I wanted to start today's event by presenting to you the team behind the preparation of the plan. So the people who will be leading its execution in the next years. So you have our group functions, our CEOs of the brands, our artistic directors because you know the transformation we're driving is not the project of one individual, it's a project of a group, of an entire group. Our collective target will be to bring clarity and I would say decisive action and to ensure that execution and not just vision defines our ambitions. 25 years ago, we were a French retail group. Today, we are a global luxury powerhouse. And this transformation did not happen by chance. It happened because they dared to take risks, to believe in creativity and scale it. Everyone in our industry talks about luxury. For me, beyond desirability, the word that truly matters is excellence. At Kering, excellence will mean uncompromising creativity of course, but also flawless execution. It means exceptional products, but also industrial rigor, consistency and responsibility. It is excellence in craftsmanship, in quality, in service, in sustainability, in technology and decision making. Excellence is what legitimizes luxury. It is what creates trust with clients, pride for our teams and durability and sustainability for society. We give each house of course the autonomy to express their visions while providing the strength, the expertise and the discipline of the group. But even the strongest stories reach turning points and today we are at one of them. Since 2023 the market has been flat to slightly negative. China contracted by around 20% over the same period and the rebound has not yet materialized. In this context, Kering has been more severely impacted than most of its peers and the financial consequences have been significant. Between 2022 and 2025, Kering revenues declined by 5.7 billions while EBIT margins dropped from 27 to 11%. Return on capital employed collapsed from more than 20% to 6%. Net debt moved from zero to around 10.5 billion before decreasing approximately to 8 billion at year end 2025. At the same time, our business has become structurally unbalanced. Fashion now accounts for more than 80% of sales with Gucci alone representing over 40% of the total. Some brands have seen a decline in desirability while others have not scaled despite their creative potential. In a nutshell, a model that worked for a decade is no longer effective for us. Growth will come first from gaining share, restoring pricing power, and executing better than our peers. This is first a market share game plan, independent of any upsides from a market rebound. We are pursuing a strategy that is bold but actionable, that's important and anchored in disciplined execution. It is a transformation designed to secure Kering's position as the undisputed challenger in the luxury industry. I use the word challenger deliberately, not because it's fashionable, but because it reflects a mindset. Leaders tend to protect what they've built. Challengers focus on what still needs to be invented. This is a mindset we want in Kering. One that allows us to outperform, to innovate, and to capture opportunities others do not see or cannot size. And is rooted in our belief that we should stick to the idea that we are building a group well anchored in true luxury. The luxury that starts with creativity, craftsmanship, cultural relevance and very important, product excellence. This is what gives our houses their legitimacy as I said at the beginning and it's the foundation on which everything else stands. Through luxury, we'll continue to drive the growth. But we want to take the opportunity to create a system that better understands what next luxury will be. The luxury that embraces new technologies, new client expectations, new markets and new forms of engagement. A luxury that is more connected, more intelligent, more experiential. A luxury that innovates, that stays ahead of culture and ahead of time. And all of that of course before the others. Through luxury and next luxury frame the direction of the group. They define what we must protect and amplify and where we must innovate and accelerate. They are the lens through which we drive and we will drive our strategy. First, reignite growth by restoring desirability as its source, creativity, cultural impact and product excellence. Second, boost efficiency to build a higher performance group which is leaner, faster, more integrated and able to scale what truly matters across our houses. These two dynamics move together and fuel the true and next luxury. We are building desirability by putting the client back at the center and aligning brand and product and execution around what drives emotion and purchase. At the group level, we have instituted and this is very important a consumer-centric portfolio framework that clarifies the role of each house, sharpens differentiation and removes duplication. For the first time in Kering, we have developed together with the team and with the brands and under the leadership of each one of the CEOs what we call a brand playbook. This goes beyond the brand books we already had which define the brand's identities, the codes and the creative territory. The brand playbook takes us one step further. A sort of contract between the houses and the group. The object is very very clear to