The Power of Strategy, Design and Brand Transformation

Okay, I'm not going to look at you guys. Thank you. How do I follow that? That was so amazing. Carlos is the best. When he comes on stage, he's incredible, he's so natural. So he expects that from me, a little tougher, but I want to roll with it. Thank you so much for having me. First of all, I really want to thank Carlos and also his family, his whole family, that brought this together. I feel very honored to be a part of it. I have my own family. I come from a family of five, four siblings, there are five of us as well, so I really understand the big family. I have two kids of my own as well. My husband is here. What's really exciting is that throughout your whole career path, you join your own family and you join so many different kinds of brands, and you learn from each of these families. I want to tell you my journey in terms of how I got Lucky. That's my new family in LA, so that's what I wanted to start there. The other piece is that with any of the learnings in terms of brand and transformation, it's all about understanding where you come from. That's how I'm going to take you through the journey of all the brands I've been through.

I want to give you a little color of where I grew up. As you can tell, I have an accent as well as Carlos. I was born in Hong Kong. I moved to England when I was six. I was brought up in England. My parents were immigrant parents. They were working very hard. They brought all of us over. We all grew up in a very small northern town up in Lincolnshire, for those of you who are from England. It was not very diverse. We were literally the only non-white family in the whole town, pretty much, at my school. I'm kidding. It was difficult. At the same time, you learn to adapt and evolve. I think that was a huge learning, but it was an amazing experience. England gave me a huge opportunity in terms of creativity. The design schools there were incredible. I was fortunate enough to get into Kingston. I was there during a period where I learned so much about design and creativity as well as the process of design. That was really exciting. From my parents and from being at Kingston, all of that instilled a lot in me: passion, hard work, independence, and drive. The first thing I wanted to do was find a job. I thought, 'I need to find a job, I want to make sure that they were not worried about me.' So that was my mission. That was a huge driving factor for me, working and being very focused.

Let me show you a little bit about my career. I started after Kingston. I went straight to Abercrombie. I started there in 1999. At that time, it was a very small company, about 200-some people. We were sharing an office with basically The Limited brand. We were sharing an office. Upstairs was basically Victoria's Secret, and we were downstairs at Abercrombie. I remember going to the canteen. People in black suits were there, and there was us with flip-flops and jeans. We were joining forces in terms of eating. There was such a bizarre experience. What was really great was for me coming from England. I felt like I knew about the Asian trend, the European trend. But then going to Abercrombie, it was a huge differentiation in terms of culture. Yes, we all spoke English, but at the same time, it was very different. I learned a lot about what it meant to be collegiate, what East Coast meant, what prep meant. That was so new in terms of dialogue. That really builds the foundation for understanding different brand cultures.

Round and I think I've come to be at the time especially with Mike Jeffries who was the CEO at the time. There was so much attention to kind of a really narrow focus in terms of the market space. I'll tell you a little bit more in depth as we go through, but it was very much about exclusivity, about aspiration. I think those were really big buzzwords happening during that time. Then I was fortunate to somehow there was this bubbling of a new concept. The reason why the time was basically Abercrombie had Abercrombie Kids, which was starting from, I think I should know this, but it was about six, seven years old to maybe 14 or 12, and those sizes were basically captured because it was mini versions of what Abercrombie was doing. Abercrombie was basically focusing on the college kids and in between that there was a gap. I think from a strategy perspective there was a hole in the market. There were definitely other brands doing that, I won't name them, but they were doing that kind of in-between teen world. I think at that time the vision was to start something that was very different, and so Hollister came about. I was able to join the team from the beginning, started from scratch. Very fortunate again, this is where it becomes a very different learning. It's West Coast, it's about surf culture, it's vintage, it's this whole idea of California. For me again it was like, oh what does that mean? Throughout this whole process it's about learning how to build a brand. I was very fortunate to be part of that and be exposed to that. I don't know why they always pick me to start the new things, but it was really great. I was fortunate enough at the time again, Abercrombie was basically the people were transitioning out into the workforce. Think about it, they've basically graduated and they're now moving away. Where were they going to buy clothes? They were going to maybe Gap, maybe J.Crew. There were so many different options out there, and they did not want to lose their