LVHM 2023 Q1 Earnings Call
发布时间 2023-04-17 16:22:52 来源
中英文字稿 
I'm Chris Hollis, Director of Financial Communications at LVMH, and with me is Jean-Jacques Guigny, our Chief Financial Officer. Thank you for joining us for this webcast. We have some remarks to make about LVMH's revenue for the first quarter of 2023, and after these remarks, Jean-Jacques and I will be happy to take your questions. As a reminder, certain information to be discussed on today's call is forward-looking and its subject to important risks and uncertainties that could cause actual results to differ materially. For these, I refer you to the safe harbors statement included in our press release, and on slide two of our presentation.
大家好，我是LVMH金融传播总监Chris Hollis，和我一起的是我们的首席财务官Jean-Jacques Guigny。感谢大家参加这个网络直播。我们将就LVMH2023年第一季度的收入发表一些意见，发表之后，Jean-Jacques和我将很高兴回答大家的问题。需要提醒的是，今天讨论的一些信息是前瞻性的，存在重要的风险和不确定性，可能导致实际结果与预期有重大差异。有关这些内容，请查阅我们的新闻稿中的安全港声明和我们演示文稿第二页的内容。
Turning now to our announcement, hopefully you've all had the chance to read our release, which was issued a short while ago in both French and English, as always, the release is available on LVMH's website, www.lvmh.com, as are the slides that we are using to guide us today.
现在我们来谈谈我们的通告，希望大家都有机会阅读我们刚刚发布的法语和英语新闻稿。一如既往，新闻稿可在LVMH的网站www.lvmh.com上找到，今天我们使用的幻灯片也可在该网站上获取。
On slide three, you'll see the group is off to an excellent start to the year, with organic growth, up 17%, with, sorry, apologies for that, with in line with last year and against the backdrop of a challenging economic climate. All business groups recorded double digit organic growth, revenue growth with the exception of wines and spirits, which still delivered growth, most notably in the Champagnes and wines businesses I'll discuss in a few moments. On a geographic basis, the group delivered strong revenue growth in Europe and Japan. In the US, revenue was good, but softer, while in Asia, revenue growth is improving rapidly as pandemic restrictions have eased.
在第三张幻灯片上，您将看到该团队在艰难的经济环境下，有着17％的有机增长，与去年持平，这是一个非常良好的开端。所有业务部门的有机增长率都达到两位数，除了葡萄酒和烈酒部门以外，它仍然有增长，尤其是在香槟和葡萄酒业务方面，我将在接下来的几分钟里讨论这些。在地理基础上，该集团在欧洲和日本实现了强劲的收入增长。在美国，收入表现良好，但较为疲软，而在亚洲地区，由于大流行的限制措施有所缓和，收入增长正在迅速改善。
Looking at the business groups, we once again saw strong progress in fashion and leather goods driven by Louis Vuitton and Christian Dure, as well as Saline, L'Ove, Laura Piana, Rimoa and Balouti, reflecting the deep heritage, at each of these of the maize-alls on the innovation our teams have brought to them. The watches in Durey Business also continues to perform well, with particular strength at both Tiffany and Bulgari, reflecting a great deal of excitement and energy at both maize-alls. It is off to a good start in the Perfume St. Goss Mellix group, driven by both iconic products and well received launches in the Perfumes and Makeup businesses. And lastly, Sephora saw strong growth, while DFS is seeing gradual recovery with a growing return of international travel.
在业务集团方面，我们再次看到Louis Vuitton和Christian Dior等时装和皮具业务取得了强劲进展，以及Saline、L'Ove、Laura Piana、Rimoa和Balouti等品牌，反映了它们各自深厚的历史传承和我们的团队带给它们的创新。Durey Business旗下的手表业务也继续表现良好，特别是Tiffany和Bulgari品牌的业务，反映出两个品牌都充满了激情和活力。香水St. Goss Mellix品牌在香水和化妆品业务方面推出了标志性产品和备受欢迎的新品，取得了良好开局。最后，Sephora增长强劲，而DFS正在逐渐复苏，随着国际旅游的回归越来越多。
On slide four, you'll see that revenue growth rose to 21 billion euros compared to 18 billion in the year ago, first quarter, representing a 17% increase on both an organic and reported basis. Revenue continues to be well balanced on a geographic basis and in line with the breakdown in the year ago period. In the first quarter, 36% of revenue was generated in Asia, excluding Japan, which itself was a source of 7% of revenue. 23% of revenue came from the US, while Europe contributed 14% excluding France, which contributed to 7%. And 13% of sales come from other markets. Looking at the progression of organic revenue by region, which is now slide six, Europe and Japan remained strong with 24% and 34% increases respectively year over year. The US business had a more uneven performance due to the softer trend, I mentioned, but still delivered an 8% year over year gain. And finally, again, as I mentioned earlier, we are seeing a rapid improvement in revenue in Asia with a 14% increase in Q1 of this year compared to the year ago period, fueled by mainland China, Hong Kong and Macau.