everybody. Lift relevance and mix quality. Drive higher full price sell through and compound margin over time while maximizing the portfolio's potential. But restoring desirability is only the first step. Client intimacy is how we make it last. Our client strategy is built around three segments with distinct roles but a single goal. Build a more stable, more valuable client base over time. So we have first top tier clients. They are few but disproportionally powerful. They represent a quarter of luxury spend and keep growing even when the market slows down. Our ambition is to expand high-end offers and upgrade experience to double the business with top clients. Then you have core clients. They are the backbone of the luxury industry. Sometime forgotten, steady, consistent and resilient across cycles. Here we are refining our approach to loyalty programs and to retention. Aspirational and younger clients. This is the third category. They remain critical for renewal but they are structurally more volatile. Drive desirability, cultural relevance and targeted recruitment. Brands like Balenciaga for example, they will play a key role here as a cultural entry point with the ambition to increase by at least 30% recruitment over time. While protecting brand equity across all segments. Growth comes from quality and stability of the client base. This is why we are investing in the most sophisticated database on luxury consumer that will include advanced CRM techniques, powerful loyalty tools, and access to unique experiences. A single client view, more targeted clientelling, consistent service standards everywhere and experiences designed to build lifetime value, not one-off transactions across all houses. We are resetting collection architecture to restore clarity and impact. So fewer stronger products and a clean balance between icons, heroes and essentials and explicit roles for each one of the segments. Icons, the first category are the brand symbol of authority. High pricing power, high sell through, exceptional materials and tightly controlled supply to protect long-term desirability. Then you have the heroes. They translate creativity into commercial momentum. The season's core proposition that drives traffic and carry the emotional impact. And then essentials. These are high rotation functional products designed to deliver structurally high sell through, build loyalty and support productivity across the network. This strategic reset translates into clear category priorities and of course associated investments. Building a more iconic leather goods offering across the portfolio driven by a strengthened Gucci proposition, an expanded high-end offer at Saint Laurent and Bottega Veneta and the continued momentum of Balenciaga icons. Then we have accelerating men, building on Saint Laurent's strong potential in the category while scaling already visible traction with double-digit growth in men's ready to wear projected for the group by 2030. Consolidating the classics territory by elevating Brioni's formal wear offer and expanding our comprehensive daywear wardrobe. Robust offer at Gucci, at Saint Laurent and Bottega Veneta complementing their more seasonal collections. Fourth, unlocking jewelry growth with the ambition to double the jewelry business by accelerating pure jewelry houses and scaling fashion jewelry across the group starting with Gucci. Some markets demand more than local execution. They require a coordinated group level approach, sustained capital commitment and strategic patience over time. Greater China will remain a critical market for luxury. But this is entering a new phase in our opinion. Growth will be more selective, more domestic, more experience-driven and I would say also more digital. Success in China will depend less on expanding footprint and more on strengthening brand desirability, cultural relevance and execution excellence. Our priority is to rebuild resonance with Chinese clients. This means a renewed China-specific brand narrative, dedicated campaigns and shows, a more local talent strategy and a fully integrated 360 activation. At the same time, we will sharpen our offer by developing hero products aligned with local taste and demand. We are also investing to understand and serve the market better through Kering Craft, a creative residency for artisanship, fashion, and technology launched in partnership with Shanghai Fashion Week. We are building a long-term creative and cultural bridge between China and Europe to nurture next-gen Chinese talent and deepen our local insights. Finally, we will manage our retail network with greater discipline, rightsizing the footprint in China by around 130 net closures by 2030. Concentrating on high potential accretive locations and ensuring that every store delivers both brand elevation and economic performance. Beyond China, a new cohort of high potential markets is structurally gaining relevance. This emerging six-pack includes the Middle East, notably the UAE and Saudi, India, and fast developing Southeast Asian countries, Thailand, Vietnam, Philippines, Indonesia, but also Mexico, Brazil, and new markets in Africa with Nigeria at the forefront. Though heterogeneous and at different stages of development, these markets share common supportive underlying dynamics. Rapidly expanding affluent population with a growing influx of young consumers