customer. They wanted to create something that was basically post-grad, that really captured the postgraduate audience, especially when it comes to brand loyalty. At the time it was the golden era of Abercrombie where everybody loved Abercrombie. You couldn't do anything wrong, it was amazing. So they basically knew we need to start a new concept. At the time it was called Concept Four, and we were in the secret bunker in the middle of New Albany. We basically started concepting this idea, and basically Ruehl came about. We created this brand from scratch, it was really exciting. It was very much focused on the older customer, a little bit older, and again grounding around all the product that the Abercrombie corporation really did well. After that, about 2005, I got a call and I was very lucky to be able to join as well to meet Mickey Drexler, again another great CEO. I've been very fortunate in my career that I was able to work with so many different amazing CEOs. I joined J.Crew and basically was starting up Madewell for J.Crew Corporation. At the time again it was very much about here's the name, here's the brand, and we won't do this to it. I'll walk you through what that looks like. Again, it's a very different type of philosophy. If you think about Mickey, it was about exclusivity, about aspiration, whereas Mickey at Gap and J.Crew was very much about broad appeal, about a lot more volume, appealing to a lot more people and more age groups. So it was a very different philosophy. I learned a lot through that process and those different leadership values. I was at Madewell for about just under eight years, and I left. It was a big shocker, I left the baby that I brought up basically. I took about a year off and actually consulted for a while. I joined and consulted for a small company called Herschel's, known for their backpacks and accessories. It was basically two guys I met prior to this, and they wanted help focusing on their design process as well as the creative idea of building more within their brand. I worked with them for a little while and then met Carlos. I'm going to be really frank with you, when I left Madewell I was thinking that I'm never going to find a home or brand that I would be as passionate about. Of course I was wrong. Carlos came in and I met with him. It was one of those situations where it was a denim brand first and foremost, it was my sweet spot. The other piece was I was looking for a brand that had soul and DNA and all the right ingredients, especially from a design perspective. You need to be able to work with incredible ingredients to make a great dish. It was too good to be true. So yeah, I joined the team about three years ago. Sorry, that was a really long-winded page. I want to walk you through some of the execution and design of what Carlos mentioned in terms of the strategy. What have I learned in terms of brand creation and transformation? I think the biggest thing is there's a lot that's new that takes part, but I wanted to pull it into three different buckets. These were core values for me that were really important in terms of establishing these core values and making sure they work on top of that, creating this opportunity to be able to be creative, to create uniqueness, and also really grow the brand. From a brand perspective, understanding the history, creating and also protecting the core DNA of what the brand is, that's huge. You've got to understand the history to be able to go through and sift through and say what is important, let's make sure we protect this, what isn't important, what do we need to move through and actually transform. Also making the brand relevant, creating a unique story. That ties into the marketing as well as making sure that from a unique story perspective, your brand and how you look at product really all of us are part of it. From a product perspective, defining the product differentiation is hugely important, especially when it comes to a marketplace right now. In retail, you can pretty much type in anything and there'll be 15 billion versions of it at every single price point. What makes you stand out? That goes into the fact that you've got to be able to show up in a way that feels unique, and there's a trust and also a connective seat. In terms of the brand, it goes back to my first point of brand equity and brand value, and making sure that you as a customer or you who's working for the brand feel like there's a uniqueness that feels different. Driving innovation and relevance, we're in fashion, we have to change, we have to be adaptable, we have to be relevant. If not, we're just making clothes, we're not participating in fashion. That's hugely important for us to be relevant. Protecting quality and perception and value as well. The perceived value is very important. Different brands have different price points, but for Lucky, when we talk about premium, it did start off as a very strong premium brand. The product that we give to the customer really needs to have that quality base, especially when it comes to the relationship of value and price. Creating a customer-centric culture, that's something Carlos talked about already, and also driving a two-way conversation and communication. No longer can we just say this is us, this is the brand that we are, go ahead and take it. We have to think about what the customer needs, we have to listen to the customer and understand them. We're not asking the customers to design for us, we're not doing that, but we need to understand