在第四张幻灯片上，您会看到收入增长达到了210亿欧元，相比去年同期的180亿欧元，同比增长率为17%。无论是有机增长还是实际报告增长，收入都保持良好的地理平衡，并与去年同期的比例相一致。在第一季度，亚洲（不包括日本）贡献了36%的收入，日本本身贡献了7%的收入，美国贡献了23%的收入，欧洲（不包括法国）贡献了14%的收入，而其他市场贡献了13%的销售额。看一下各地区的有机收入发展情况，现在是第6张幻灯片，欧洲和日本的业务仍然强劲，同比增长率分别为24%和34%。由于我提到的市场较软的趋势，美国业务表现较为不稳定，但仍同比增长了8%。最后，正如我之前提到的，我们看到亚洲收入的迅速增长，今年第一季度同比增长了14%，主要得益于中国大陆、香港和澳门。
Drilling down now on revenue by business group, we'll begin as always with the wines and spirits and on slide nine in the fourth quarter of 2023. Revenue in the wines and spirits business group reached 1.69 billion euros, a 3% increase on both an organic and reported basis from the 1.63 billion the first quarter of 2022. Breaking this down, organic revenue from the champagne and wines business increased by 14%. After taking into account a 2% negative currency impact and a 1% positive structural impact, relating essentially to the first consolidation of Joseph Phelps, reported revenue rose 13% to 796 million euros for the champagne and wines. Organic revenue from cognac and spirits was down 5%, and after taking into account the positive 1% currency impact was 899 million euros compared to the 932 million euros in the year ago quarter.
现在我们将深入挖掘各业务组的收入，首先从葡萄酒和烈酒开始，在第9页看第四季度2023年。葡萄酒和烈酒业务组的收入达到16.9亿欧元，同比增长3％，与2022年第一季度的16.3亿相比，有机收入和报告收入均有所增加。具体来说，香槟和葡萄酒业务的有机收入增长了14％，考虑到2％的负面汇率影响和1％的正面结构影响（主要与Joseph Phelps的第一次合并有关），报告收入增长了13％，达到7.96亿欧元的香槟和葡萄酒。干邑和烈酒的有机收入下降了5％，考虑到1％的正面汇率影响，为8.99亿欧元，相比去年同期的9.32亿欧元有所下降。
To provide the context of these figures, revenue gains in the champagne and wines business was driven by both positive price effects and continued growth in all regions. It was a busy period across the business with efforts designed to continue this strong momentum, including the launch of a new Lady Gaga campaign for Dom Péryneon, the start of construction of the new Nicolas Ruyinard Pavilion in its home of France, where this iconic champagne business was started nearly 300 years ago. It would include a visitor center, a showroom and a boutique. The continued international development of Chateau Disclant, the recent strategic partnership with famed Chateau Minouti, including the acquisition of a major stake, and Chandonne's new Garden Spritz, an exceptional mix of sparkling wine and a unique bitters recipe, being very well received, contributing to Chandonne's good performance. Final Q1 includes the first quarter of revenue from Joseph Phelps' vineyards, which has been consolidated in the group's results since December of last year. Sitting on to Conia Conspiritz, the softer economic environment in the US, and high inventory levels led to a decrease in volumes, we're seeing a gradual recovery in China as the effects of Covid subside. Within the business there was a good deal of excitement around the collaboration between Hennessy Exo and the dual men's and fendi artistic director Kim Jones featuring a collectible sneaker, a kutur de counter, and as you'll see on the right hand side, the right photograph on the side here at Conia C. In addition, a new Hennessy Exo-parody space was inaugurated at Class of 1810 in Paris and I courage you to visit. Finally in this group there was an ongoing solid revenue growth at both Belvedere Vodka and Glen Morangie Whiskies.
为了说明这些数字的背景，香槟和葡萄酒业务的收益增长是由正向价格效应和所有地区持续增长的推动作用。在全业务范围内的繁忙期间，努力旨在继续这种强劲的势头，包括推出新的Lady Gaga品牌Dom Péryneon的广告系列，开始在法国的Nicolas Ruyinard Pavilion建设新馆，这里是这个标志性香槟业务近300年前开始。它将包括一个访客中心、一个展厅和一家精品店。继续国际发展Disclant酒庄，最近与著名的Minouti酒庄达成的战略合作，包括收购了大量股份，以及Chandonne的新花园Spritz，在市场上得到了很好的反响，为Chandonne的良好表现做出了贡献。最终第一季度包括自去年12月以来已经纳入集团业绩的Joseph Phelps葡萄园的收入。美国的经济环境较为疲软，库存水平较高导致销量下降，而随着Covid的影响消退，我们正在看到中国的逐渐恢复。在企业内部，人们对Hennessy Exo和双男装以及芬迪艺术总监金·琼斯之间的合作感到兴奋，其中包括一款收藏版运动鞋、一款Kutur de柜台，以及您将在这里看到的右侧照片，即Conia C侧面的右侧照片。此外，新的Hennessy Exo-parody空间在1810年级别的巴黎贵族之家成立，我鼓励您去参观。最后，在这个集团中，Belvedere Vodka和Glen Morangie威士忌的收入增长保持强劲。
Now we'll take a look at the very strong first quarter for fashion and leather goods. On slide 12 you'll see the revenue in this business group rose 18% on an organic basis, including a small 1% negative currency impact reported revenue reached 10.7 billion euros compared to the 9.1 billion in the year ago first quarter. As due to rounding, the reported revenue also reflected an 18% increase. Growth in the fashion and leather goods business was broad based with strong performance across Maisons, again as always with the Evoconic Louis Vuitton where its ongoing growth is fueled by the exceptional creativity of Nicola Guesquière, who's chosen a continue to be extremely well received. The Maisons also made the very exciting announcement that Farrell Williams has joined as the new men's creative director and will show his first collection in June during Paris Men's Fashion Week. The highlights expect you've also noticed the immensely successful collaboration between Louis Vuitton and the incomparable Japanese artist, Yoyo Kazamaha and on the topic of art, if you're here in Paris and will come soon, I encourage you to visit Antasie LV Dream exhibition focused on the Maisons artistic collaborations over its 160 year history. Last year with respect to Louis Vuitton, the Maisons continues to expand its product offering across all categories.