first entering the luxury market and in many cases additional momentum from rising tourism flows. Taken together, this market represent a major growth relay for our brands. Today, they account for an estimated 34 billion euros in luxury personal goods compared with 42 billions euros of mainland China. At the current growth trajectories, the combined six-pack is expected to reach a size comparable to China in 2035. There is an opportunity for the group to play a catalytic role in this market particularly where scale will take time to build. Based on our data, Gucci is the second most well-known luxury brand in the world. And awareness is something you build with money and with time. Two things you cannot compress. Gucci remains in the top five in desirability worldwide, down from number one a few years ago. That is the place we want to reclaim. Gucci is one of the best reflections in the luxury industry of what this country stands for. Warmth, color, sexy, witty, also cheeky with all its paradoxes, its contradiction, its masterpieces, its miseries. Sorry, but Gucci is not vanilla ice cream. It is spicy, sometimes bitter, sometimes super sweet. And that what it makes it totally unique. In short, Gucci is a feeling, not just a logo. And this is what we need to give back to people. We call it Reinventing Gucci. If we want to relaunch Gucci, desirability is the starting point. It is the foundation on which everything else rests. Our priority is to make Gucci unmistakable again. Not louder, not more complex, simply unmistakable. This work has already begun. We are refocusing the brand around fewer narratives but narratives that are sharper, stronger and more coherent. We are activating this renewed identity through La Gucci Vita, from Palazzo Gucci to Vittoria, from sport to a celebration and Generation Gucci. Each of these territories is already bringing the Gucci feeling to life and projecting it back into the world. We are elevating quality everywhere and putting the money for it. Materials, manufacturing processes, suppliers, finishing. Bags are becoming more functional, ready to wear now has better construction and better fit. Shoes offer great comfort and durability. We are rightsizing the network with fewer stores and better stores. Worldwide, two-thirds of the network will be refurbished or relocated. Overall selling space will decrease by around 20% and outlets will be reduced by one-third to protect brand equity and full price performance. Gucci is becoming the group's first laboratory for innovation in AI and client intelligence. New tools are being tested and refined here before being scaled across Kering. Gucci does not need to be reinvented. It needs to be refocused, re-anchored and repositioned. We are not building a new brand. We are unlocking the extraordinary potential of the brand we already have with coherence, clarity and discipline. This is the meaning of Reinventing Gucci. Restoring desirability, rebuilding clarity, delivering results. We feel Gucci today and we want the world to feel it again. So Saint Laurent today stands as a brand of exceptional desirability. This is what we see from the numbers. Distinctive and deeply anchored in its Parisian couture heritage. Saint Laurent does not need to be redefined or to redefine what it is. What it needs is to magnify what already makes Saint Laurent pretty unique. Saint Laurent is one of the richest reservoirs of authentic icons in the industry, a wardrobe of timeless signatures such as, for example, the tuxedo. The next chapter is how to reawaken and reinvigorate these icons to transform them into iconic products that go beyond fashion cycles. And bags will play a more central role in communication and in brand expression, reinforcing their place within the Saint Laurent silhouette and fashion image. And the ambition is to increase by 40% women's handbags revenue by 2030. Men at Saint Laurent as we think has significant and untapped potential. The next phase is to make men a true pillar of the Maison. We will reassert men's offer. We have double-digit growth year to date in ready to wear, luggage and shoes. We will more than double the segment and make it a core engine of Saint Laurent's scale and desirability. Today Saint Laurent's image, presence and sales remain predominantly western-centric. In Asia and particularly in China, we're still subscale relatively to the size of the opportunity. The next phase is about amplifying Saint Laurent's global resonance with a strong and deliberate acceleration in Asia with China, South Korea and Japan as key priorities. A brand show in Asia, right Anthony, will soon mark a symbolic and visible shift in the brand's global presence. In short, Saint Laurent is about magnification in a way. It's about magnifying Saint Laurent, magnifying desirability, magnifying iconicity, magnifying global relevance, all while remaining of course unmistakably Saint Laurent. Today, Bottega is one of the most desired luxury brands among those who truly know. The next chapter is about scaling this deep luxury without compromising its essence under the creative leadership of Matthieu Blazy that is today with us. Discretion is our code but discretion does not mean to be invisible. Venice will be firmly anchored as the house culture platform through partnerships and citywide activation that root the brand in its unique