what is it they need and what makes them tick, and at the same time what is it they love from us. From there we have the basis to be able to grow and have confidence to grow the brand and also inspire the customer. It goes back to uniqueness and telling the story. If you can't inspire them, why are they coming to you? They have so many choices, you've got to be able to tell that story, make it unique. I'm going to walk you through the journey that I've learned, giving you a little more color in terms of my journey and learning. Abercrombie, I'm sure all of you guys know, it was an original outfitter that sold sporting goods. It was pretty unique, established in 1949. Abercrombie was the sporting goods, and the customer itself had so many amazing attributes in terms of the brand at the time. During the 70s, Abercrombie went bankrupt and then tracked back. What happened was you had Limited Brand that brought it out, and then Mike Jeffries came on board and became president and then CEO. At the time the biggest change was a CEO came in with a vision and wanted to change the brand to become much more of a contemporary brand, carving out those ideas of collegiate classic, the classic element of American casual wear as well as preppy. All those things were instilled in the brand, and that really had a huge transformation, very successful. In terms of products, it's denim, t-shirts, graphic tees, fleece. There was huge dominance in terms of key drivers in categories. I'm showing this before and after because I always feel like people love before and after, they love a makeover. It was a brand that sold guns, equipment, sports equipment, but now it's changed. In the last few years it was like perfume Fierce was everywhere, it was very dark, there were a lot of naked salespeople everywhere. That was one of the attractions, capturing this audience. From a product perspective, it was very work-worn ideas, no frills, very utilitarian, and then it went to great denim, beautiful cargo, and it was an obsession to detail. That was what was so powerful about Abercrombie. During my time there I learned so much about product building. It was a subsection to the point where it was basically how many stitches per inch are you going to use on your top stitching, what is the thread, how thick is it going to be, how you're going to wash it, how it's going to pucker. That obsession of detail was so important. During the time when we were there, I graduated from kicks and I felt like I knew so much, and you basically relearn. It was a huge learning curve. Wash was incredible. If you think about the thickness of fabric and how they built so much attention to detail, all those things were one of the reasons why they were so successful. It really had great quality to the product. As you guys can see, it's basically fleece graphics, and I'm just showing some of the highlights of what I felt like they probably stood for at the time. Now Hollister. Hollister was a make-believe brand, about creating a vision and creating a brand from scratch. For some of you guys who don't know, the original name came from the Hollister Ranch just above Santa Barbara. It's a beautiful area that's kind of locals only, people go there to surf. We basically concepted this idea of building a brand and making it into a West Coast really cool surf idea, making it very unique to the East Coast prep. This is about surfing culture. I was learning about it too because for most of my entire life I'm scared of water, so for me it was like what? Oh my god, what's a wave? During that process you learn, you kind of learn oh wow this is what it means. We spent a lot of time, we had offices in Santa Monica as well as in Laguna where we actually stayed there and observed, really soaked in who was wearing what, how people were dressing, the influence in terms of the environment. We created the story with the idea of targeting a younger audience between 14 and 18. At the time it was this idea of Southern California and this vintage surf culture. The stores really represented that. In the stores there was a huge plasma screen, there was a camera over by the pier in Santa Monica where it was live-streaming imagery to the stores. You saw the waves crashing, you saw people surfing. It creates an environment that is so amazing from a store experience perspective. When you go into the stores you can see color, palm trees, the Tiki surf hut. It's all encompassing in telling the story. At the front of the stores you still had sexy men there, it drew people in. They're like oh my god they've got the zinc on the nose. That was really cool, I had no idea what that was, but it's okay, sunscreen that wasn't wiped off. From a product perspective, if you have a foundation of a corporation like Abercrombie that knows how to do denim so well, how to do graphic tees so well, knows how to do wash, it's very natural for them to create a brand and leverage those expertise. They created a brand that really showed denim, amazing beautiful wash products, expanding on the nature of what a surf culture looks like. All of this in terms of the beachy vibe, at the time big bold graphics, creating the brand equity in terms of the logo was very important. At Abercrombie it was the moose connecting to the hunting idea. For Hollister it was the bird. At the time we were dreaming, we had the idea of a palm tree but somebody took it, so we ended up with a bird. It was very exciting. In denim as well, the iconography of making it different, making