现在我们来看一下时尚和皮具业务的非常强劲的第一季度。在第12张幻灯片上，您将看到这个业务集团的收入在有机基础上上涨了18％，包括小小的1％负面货币影响，报告的收入达到了107亿欧元，而去年第一季度为91亿欧元。由于四舍五入的缘故，报告的收入也反映了18％的增长。时尚和皮具业务的增长是广泛的，各个品牌表现强劲，特别是LV品牌在期待不凡的Nicola Guesquière的卓越创意推动下，持续增长。品牌还宣布了非常令人兴奋的消息，法雷尔·威廉姆斯成为新的男装创意总监，将在6月巴黎男装周上展示他的第一次系列。您还可能已经注意到，LV品牌与无与伦比的日本艺术家Yoyo Kazamaha之间的合作非常成功。关于艺术的话题，如果您在巴黎并即将前往，我鼓励您参观Antasie LV Dream展览，该展览聚焦于该品牌160年历史上的艺术合作。去年，这个品牌继续在各个类别扩展其产品系列。
And now moving on to Christian De Couture, the year is off to a very successful start on this Maisons as well with the ongoing strong growth of the Registerware collections from the exceptional designers, Mary Grazia Churri and Kim Jones. The Maisons led a spectacular show in Mumbai for its full 2023 collection as a tribute to Indian textile traditions and the art of embroidery. And the Maisons introduced the new Lady 9522 in honor of the initial introduction of this iconic bag in 1995 and the year of its reinterpretation.
现在我们来谈谈克里斯蒂安德库图尔这个品牌，今年的开局非常成功，设计师Mary Grazia Churri和Kim Jones打造的Registerware系列正在持续增长。为了向印度纺织传统和刺绣艺术致敬，克里斯蒂安德库图尔在孟买举办了一场精彩的2023年全新系列展示。此外，克里斯蒂安德库图尔为纪念这个标志性手提包于1995年首次亮相并重现年代，推出了全新的Lady 9522系列。
Now, I'll go through some highlights at the other Maisons. Growth at Selene continues to be driven by the enduring strong appeal of Heidi Slamane's creations as well as the Maisons type control of both its image and distribution. At Louis Vuitton, Jay W. Anderson shows continue to generate excitement as Maisons' collaboration with Studio Ghibli and Louis Vuitton's new Passio bag is quite sought after. At Fendi, the Maisons continues to selectively expand its store network with its first flagship boutique opening in South Korea and its largest ever store in Japan in Tokyo at Amatisano. Oropiana has seen strong performance in its ready to wear and shoe collections and its new bail bag has been well received. Mark Jacobs is performing well with strong momentum in the US. Remoa entered into a new partnership with German Football Association, DFP, while Belluti successfully launched its golf capsule and introduced its new sort after the Renzo drive-lover.
现在，我将介绍其他 Maisons 的一些亮点。Selene 的增长继续受到 Heidi Slamane 的创作持久而强烈的吸引力以及 Maisons 对形象和分销的控制的推动。在路易威登，Jay W. Anderson 的展览继续引发兴奋，Maisons 与吉卜力工作室的合作以及路易威登的新款 Passio 包备受追捧。在芬迪，Maisons 继续有选择地扩大其店铺网络，首屈一指的旗舰店在韩国开业，其在日本东京的最大店铺在 Amatisano 开业。奥罗佩安娜的成衣和鞋子系列表现强劲，其新的 bail 包备受好评。马克·雅各布表现良好，在美国势头强劲。Remoa 与德国足球协会 DFP 建立了新的合作伙伴关系，而 Belluti 成功推出了其高尔夫球胶囊系列，并介绍了其备受追捧的 Renzo 驱动爱好者。
We'll now turn to performance in the Perfume's and Cosmetics business group. Slide 15 you'll see a revenue in this division reached 2.1 billion euros in the first quarter of 2023, reflecting 10% organic growth and a 1% positive currency effect, that's growing 11% compared to the first quarter of last year. Overall, the Perfume's and Cosmetics division saw strong growth reflecting the ongoing success of the selective distribution policy across the Maisons. At Perfume Christian Dior, the Maison continued its momentum in key markets, particularly in the US and Europe. Sovage maintained its position as the leader in fragrances globally, while iconic Perfumes, Jadour and Mr Dior also enjoyed continued success. At collection privé, the beloved refined sense from Christian Dior welcomed new additions from Francis Codian on the make-up side, the new refillable lipstick, Dior addicts saw great success among customers, and the skincare lines prestige and capture total remain favourites in the premium skincare segment. Goura saw strong momentum from its sought-after Perfumes aqua, Alagoria and La et la matière and rolled out its new terracotta-letan liquid foundation in Europe. Other successful product launches this quarter included the new Givenchy Genicum and Society Perfume, as well as Benefit's new poor care collection, which is now available worldwide. Fresh continues the roll out of its new serum T-Alexia, which focuses on protecting the ski from the stresses.