heritage. Client engagement will deepen through high-touch experience activation, including exclusive Bottega Veneta residences designed for our most important clients. Leather goods will continue to power the house. Intrecciato will continue to sit at the center as the house ultimate icon enriched through new expression and interpretation. In essence, Bottega's future lies in scaling through a deeper exploration of what true luxury means, exclusivity, excellence, and desire. Bottega Veneta will continue to stand for what is most rare, most refined and most enduring in luxury, just more visible and with more dimensions. I think it's one of the most distinctive houses in global luxury. Very few houses have shown the same ability to create entirely new market segments. From redefining modern street wear to shaping the global luxury sneaker landscape, Balenciaga has repeatedly been ahead of the curve. You can state that Balenciaga has become the most relevant luxury brand for Gen Z. This is a generation that will account for 20-25% of the luxury market by 2030 versus 14% today. Over time, Balenciaga has built one of the most loyal VIC communities in the industry, representing 25% of their sales. And beyond product, Balenciaga commands real cultural relevance. Leather goods is rapidly becoming one of Balenciaga's most powerful engine of growth and its weight in the business will continue to increase. We are delivering consistent double digit growth with around plus 20% sales year to date in leather goods. No, Demna, that's the case. We have two distinct icons, the Rodeo and City relaunch, both of which became bestsellers in under two years and now they have new lines like Bolero and 7 that are already contributing to this momentum and broadening the architectural depth of the category. We will double leather goods business by 2030. Balenciaga will drive recruitment and desirability by activating the brand across seven cultural territories: TV series, music, sport, wellness, gaming, innovation and patronage. Ultimately, Balenciaga enters the next chapter from a position of strength with influence, with legitimacy and with creative depth. The path forward I think is pretty well articulated. It reaffirms couture authority, rebalances women and men, scales leather goods and converts cultural affinity to youth into sustained growth. So McQueen was built on a bold expression of individuality, empowerment and a bit subversive. The starting point is to reassert McQueen's legitimacy as the emblematic British luxury fashion house. Rightsizing McQueen is already underway. The next step is to push toward a leaner, more focused business model. By end of 2026, we will have completed the rightsizing of our distribution network with 50% less stores versus the year end 2025. Finally, McQueen is strengthening collaboration with the group, leveraging shared services to increase efficiency and to reduce structural complexity while fully preserving, of course, its creative identity. Now the McQueen team has a window of opportunity to go back to the times when the brand created sensations. Brioni was built for mastery. It's the reference of Italian sartorial excellence, Alta Sartoria as we say here. At the core stands Brioni Maestria. Our signature customization platform spanning from made to measure, made to order and bespoke is the purest expression of the house philosophy and the key value creation lever driving higher margins, stronger client loyalty and long-term brand identity and equity. Know-how and capabilities will be selectively shared where it strengthens the whole while fully preserving Brioni's autonomy, rarity and exclusivity. This is how Alta Sartoria will become a distinctive group capability with Brioni as its natural authority. So jewelry is a large and fast growing category as you know representing around 30 billion globally for luxury jewels and the branded part of it and expanding faster than most of other luxury segments. In 2025, jewelry proved to be the most resilient category within personal luxury goods. Jewelry also offers superior fundamentals, preserve pricing power, cultural relevance, resilient margins, and exceptional emotional engagement that reinforces brand equity and drives client loyalty. Kering already generated 1.2 billion in jewelry with around 75% from Boucheron, Pomellato, Dodo, and Qeelin. Four houses I think with strong creative identities and complementary positions. They have momentum but historically operated without a unified strategic backbone limiting scale and synergies. Combined with a structurally premiumizing market and a 20-30 billion addressable 24 karat gold market in China at the category level, the conditions are firmly in place to scale jewelry through a coordinated group-wide approach. Boucheron continues to consolidate its avant-garde leadership on Place Vendôme through the development and animation of its pillar lines. The acceleration of high jewelry also and the international scaling. Pomellato is strengthening its role as the benchmark of contemporary colorful fine jewelry rooted in Milan craftsmanship and bold design. Growth will be driven by an enlarged and upgraded product offer, increased store productivity and controlled distribution expansion. Dodo continues to reinforce its position in gifting jewelry driven by strong recruitment, category breadth and soulful