sure it feels different to other brands, that was all part of generating a brand that feels differentiated. Then Ruehl. This is a little bit more quiet because I think it went away after maybe five years. Ruehl, the story was creating that postgraduate idea. What was interesting about Ruehl is it was the first time that we really felt different about making sure that product felt different. It wasn't just about denim and t-shirts and graphics, it was about what else do we need to do. We started to build the story about this European family that came and traveled from however many generations ago and traveled to New York and settled in New York. It was this whole idea of they settled in Greenwich Village and were inspired by New York City. It was much more of a modern urban influence in terms of a brand. There was charcoal, not black, so it got darker. In Abercrombie and Hollister they never used black, they only use navy, so charcoal was used as really radical. At the time it was skinny jeans whereas everybody else was doing bootcut, so we were paving the way in terms of new ideas. It was really exciting because we put a lot of new trends into the mix with this new brand. A lot of the roots were off of this idea of 1922 and this idea of quality, tradition, and sophistication. Saying the word sophisticated in an Abercrombie Corporation was quite radical, but it was basically a higher price point and we could use leather, cashmere, silk. When we were working on it, oh my gosh we can make anything, it was great. The age group was basically 22 to 45. Protecting the idea of creating a story and building product off of that. Of course you can see denim, leather goods, cashmere, graphic tees and fleece was still part of it, but there was so much more that we could give. It was about breadth and differentiation in terms of product. We created beautiful packaging, and all these ideas were off of some relevance in terms of inspiration from New York. This was about the person can drink now, this was off of a whiskey bottle. Connecting all those dots was really fun. From a store perspective, we were building these facades that were Greenwich Village inspired houses. When we first opened this as a concept store in Easton, Columbus, Ohio, people were queuing outside and they had their IDs ready because they thought it was a nightclub. There was a new thing that they wanted to get into, and there were kids everywhere. We realized oh it's working. I thought it was a disaster but the CEO was like yes it's working, we're creating buzz. The rooms were really moody and sexy. What we were designing was rooms that were very much like somebody's house, somebody's living room. You're walking in, the product was beautiful, really well-lit, and there were paintings on the floor because this family hadn't bothered to put the paintings up. It was really exciting to build a brand like that. In the middle of it all was luggage from the make-believe story, beautiful luggage that came from the European inspiration. Leather goods was a huge center of the presentation. These were not sold, they were very expensive because they were one-off made in Italy, just for show. We sold the leather goods. Leather was a huge focus, and we designed these made in Italy, maybe too expensive for that market, but really gorgeous. We didn't compromise on cost and quality. Going back to the philosophy of Abercrombie corporation, it was about details. Beauty inside and out, attention to detail. All of this in terms of packaging as well. Madewell, I was there from the beginning as well. Mickey Jack still had the name Madewell. It was about bringing a name that had already been established. Madewell at the time was a workwear company, uniform producer. When Mickey came and took this on, we relaunched it in 2006, from workwear to a much more relevant brand. The stores in terms of environment, you can see how light and easy and very appealing it is. Before you can see workwear, very no frills, very utilitarian, and then the relevance in terms of making sure that from a brand perspective it was anchored towards denim and a lot of relevant fashion around it. Now I'm going to talk to you through Lucky. For Lucky, one of the things that was a huge learning in terms of new brand, we're talking about the brand piece, product evolution, design process, store experience, insight, and the marketing approach. SWOT analysis is always something that's easy for us to do initially. From a product perspective, we talk about the fact that from a strength, it's an authentic brand with a lot of strong pillars. The DNA is really strong, there's huge brand loyalty which Carlos talked about, there's strong brand awareness which Carlos showed in his deck. Weaknesses, there was definitely a lack of relevance, something we're really targeting, making sure we show up in that area. It was a demanding and lengthy process in terms of the design process and product timeline. I'll talk a little bit about that. Also complexity in terms of the business model. There are many brands that only do brick and mortar, a lot that do online, some that only do wholesale. We were doing all of that. That complexity is maybe a weakness, but at the same time we can maximize on it. Opportunity, putting the company customer-centric was huge for us, capitalizing on denim and making sure we build that as the forefront, the foundation of the brand. The other piece is leveraging vendors, we have incredible vendor base, and leveraging distribution going back