现在我们转向香水和化妆品业务组的业绩。在第15页上，您将看到该部门在2023年第一季度的收入达到21亿欧元，反映出10%的有机增长和1%的正面货币影响，相比去年同期增长了11%。总体上，香水和化妆品部门实现了强劲的增长，反映出精选分销政策在各个品牌中的持续成功。在香水克里斯汀迪奥方面，这个品牌在关键市场，特别是美国和欧洲方面，保持了其发展势头。Sovage在全球香水市场的领导地位保持不变，同时标志性香水Jadour和Mr Dior也继续取得了成功。在私人香料系列方面，受人们喜爱的基督教迪奥的精致感受欢迎了来自Francis Codian的新品牌化妆品，新的可回收口红Dior addicts在客户中取得了巨大成功，而护肤品系列Prestige和Capture Total则成为高端护肤产品市场的客户喜爱。Goura的受欢迎的香水Aqua、Alagoria和La et la matière取得了强劲的发展势头，并在欧洲推出了其新的Terracotta-letan液态粉底。本季度其他成功的产品推出包括新的纪梵希Genicum和Society香水，以及Benefit新的护肤系列Poor Care，现已在全球上市。Fresh继续推出其新的精华液T-Alexia，重点保护皮肤不受压力的损害。
At Maison, Codian, the year started off quite well with solid performance in the US and the success of its new Perfume 724. Aqua Depama released a new Colonia Limited Edition designed by Samuel Ross and saw continued strength in its home collection. Officeean Universal buile benefited from last year's expansion of its store footprint in particular across Japan and Fenty Beauty progressed nicely along following Rihanna's performance at the Super Bowl, which she touched up, where she touched up her makeup, mid-act, bringing even greater visibility to the successful brand.
在Maison Codian，新的一年开始非常顺利，美国市场表现稳健，新Perfume 724也取得了成功。Aqua Depama推出了由Samuel Ross设计的新Colonia Limited Edition，并在其家用产品系列中继续保持着强劲的势头。Officeean Universal的业绩受益于去年在全日本的扩张，而Fenty Beauty则在蕾哈娜在超级碗表演时精心打理妆容并取得了不错的进展，这也使这个成功品牌更加引人注目。
Now onto Watches and Joury. Slide 18. Revenue in Watches and Joury rose 2.6 billion euros in the first quarter of 2023 from 2.3 billion in the first quarter of last year. This translates to an 11% increase on both an organic and reported basis year over year. Joury made strong progress at the start of the year and Watches introduced exciting elevation for which our Maisons are known. To provide some highlights this year began well at Tiffany, with the international rollout of the lock collection and the great success of the iconic T-line, while high Joury enjoyed record performance. In Brickermutter the brand opened up a series of new concept stores and very excitingly announced the reopening of its famed Fifth Avenue landmark location in New York City, which is planned for late April. Bulgari also showed strong momentum in Q1. The Maisons beloved Sapenti line celebrated its 75th anniversary with an exhibition at the Museum of Contemporary Art Shanghai and the high Joury collection Eden, the Garden of Wonders, was highly successful. Now over to Watches, Takhojah celebrated the 60th anniversary of its Kerrera chronograph, while Hublot continued its partnership with Takahashi Murakami releasing a forced collaboration with the artist. This included the creation of 12 unique pieces, exclusively VLA, built to owners of an all-black and sapphire rainbow NFT. Shome launched the Echo Culture Awards program, which aims to support women who are committed to passing down culture that creates social links and diversifies audiences. And Fred created a new line of reversible, pretty woman bracelets featuring its signature heart within a heart in Carnedian stone, while Zenith released its pre-designed pilot collection at the Watches and Wonders event in Geneva.
现在让我们来谈一下手表和珠宝。第18张幻灯片显示，今年第一季度手表和珠宝业务的营收为26亿欧元，而去年同期为23亿欧元，同比增长11%。珠宝业务在年初取得了强劲的进展，而手表推出了令人兴奋的新品，这也是我们品牌的特色所在。今年蒂芙尼在国际市场推出了锁头系列产品，标志性的T字线也取得了巨大的成功，同时高级珠宝业务也创下了历史记录。在布里克默特，品牌开设了一系列新概念店，同时令人振奋的是，计划在4月底重新开放其位于纽约市的著名第五大道地标。宝格丽在第一季度也表现出强劲的势头。品牌所受喜爱的Sapenti系列庆祝了其75周年纪念，与现代艺术博物馆上海分馆合作举办了一次展览，而高级珠宝系列Eden，花园奇境，也取得了巨大的成功。现在让我们来谈一下手表业务。Takhojah纪念其Kerrera计时码表问世60周年，而Hublot则继续与艺术家高桥研三合作，发布了一款强制性的合作计划。这包括了12款独特的时计，专供持有全黑和蓝宝石彩虹NFT的拥有者。Shome推出了回声文化奖计划，旨在支持致力于传承创造社会联系和多元化观众文化的女性。而Fred推出了一系列新的可翻转的漂亮女士手镯，采用其标志性的卡内迪安石中的心形设计，而Zenith则在日内瓦手表展上发布了其预设计的飞行员系列。
We'll close out the business group review as we always do with selective retailing, organic revenue in selective retailing grew by 28%, compared to the year ago period, first quarter. After taking into account a 2% positive currency impact, reported revenue grew 30% to reach nearly 4 billion euros. Slide 22, you'll see some details.