creation that carry emotion and connection. First in its domestic market that is Italy obviously and in selected international geographies where the brand already has meaningful traction. Then we have Qeelin. Qeelin builds on exceptional momentum right now. I would say in the past decade with sales that multiplied by 11 between 2015 and 2025. The focus is now on enriching and upgrading the product portfolio supported by higher investment in marketing, strong storytelling, cultural relevance and emotional connection. Beyond our jewelry houses, we see also a major opportunity to scale jewelry as a materially larger contributor to our fashion houses over time doubling to tripling its weight. We are moving from four independent jewelers to one coherent powerful activity that is Kering Jewelry under the leadership and the stewardship of Jean-Marc Laperle that everybody knows. This is a critical step in the gradual integration of Razel Defi Franco Group. This is a world-class Italian manufacturing partner bringing exceptional craftsmanship, technology and also end to end production expertise. The jewelry business is set to double in the origin from now to the end of the plan with its contribution to the mix increasing by around five points in total on the mix driven by the acceleration of our pure jewelry houses and the scaling of the fashion jewelry across the group starting again I repeat with Gucci while operating at market level profitability standards. So around 10 years ago, we made a choice that most people thought was impossible. That was to build a luxury eyewear company inside the luxury group from scratch. We have built a flexible and balanced industrial platform delivering world-class craftsmanship, quality, speed, and traceability. We benefit from proprietary lens expertise giving us a technological edge that is unmatched in this industry. In line with our ambition to stay ahead of the curve and strengthen our leadership in the luxury eyewear market, the next phase of our growth will also be driven by investing in technology. We aim to lead the luxury smart eyewear segment. The partnership we have established with Google will be instrumental in delivering the ambition enabling us to build the first true luxury smart eyewear ecosystem desirable, wearable and meaningful. Today we have the portfolio, the industrial power and the innovation road map to shape the next decade. Tomorrow we will scale Kering Eyewear from 1.6 billion to a multi-billion euro platform setting the standard for craftsmanship, technology and desirability. Reigniting growth is essential but sustaining it over time requires some strategic choices. So the ability to scale where it matters and the discipline to invest where we have a long-term right to win and the ambitions I'm about to share are not about diversification for its own sake. They are about unlocking new value pools, reinforcing the relevance of our houses and positioning Kering at the forefront of how luxury evolves. For me, Gernot represent the activation of one of the most singular assets in our portfolio. It's almost 300 years of craftsmanship, artistic heritage and cultural relevance. Tableware remains the core and around this core Gernot strengthens its industrial capability including selective porcelain development for all the Kering houses. Second, Gernot is expanding into a true home and lifestyle design house rooted in Italian art de vivre. This evolution is coherent and design-led not volume-driven and remains asset-light and partnership-driven. Over the past 5 years, Gernot has almost multiplied by four in size and is on a critical path towards break even. Okay. So looking ahead, the ambition is to deliver 10% double digit growth year on year over the next 5 years. So supported by also the activation we will do and the investment we will do on the group to unlock the full beauty potential of our brands. The most value-accretive part is a long-term partnership with L'Oréal thanks to the disposal of Kering Beauté. So the potential of our houses, starting with all of them but including Gucci, it's very substantial. And where I sell beauty scale shows what a strong brand can achieve. This partnership gives us a strong foundation. What matters now is how we build on it. So living longer and aging better is becoming the ultimate need for affluent people alongside a shift from ownership to optimization. People want to feel better not just own more. So supported by powerful demographics and valued at more than 6 trillion euros as a market, the wellness and longevity market is one of the fastest growing adjacency to luxury driven largely by top tier clients and showing strong natural complementarities with personal luxury in services, in experiences and in codes. So despite the size of the market, longevity and wellness remains a highly fragmented sector. Offers are disconnected, protocols lack standardization and experiences rarely meet luxury expectations. Destination clinics and urban services operate in silos with limited continuity, with limited integration or community. Leveraging L'Oréal's expertise in beauty and Kering know-how in delivering luxury experiences. So our goal is to combine personalized wellness and longevity programs with cultural experiences and exclusive product access anchored in privacy, in excellence and in community. And this is with the