to what we talked about in terms of weakness, more traffic which Carlos talked about, and online as well. Rising in fashion fast fashion, I'll go through this really quickly. Carlos talked about how the brand started, and we were the original premium denim brand. The focus of denim and West Coast was still there, the uniqueness, and the stores were really high-end boutiques, all very unique. From a brand perspective, Lucky Clover with the four leaves was really defining for the brand, as well as Lucky You and the fly. That was a quirk and really great messaging, always been there, a great strength of the brand. Carlos joining the brand, this is where we're reimagining how we're approaching the creative process and really transforming the brand. Denim democracy is a huge piece of it, about denim inclusiveness within the brand values. We've built out our denim line and a lot more expansion to the line. We really believe that if we have the right product, every single shape and size should be able to wear it. That's a huge push for us. The aesthetic vision, making sure we have that personality and protect that differentiation that has always been there from a product perspective. Creating versatility, this is something that we know is an opportunity for us. The brand was a little bit very narrow, how do we broaden and really reach a bigger audience and customer base? The biggest thing is Carlos is very creative, he really makes sure that all of us are approaching the brand from that way. Just a reminder of the brand's history, this is the DNA of the brand. There's so much richness in terms of history and DNA. The fly message, all the beautiful graphics that the brand had done over the past 25, 26 years. Then you have products which are very workwear and a lot of great beautiful denim. But then you have lots of curve, very cool for the time, amazing at the time. But now if you think about a bag like this it would be a little tough, it's kind of very hippie. It's all about how a brand can lose its relevance and how do we sift it to a better place that feels right. These are the brand pillars we talked about: music, Southern California, moto, and this whole idea of Americana. These are all really rich ingredients for us to work with. For me it's the same desire to show imagery to evoke that idea of what that looks like. Music is all about that festival wear and rock, the idea of music, everybody loves music. Even if you love so many different genres of music, you can relate to it. The graphic tees and that spirit, denim off of a graphic tee or what you're wearing in terms of a festival is all part of that outfit. California, West Coast lifestyle, this whole beach laid-back vibe. The wash idea, when we wash a t-shirt, that softness, all those things are very important for a product. These are our own product here, you can see how we're evolving the brand. From moto as well, you can see that edge, the idea of the biker, the rebel, that heritage is all part of the brand DNA. All these are our images here, so we've really evolved and honored the DNA that we have. Americana, it's not just about a flag, it's about the spirit of this idea of casualness. Denim is the epitome of that. Showing these images to show what that looks like. When it comes to brand aesthetic evolution, we talk about denim has been the biggest focus. Fit, fashion, fabric, and the idea of all the finishes we do, the obsession to wash and quality is huge. Denim is nearly 50% of our business, we want to make sure we really show up. In the past we were doing a lot of five pockets but basic five pockets, not enough fashion. As a denim brand we need to do all that and do it all well. That was a huge focus for us. Bohemian, a lot of people see Lucky as a bohemian brand, yes we are, but at the same time it's not just a certain look. I want to show you what that transition can be, and versatility in terms of making sure we really grow in that area. Accessories, I put this in here because accessories really make an outfit feel very different and can shape a personality. Denim, we're really showing up on fashion. As you can see it's a lot of motion here, not just a basic five pocket. That was really important for us. We can be obsessive about quality, especially in the denim area. Right now everybody wants to be in denim because it's the fabric foundation of every wardrobe. We want to make sure we're pushing that innovation in this area. Versatility, this is a new word for us at Lucky. The reason why is because it was very narrow in terms of the look and feel. It was very boho, the customer was very much about woodblock and prints, a mix of prints, very ethnic. At the end of the day it's not just about that. You can see from these slides that it can be the woodblock and more traditional ideas, at the same time it can be about just a simple piece. In terms of versatility, in the past it was very much about a dress and that's it. The versatility aspect wasn't really built out. We can build out a much more robust beautiful collection that the customer can wear for date night and for different occasions. That was a strategy we really want to implement. In terms of accessories, this is where we've really expanded. You can see boots all the way to heels, it's all about that versatility. From a tote bag all the way to a handbag, it's that spectrum of showing up in a way that really captures the customer's wardrobe. Like Carlos was saying, they were using us for weekend, what are they wearing for date night