我们将像以往一样以选择零售结束业务集团审查，有机收入增长了28％，与去年同期第一季度相比。考虑到2％的正面货币影响，报告的收入增长30％，达到近40亿元。请看第22张幻灯片，您可以看到一些详细信息。
Sep 4 is performance was very strong this quarter, while DFS benefited from a recovery in travel, especially in Asian markets. Sep 4 continued its excellent momentum with revenue and market share growth across North America, Europe and the Middle East, the stores or a recovery in traffic and good performances across all categories, especially makeup. Finally the first Sep 4 store in the UK, which opened in Q1 in Westfield, London, enjoyed an excellent start.
在本季度，9月4日的业绩非常强劲，尤其是DFS受益于旅游业的复苏，特别是亚洲市场。9月4日继续保持卓越的势头，在北美、欧洲和中东地区实现了收入和市场份额的增长，商店的流量恢复和各类别表现良好，尤其是化妆品。最后，英国第一家9月4日商店在Q1在伦敦的Westfield开业，并取得了出色的开端。
As we said, revenue at DFS rebounded after re-opening of the China borders, though it still remains below 2019 levels. There was a progressive return of tourists to Hong Kong and Macau, and the first concession opened in China in John Quing, Jim By, Airport.
正如我们所说，DFS 在中国边境重新开放后实现了收入反弹，但仍然低于 2019 年的水平。香港和澳门的游客逐渐回归，而中国的第一个特许经营地点在青岛流亭国际机场开放。
Last year the Bon Martier continued its creative animations with the exhibit sangum by Subod Gupta, the sketch aquarium and the immersive theatre, Albonnale did them. These are the latest in the store's tradition of featuring major contemporary artists to delight visitors.
去年，博恩玛蒂尔商场延续了其创新动画的传统，展出了Subod Gupta的作品《Sangum》、素描水族馆和沉浸式剧院，阿尔博纳勒也将它们带给了大家。这些是商场一贯的做法，特别邀请知名当代艺术家，为参观者带来愉悦的体验。
So in summary, this first quarter set a strong foundation for the group to take advantage of a gradual return of travel while continuing to stay vigilant in the face of macroeconomic and geopolitical uncertainties. A business group so contributed to revenue growth in Q1, marking a strong start to the year and positioning as well to continue gaining market share.
总的来说，本季度为集团打下了坚实的基础，以便在逐渐恢复旅行业的同时，在面对宏观经济和地缘政治不确定性时继续保持警惕。其中，一个商业集团对Q1的收入增长做出了重要贡献，为新的一年开了个良好的头，并为继续获得市场份额奠定了基础。
Our online and omnichannel developments continue their strong momentum, focused on delivering exceptional experiences. And taken together, these strengths reflect our mazes on going focus on offering innovative and high quality products to our customers, a continued selective approach to investments in particular in expanding store networks, as well as overall cost management and agility. Our first quarter revenue reflect our continued leadership in the luxury goods sector, and we're excited for the rest of the year ahead.
我们的在线和全渠道发展势头强劲，专注于提供卓越的体验。这些优势共同体现了我们持续关注向客户提供创新和高质量产品的努力，继续选择性地投资于扩大商店网络，以及整体成本管理和灵活性。我们的第一季度收入反映了我们在奢侈品行业的持续领导地位，我们对未来的一年感到兴奋。
And with that, thank you. We will have, take any questions you might have. Now Rudolf will announce the name of the participant invited to ask a question. Thank you Chris. We now start the question in session. As usual, if you want to ask a question, please use the raise hand function of your application.
接下来，感谢大家。如果你们有任何问题，请提出来。现在，Rudolf将宣布被邀请提问的参与者的名字。感谢Chris。我们现在开始问答环节。如果你想提问，请使用应用程序中的举手功能。
And the first question comes from Louis Singhalest from Goldman Sachs. I can't hear you. Mike Ferney still switched off. I've been on YouTube. Thank you so much. And thank you for taking the question. I wonder, I know there's going to be lots of questions by region, but I wondered if I could ask a broader question, please, Sean Jack, in terms of really the store densities across LV. It's incredible in terms of the growth that we've seen, certainly over the past two or three years, but I wondered if you could help us understand what's happening with the store densities and also where you see probably the most constraints, but also the most opportunities.
第一个问题来自高盛的路易斯·辛格利斯特。我听不到你。迈克·费尔尼还没有开麦。我一直在看YouTube。非常感谢你。谢谢您接受问题。我想知道，我知道将会有很多按地区划分的问题，但我想请肖恩·杰克就LV的店铺密度提出一个更广泛的问题。在过去两三年中，我们看到了惊人的增长，但我想知道您能否帮助我们了解店铺密度的情况，以及您认为最大限制和最大机遇的地方。
I presume there's lots to go, obviously, with the reopening of China. And then secondly, I wondered on following on from that, if we look at the components of growth, is it fair to assume a little bit more is coming from price mix in the equation if we think about pricing and volume going forward? And is that sustainable? Is that becoming a little bit more of the overall growth driver going forward? Thank you.