House of Wonders. That's the name we finally gave to the whole thing. Kering is kind of time traveling, right? So we will enable brands to achieve in five years what you normally need maybe double or three times the time while dramatically reducing execution risks. Our objective is to support brands that complement our portfolio by addressing new categories, new geographies, new audiences, notably subculture and new business models. We are also very pleased to announce a minority investment in Icicle. This is the most recognized Chinese luxury brand today. And through this investment, we are not only backing one of the greatest success stories of the Chinese luxury ecosystem, but also aiming at providing Icicle the capabilities to continue its development specifically in Europe and in the US and maybe onto new categories. The next phase of our journey requires I think more than creativity alone. It requires a leaner, more connected and technology-powered organization. Industrial and sourcing models have been largely developed brand by brand leading to a lot of fragmentation, duplication and limited scalability. To accelerate performance, we are fundamentally rethinking our industrial backbone to serve our houses while keeping their specificities. So concretely what does it mean? It means harmonized planning, industrial sourcing and purchasing processes, common KPIs and simpler ways of working across houses. We are deploying data-driven demand signals, AI-based forecasting and real-time data sharing to improve our order sizing, reduce waste and tighten capacity planning across all categories and across all sites. We are also rolling out an AI-powered tool that dynamically rebalances products across stores, improving full price sell through while raising client satisfaction. We are accelerating factory digitalization, deploying predictive analytics and centralizing governance to gain end-to-end visibility across the entire industrial chain. Our supplier base, this is predominantly Italian, European, is one of the most valuable ecosystems in global luxury. Today, we work with 4,200 direct suppliers. 4,200 suppliers. But here's the reality. Around 25% of them, they do 98% of our purchase. So this is why we are reshaping our supply ecosystem around a more selective and more strategic partnership model which as a result also reduces our reliance on subcontracting where control and compliance are more challenging. Volume concentration is the consequence of this choice not the starting point. It strengthens control, improves resilience, secures critical know-how and gives suppliers the stability they need to invest, innovate and grow responsibly. Client centricity as I said will be at the heart of everything we do. But to ensure it remains at the core of our culture or it stays there while updating this vision leveraging new technology, the group has launched what we call CORE. Okay. K-O-R-E. This is the translation of Kering Omni-channel Recruitment Engine. CORE's ambition is to take our existing client database capability to the next level by building a fully integrated and comprehensive view on luxury consumers. Okay. Deepening our understanding of preferences, behavior across all categories, leveraging our brand proprietary data and enriching them with external behavioral sources. So CORE requires Kering around a single demand signal. This is the client ultimately ensuring everything we design, we buy, we allocate and activate is inputted also by client data. Concretely, we have five territories that will be transformed by this approach. The first one is media. So, identifying and activating the right audiences across acquisition channels. We are building the group's augmented platform as operational backbones to provide the group with powerful accelerators without uniformizing the unique identity of each one of them. So the augmented twin refers to building a complete digital double of the company. Its data flows, business processes modeled and hosted in the cloud to provide a unified real-time and actionable views of all operations. By migrating data and processes to cloud-native architectures, the group immediately will benefit from service quality, resilience and scalability standards that legacy infrastructure can no longer guarantee today. So we will have a completely different thing and so it will guarantee operational continuity, disaster recovery and of course resource elasticities. Autonomous AI agents can simulate scenarios. They can detect anomalies. They can propose or even execute operational decisions without systematic human intervention. This marks the transition from a passive information system to one that learns, that adapts, that acts. And the business outcomes of this kind of architecture in our opinion are multiple. The growing pressure on media investment ROI and the increasing sophistication of customer actually calls for a new operating logic in our opinion. We will create a client hub that will amplify capability. This hub will make it possible to pool expertise and accelerate in marketing mix modeling, campaign effectiveness measurement while preserving each brand's very distinct creative freedom and identity. We have something that you invested on, François-Henri, many years ago. This is Luch. It's probably one of the more and we know that is one of the most advanced clienteling