when they want to dress up a little bit more? If they trust our taste and we have that connection with the customer, we should be able to do this well and give them that product range that they would love. The licensees, Carlos showed the growth of licensees. I think that was really transformative and exciting. Carlos and I both believe that licensing companies in the past had a relationship that was very much about hey, this is my name, go ahead and use it, give me the royalty and the numbers. There was not that strong connection in terms of working with the licensees as your own brand, working with them like they're an extension of your team. We've instilled that philosophy within the way we work with licensees. In return, the product looks better, looks way more connected to the brand. That's really worked out in such a great way for us. That change in terms of how we're partnering and collaborating with our external partners, they've become internal partners for us. For boots, for Camuto, it's beautiful. We're very proud of all these different licensees and we've continued to grow this area. Home as well, this is brand new for us, don't say anything. The watches as well, don't say anything yet. I want to talk you through the design process. This is an example of how we work. Carlos talked about the go-to-market calendar, from its inception concept all the way through to install. In the past we were working in a very traditional method, most companies are. There are a lot of fast fashion companies that weren't doing that, they were reinventing their model. The need for us is to change and adapt. What we thought about was how do we shrink our calendar? What's really challenging for us is that we are not just designing and selling in our own stores, we're having to show up in terms of a wholesale timeframe as well which is in the middle of the process. Our 38 weeks that we have right now is actually pretty remarkable that we're able to do that. Of course we can always challenge ourselves to get quicker and be faster, but we're working for it. This is the first step, our concept boards for denim. Our team builds out these concept boards that tell a story. I don't expect you guys to see the details, it's more just the process. We build out ideas which show inspiration boards, building out all those ideas and telling a story. The biggest thing we kicked off in terms of concept is the narrative for the season first and foremost. You've got to have a really strong foundation of the vision of the brand, then you go through the narrative for the season, and then from there with each delivery what does it look like, how do you house it, what's the product differentiation for each delivery. This is denim, and then for fashion, this is crazy, a lot of colors here, but this is from women's on one side and men's on the other side. This is how we show concept to the merchant team. We collaborate really well with the merchant team to align on what it is that's going to drive the business. Jenna's here and she's amazing, comes from a great wealth of experience, so she's able to come in and challenge our process which is great. This is showing up on the narrative of the season and seeing the synergy between men's and women's. We have both genders within our brand, that's really exciting. From there, we invite our vendors, our licensee partners, and also our own design team to come in and see the concept. The reason why we do that is because this is how we're changing the model. We're asking our vendors and licensees to go and design as well. We're collaborating, we're no longer doing the traditional model where the design team goes and does a tech pack and obsesses about every single design, then sends it to the tech team, they go through the technical aspects, then we send it out to the vendor, they make a sample, it comes back and we're like no we don't like it anymore, then we go back. That was the traditional process. The way we're working right now is we're changing the way we're working, we're going much more collaborative with the vendors and licensees. What it boils down to is a quicker, more reactionary process. We're creating more creativity from the vendors as well as from our own team. We're not saying we're not doing anything, we're still designing a lot of things, but we're vibrating with them to make sure they understand our concept more, what it is we want to do. This is a huge deal. They're also doing research and development. We're in the vendors' offices, working with them. It's about speed, we're there working with them in huge collaboration, working side-by-side. Once all that's done, the product comes in and we work with the merchandising team to adopt and edit the line. Then we build out this room that really tells that story. This is from another season but it shows the idea of the product and how it looks in an environment like a store. We build those presentation rooms that way. When it comes to stores for Lucky, this is how Lucky stores were. When I talk about the boutique-ness of the brand at the time, it was very eclectic. Every single store is different. It's amazing in terms of the fact that it's so embracing in terms of creativity, at the same time it's a little bit of a nightmare to be able to say our brand is about this. If you walk into this store it could be really hippie and rock and roll, and then this one is a little bit more classic. The variety of differentiation is very different. We're not trying to tighten up and make