我想随着中国复工，未来肯定有很多机会。其次，如果我们考虑增长的组成部分，是否可以合理地假设价格组合在其中的作用会更大一些，特别是在考虑未来走向的定价和销量时？然后，这是否可持续？成为未来整体增长的驱动力是否更加明显？谢谢。
Thank you, Louise. So your question on store density, you're absolutely right. I mean, we've been increasing the business, particularly Advitone in a fairly large way over the past three years without really increasing the number of square meters. So store density, I mean, sales density has improved quite significantly. The largest improvement was in China where we had the largest store and the lowest sales density prior to the pandemic. So in some way, I mean, it happened in the right place as we were able to absorb a much higher level of sales without having to invest heavily into stores.
谢谢，露易丝。关于店铺密度的问题，你说得对。事实上，在过去三年中，我们一直在大力推广Advitone业务，却没有增加太多面积。因此，店铺密度和销售密度都有了显著的提高。其中最大的提高发生在中国，我们在疫情前的销售密度最低，而拥有最大的店铺。因此，在这方面，它发生在恰当的地方，我们能够吸收更高水平的销售，而不必大举投资到店铺里。
We are talking now about the mainlanders traveling again. Certainly they will start, as we see with Macau, Hong Kong and the neighboring countries, such as Korea and probably Japan in the near future. We have no particular worries as to our ability to absorb this additional business in those countries, particularly with regards to Hong Kong and Macau, which have been under severe pressure over the past few years. Korea will be maybe a bit more complicated but will manage. So we are not particularly worried.
现在我们正在谈论内地游客再次出游的话题。显然，像澳门、香港以及韩国，可能很快也包括日本在内的邻国将率先开始。我们对这些国家在吸收额外的商业旅游方面并没有特别的担忧，尤其是香港和澳门，在过去几年里一直处于巨大的压力之下。韩国可能会稍微复杂一些，但会处理好。所以我们并不特别担心。
The influx of mainlanders into Europe is probably a little bit far-fetched. As we speak, we see some additional clients from mainland China today in Europe. Most of them are not group-based. They are mostly individual travelers and they are pretty easy to absorb in our existing network. So this is not something we worry too much about for the next quarters, maybe in two three of the time we'll have to take decisions, which obviously we will anticipate, but short term we are not particularly worried.
大陆游客涌入欧洲这种说法可能有些牵强。目前我们可以看到，今天在欧洲还有一些额外的中国大陆客户。他们大多不是组团旅游，而是独立旅行者，很容易融入我们现有的网络中。因此，对于接下来的几个季度，我们并不太担心这个问题，也许在未来两三年内我们将不得不做出决定，当然我们会提前预测，但在短期内我们并不特别担心。
With regards to the composition of growth, I assume that your question was about Vietnam. Well, we don't get into many details as our competitors don't, so it's reasonably sensitive in terms of information. What I would say is that the price component is not much, much bigger than what it used to be in 2022 and 2021. There is some price component, obviously, as we passed on some pricing increases last year progressively, but the bulk of the growth, the majority of the growth still comes from mix as we've been doing over the last 15 years. Let's put it that way. And a little bit of volume growth as well that help deliver some numbers that we don't disclose, but as I always say, never very far from the division's average.
关于增长构成的问题，我猜你是指越南。我们像竞争对手一样没有详细讨论，所以信息比较敏感。我可以说的是，价格成分不会比2022年和2021年更大。显然有一些价格成分，去年我们逐渐加价，但大部分增长，即大多数增长仍然来源于混合物，这是我们在过去15年中一直在做的。我们也有一些量的增长，帮助实现了一些不透露的数据，但我总是说，这些数字离部门的平均值不会很远。
The next question comes from Antoine Bell from BNPV. Exhan. Yes, hello, can you hear me? Yes. Good evening, to all of you. So three questions. First of all, since we were on the topic of China, specifically for fashion and leather, is it possible to maybe quantify the growth, maybe around 20 percent? On the show, how has been the facing your months after months, not so much just on the trends, but maybe more the behavior of the Chinese consumer within the quarter. And number two is about the US in the press release and on the show quiz, prepared remark. It seemed that you are talking about the normalization in US, but if the numbers are correct, 8 percent seems to be actually a bit better than in Q4, at least at the group level. So specifically on fashion and leather, have you seen any normalization as they call it? And point number three is actually more on Konyak. I think is it possible to have a sense of what's happening in the US market? And to understand maybe the consumer buying 37 dollar Konyak is a bit less resilient, but also we've heard about maybe a shift into Tequila. Is it something that you've noticed too? And with regards to the Chinese situation, maybe is it more just a little bit more? The destocking by one quarter, since I guess the end demand must have picked up there. Thank you.
