工以及他們每天所做的獨特貢獻，我想您也看到了我們所做的全面工作，無論是品牌、地域還是職能，這些都使我們達到了今天的水平，並促成了這些成果的實現。我還想提一下。

In a couple of upcoming events. So tomorrow I will be hosting meetings at the TD Coen glowing Ahead beauty summit here in New York City. And then on March seventh Jean and I will be joining the DA Davidson Best of the Breed conference, which is going to be held virtually.

在即將舉行的幾場活動中。所以明天我將在紐約市舉行的 TD Coen Glowing Ahead 美容高峰會上主持會議。3 月 7 日，Jean 和我將參加 DA Davidson Best of the Breed 會議，該會議將以虛擬方式舉行。

And Linda, thanks for inviting us. If you have any additional questions, please contact Karen Day from the equity Group, our investor relations representative. Her telephone number and email address can be found in our most recent earnings release, and we really look forward to the next conference call and thank you and have a good day.

琳達，謝謝你邀請我們。如果您有任何其他問題，請聯絡我們的投資者關係代表股權集團的 Karen Day。她的電話號碼和電子郵件地址可以在我們最近的收益報告中找到，我們非常期待下一次電話會議，謝謝您並祝您有美好的一天。

Thank you and this concludes today's conference, and you may disconnect your lines at this time.

謝謝大家，今天的會議到此結束，大家可以斷開連線了。

Thank you for your participation.

感謝您的參與。