everything the same, that's not what we want to do. We want to honor the creativity and differentiation, but at the same time make sure we can create the guardrails and feel happy with what we present to the customer. This is our point store, Carlos referred to it as our new flagship store. This is in Manhattan Beach. It's our first concept store where the environment has a door that closes and a rolling system like a garage door that rolls up. It's beautiful, there's gorgeous floating inspiration, telling the story, seating areas to talk about the customer-centric culture, really giving the customer a little bit more time, honoring them and giving them an experience that feels much more unique. Of course, honoring the brand pillars in the stores. There's a denim bar, collections for women's and men's, accessories. This is where we have a beautiful jewel box of accessories with leather goods. We actually tested some home here as well, which was really great, great response. Branding, this is from 2012 and 2014. I joke around it looks like a romance novel cover. We were here basically, and now we're here. It just feels cooler, connecting to the brand and what we feel like is relevant. From a denim perspective, we have no plus, we've got different shapes. The quality of denim, recovery, there's so many different body types. We're giving a spectrum of fits. These are our team members in the office, we put them in online as well. Our direct mail, connecting with the customer in their homes and digital. This is a great example of versatility. We have suiting here for men's, Lucky doing suiting, wow. We were able to slowly add that in, it's an extension, it's beautiful. In terms of collaborations, from a brand perspective we've always had licensing partners. All the music graphics that we have are licensed. We're able to work on so many different relevant licensing partners like Rolling Stones. Most recently we have Conifer, a graffiti artist we collaborated with, had them paint the most beautiful leather jackets. This artist is amazing. Also Nichols, Triumph, Pendleton. Really picking the right brands to present to the customer. They believe in us, we want to pick the right partners so that it really is cool with our own brand. It's all about creating the right partnership. I'm going to finish with this. What did I learn from all this? One of the biggest things is balancing the heritage of the history to evolution. That delicate balance of making sure you protect the DNA of the brand and at the same time really knowing what to stretch, what to grow, and what not to do. It's not about fast fashion versus what you want to protect. If you don't evolve, you become stagnant. That's where some brands suffer. But if you evolve too fast, you might be chasing trends and lose sight of your own identity. That's something we always talk about, we need to be careful of that balancing act. The other piece is brand transformation and starting with yourself. In order for you to enter into a company, a brand, a project, you've got to be prepared to be open-minded. You can't go in there and say I'm going to do this and that's it, I'm not going to learn. If you have that mentality, you will never evolve and do the right thing for the brand. It's really important to go in there with an open mind to transform the brand as well as transform yourself. The other piece is continue to grow, evolve, and strive for better. My philosophy is you always want to be better than your last. Every project, every delivery, you always want that to be better and better. It's a vicious appetite, but that's what drives us. From a creative perspective, if you don't drive for better, that means you didn't learn from what you just did. You're on a copy and paste, that doesn't feel good. That's how we reenergize a team, always moving forward. The next is always better, that's the mental state all the time. Staying objective and having empathy is very important. In order for you to work well as a team and collaborate well, you have to stay objective. If you're negotiating with a partner, you have to understand their perspective. When you understand their perspective and your own perspective, you can be objective and make strong decisions. It's not an emotional decision because you're sitting in design and you don't want this to change. You've got to do what's right for the business and the brand. Understanding each other is very important, understanding each other's position, and building the right decisions. The key advantage for Lucky Brand is talent and hiring great people. Carlos talked about this. At the end of the day with any brand, you can have an amazing brand, but if you don't have the right people growing the brand, it doesn't mean anything. It's all about people that drive the brand or company. Talent and having the right people in the company is the first and foremost step you have to make. I wrote in here, never stop learning, and also learn, unlearn, and relearn. I really believe in this. Every day when I walk in, I'm not just learning, I'm at a position where I'm guiding the team, but I'm learning from them every day. I'm learning from my cross-functional teams. Even today as we're going through a tour, I've learned so much today. It's that constant evolving. I'm really trying to listen and learn, and hopefully unlearn because you feel like oh my god I don't know anything, and then you relearn again. That philosophy has carried me through. Stay curious, that's how I see it. Thank you.