来自BNPV的Antoine Bell的下一个问题。 Exhan。是的，大家能听到我说话吗？ 是的。晚上好，对于你们所有人来说。所以有三个问题。首先，既然我们谈到了中国，特别是时尚和皮革，可能可以量化增长吗，大概在20％左右？在展会上，你们面对着什么，无论是在趋势上还是在季度内的中国消费者行为方面，月复一月？第二个问题是关于美国的，在新闻发布会和展览文案的准备注释中，似乎你们在谈论美国的正常化，但如果数字是正确的，至少在集团层面8％似乎比第四季度要好一点。那么特别是在时尚和皮革方面，你们是否看到了所谓的正常化？第三个问题实际上更多地涉及Konyak。我认为在美国市场上发生了什么？也许理解消费者购买37美元的Konyak不太弹性，但我们也听说有一些转变成龙舌兰。那也是你们注意到的吗？关于中国的情况，也许只是多一点？因为我想最终需求可能已经在那里提高。谢谢。
Thank you, Antoine, for your three questions. The first question on China, you know that we don't disclose specific numbers for mainland China. The growth for fashion and leather was double digit in the first quarter, sorry, of the year. We'll not really answer into details on the sequence, January, February, March. Not that easy to read, as always, with Chinese New Year, not always being at the same time in the year. But all in all, I mean, we register some pretty nice pick up in China, which both were for the rest of the year. We definitely see a normalization of this market with people returning to our stores, with the Internet business picking up. So we are really back to where we were prior to the complicated period of 2022. So we are extremely hopeful and should benefit from a strong push from mainland China in 2023, certainly in fashion and leather, but probably as well in jewelry. Some other categories will take a little bit of time to recover, because Malik remains a little bit under pressure in mainland China. I'll discuss later on Konyak, as you have a specific question on that. But overall, we are extremely optimistic and we think that the numbers that we have seen in Q1 boats were for the rest of the year.
感谢您的三个问题，安托万。对于中国的第一个问题，您知道我们不会透露中国大陆的具体数字。时装和皮革在今年第一季度增长了两位数，很抱歉，我们不会详细说明1月份、2月份和3月份的情况。由于中国农历新年在一年中的时间不是固定的，因此很难很清楚地看出来。但总的来说，我们在中国看到了一些非常不错的增长，这为今年剩余的时间带来了希望。我们确实看到市场正常化，人们回到了我们的商店，互联网业务也在增长。因此，我们回到了2022年复杂时期之前的状态。我们非常有希望，在2023年能够受益于中国大陆在时装和皮革以及珠宝方面的强劲推动。其他一些类别将需要一些时间才能恢复，因为酒类仍然在中国大陆受到一定压力。关于科涅亚克，您有特定的问题，我稍后会讨论。总的来说，我们非常乐观，认为我们在第一季度看到的数字也会适用于今年剩余的时间。
This regards to the US, you are absolutely right. I mean, we have 8% growth, which is more or less in line with what we had in Q4. Q4 was 7%. So it's roughly the same numbers. A significant part of this growth comes from the selective distribution business, namely Sephora, which is doing extremely well for the rest. We have the business is slowing down a little bit, slowing down due to a bigger and bigger share of the business taking place outside the US, but also due to the fact that local business seems to be slowing down. So nothing to write home about, but nevertheless what we've seen in both jewelry and in fashion and leather is a little bit of a slowdown throughout the quota. It's difficult to draw any perspective for the rest of the year. We don't really know what will happen. For the time being, it's perfectly manageable and we still keep a good level of business. The cosmetic business is doing well. The champagne business is doing all right, but the Konyak business is under a little bit of fresh and that leads me to your third question on to one.
这个讨论关于美国市场，你说得非常正确。我的意思是，我们有8%的增长，基本上与第四季度的7%相当。所以大体上是相同的数字。这种增长的重要一部分来自于选择性销售业务，即Sephora，它为其余业务做得非常好。我们的业务有些放缓，这是由于业务在美国以外的占比越来越大，但也由于当地业务似乎正在放缓。所以没有什么大不了的，但在珠宝、时尚和皮革方面，我们看到了一些总体上的放缓。很难为这一年的未来画出什么前景。我们真的不知道会发生什么。目前来看，这完全可管理，我们仍然保持着良好的业务水平。化妆品业务做得很好。香槟业务还算正常，但科尼亚克业务有些困难，这就导致了你第三个问题的提出。
So if I try to summarize a little bit the situation with Konyak, in the US we definitely have a severe slowdown in demand. It's been going on for quite a while. We have inventories with our distributors at their maximum level, so we cannot offset slowdown in end demand with picking up the level of stocks. So obviously we are suffering a little bit there. We know that the Konyak market is sickly called in the US. It's not the first time we see that. Obviously when the business goes down, everybody asks about substitution products is the mood for Brown spirit over and people turning towards other things. It happened before. We've heard about vodka and outstakeela. I've seen that many times. I'm not worried at all. I mean, Hennessey remains, if not the first, probably amongst the most premium brands in the United States. And we are absolutely confident that they will recover when the demand picks up again. So we are not worried at all.