tools on the market. So to take this even further, we are unifying customer history, catalogs and stock availability across all houses into one single interface. So beyond the boutique, the challenge is one experiential continuity online, in store or even in pop-ups. Every interaction must enrich the next without disruption. And finally, we have an augmented resource planning powered by predictive footfall flows and local events that guarantees the right level of staffing at the right time, ensuring every client receives the attention they deserve. We have a 100% cloud backbone that gives us real-time data access, faster tool development across houses and higher resilience. Sustainability has always been, I think, a defining part of Kering's leadership. This is why sustainability cannot be a standalone topic. It must guide every business decision in the studio, in the manufacturing, in merchandising, in operation, in sourcing, in retail and in how also we allocate capital. Each house executive committee will include a sustainability leader reporting directly to the CEO empowered to drive execution from the inside. Luxury is made by people. Our ambition is to build a high capability, high engagement Kering where our artisans, our creatives, our retail teams and people have the skills, the environment and the culture to deliver long-term value. To get there, we must start with what sits at the very core of luxury. This is craftsmanship. That's why yesterday I was here and we launched the Kering Academia Perch. It's based in Milan in the innovation district close to the Politecnico or Statale in the expo area and the academia will be firmly anchored in Italy. Beyond production we also I think we must strengthen the other part which is retail deploying a retail excellence model across all houses aligning incentives with full price sell through, sales density, VIC development and the client experience. I want to talk about performance and accountability. This is another key thing in terms of management and we made a few decisions together. We have built a new management by objective scheme that was implemented this year. So all leaders in Kering are aligned on group level KPIs complemented by in-house and individual objectives. They also investing in careers. We have developed a tool that we call Talent Match that is creating a group-wide AI-based framework that gives our people greater visibility of what's going on, what are the internal opportunities and this is also why we have launched what I call a Kering Fellowship. This is a new group program designed to identify and reveal emerging talents by assigning them high-impact cross-functional projects beyond their day-to-day roles. Over the past month, we have taken the first decisive steps of reconquering, strengthening our fundamentals, restoring discipline, accelerating operational transformation, and defining long-term perspective that is both coherent and actionable. Desirability remains our north star, guiding every decision and helping us balance short-term imperatives with long-term ambition. We combine art and science, blending craftsmanship and innovation with scientific discipline in business management to ensure sustainable value creation. We embed resilience into our model, restoring the right equation between retail, client, product while rebalancing fashion cycles and building a diversified and robust portfolio across categories and segments. We restore operational efficiency optimizing our cost base at both group and brand level to improve resources allocation and deliver stronger ROCE, a key performance indicator for us. We leverage group synergies in client, in tech and operation harnessing the complementarity of our houses to act as one integrated platform not just a collection of brands. We inject technology at every level of the organization making Kering the most technologically advanced luxury group with a fully integrated structure across industrial processes, technology, software, AI, data and talent. We create a fully integrated ecosystem built around the clients fulfilling every expectation to live an extraordinary life. A company built around the cloud. The cloud built around the client. We develop global models, global model, local relevance to global scale. Combining a shared backbone with the flexibility to adapt assortments, storytelling and experiences to each market. And above all, we invest in our people because they are the engine of reconquering. We are building a culture that rewards creativity, accountability and collaboration, attracting new capabilities in technology and data while nurturing the craftsmanship, the excellence and the passion that define our houses. Empowering and upskilling our teams is what makes this transformation sustainable and what will allow us to deliver at the global scale. Of course the road ahead is demanding but our direction is now firmly set. Semester after semester you will be able to measure our progress. This is not just a strategic plan. It's a collective ambition. And I'm convinced that with the creativity, the expertise and the commitment of all our teams across the groups and the houses, we have everything it takes to succeed and shape Kering's future together. This is our journey. This is our momentum and this is reconquering. So thank you very much for your attention. Welcome.