因此，如果我要简述一下Konyak的情况，在美国，我们的需求明显减缓。这种情况已经持续了一段时间。我们的经销商库存已经达到最大水平，因此我们无法通过提高库存水平来弥补最终需求减缓的影响。所以显然我们有些受苦。我们知道Konyak市场在美国受到了不良称呼。这不是我们第一次看到这种情况。显然当业务下滑时，所有人都会对代替产品产生兴趣，并可能开始向其他商品转移。这种情况以前也发生过。我们听说过伏特加和outrageously的情况。我已经看过很多次了。我一点也不担心。我的意思是，Hennessey品牌在美国仍然是最高级别的品牌之一，如果不是第一。我们绝对有信心，在需求再次增长时，这个品牌会重新崛起。所以我们一点也不担心。
The situation in China is at the same time worse in terms of numbers. But probably we will not last very long. Due to the situation of the market at the time of Chinese New Year, we had loaded a little bit of our clients ahead of Chinese New Year, which basically didn't happen. And it's a large part of the business altogether in China. And there was a little bit of selling and no sell out at all during Chinese New Year. So obviously we have access inventories that we have to absorb. It will take three or four months, I think. And after that, it will benefit from demand already picking up. But we don't see that. I mean, sell out is picking up. But we won't see that into selling before either it says three or four months.
中国的情况在数字方面比较严重。但是我们可能不会持续太久。由于中国新年前的市场情况，我们提前为客户做了一些准备，但结果未能如期出现。而这对我们在中国的整个业务来说占了很大一部分。在中国新年期间，销售很少，几乎没有出售。因此，我们现在需要消化库存，这可能需要三到四个月的时间。之后，需求会开始增长，我们会从中获益。但我们目前还没有看到这种趋势。虽然销售已经开始上涨，但要等到三到四个月之后，我们才能看到销售的改变。
The next question comes from Edor Bant from Morgan Stanley. Edor? Yeah. Hi, Jean-Jacques. Hi, Chris. And Rodolf. So just sorry to follow up on China, Jean-Jacques, based on consumer reports and press reports, it looks like the consumer spending in China seems to have been a little bit weaker than expected. The rebound seems to have been a little bit weaker than anticipated by the market. It doesn't seem to be the case clearly with luxury looking at the numbers you've just reported. Do you have a view as to why there is a divergence which seems to be continuing between the outperformance of luxury, just flag cosmetics, maybe not rebounding as well, so it would be curious to have your view on that. The second thing is if you look at the fashion leather goods division, in the past you've told us that Vito was a bit below, you're always a bit above the division's average. So if you could comment, because you talk about an excellent performance at Vito in Q1, so just wanted to have a bit of a clarification on that. And then lastly, during the last call you indicated that you had maybe a bit over-invested in the fashion leather goods in terms of NP and you anticipated a moderation of spend. So did you achieve these good figures in Q1 with A and P spend moderating on that? Thank you.
下一个问题来自摩根士丹利的Edor Bant。Edor？是的。你好，Jean-Jacques。你好，Chris。还有Rodolf。所以，我想再问一下关于中国的问题，根据消费者报告和媒体报道，看起来中国的消费支出似乎比预期要弱一些。反弹似乎也比市场预期要弱一些。但从你刚刚报告的数字来看，对于奢侈品来说，情况显然不是这样。您认为为什么会出现这种持续的差距呢？另外一个问题是，如果您看看时装皮具部门，过去您告诉我们Vito略低于，您总是略高于部门的平均水平。所以，如果您能评论一下在Q1时，您提到了Vito的出色表现，我想要一些澄清。最后，上一次通话中，您表示在NP方面可能过度投资了时装皮具，预计会有支出的缓和。那么，在Q1实现这些好数字时，A和P的支出是否有所减少呢？谢谢。
Thank you, Duan. Well, as far as the consumer spending in China is concerned, I find it hard to discuss outside luxury. What we see in luxury sounds as a pretty solid rebound, and if we look over two years, the growth for fashion leather in Q1 is above 20%. So that's really a good sign of what's going on. And as I said, I mean, we are extremely optimistic for the rest of the year. We are not talking about frantic or excess optimism and growth in China. We are talking about normalization at a fairly high level. Why is it better than other consumer sectors? Frankly, I'm not in a position to comment. I can just testify what we do. And frankly, it's doing well without excess. So we are pretty confident, as I said.
谢谢你，杜安。就中国的消费开支而言，如果不是指奢侈品，我觉得很难讨论。从奢侈品市场的情况来看，我们看到的是相当坚实的反弹，如果我们看两年的情况，时尚皮革在第一季度的增长超过了20％。所以，这是正在发生的好迹象。就像我说的，我非常乐观，对今年的情况感到非常乐观。我们不是谈论在中国疯狂或过度的乐观和增长，我们谈论的是在相当高的水平上进行的正常化。为什么它比其他消费部门更好呢？老实说，我无法评论，我只能证明我们所做的事情。而且，老实说，这都没有过度，运作得很好。因此，我们非常有信心，如我所说的。
Your question about the growth of the various components of our fashion and leather division? Well, it's exactly as usual, a little bit below, but really a notch below. You're a bit above. And the others a little bit in different places, but not so far from the average. So we have a sort of tier group, around the 18% organic growth number that we released. With regards to ENP, our policy not to answer questions on PNL when we discuss revenues. So you'll see that when we discuss full first half performance at the end of July.
你对我们时尚及皮革部门各组成部分增长的问题？嗯，情况像往常一样，有些低于平均水平，但也不太夸张。你们的表现略高于平均水平，其他人表现略有不同，但也没有超出平均水平太多。所以我们大概可以说有一组层次，大概在我们公布的18%有机增长数字周围。至于ENP，我们的策略是在讨论收入时不回答有关PNL的问题。所以你将会在7月底我们讨论上半年整体表现时看到。
The next question comes from Suzanne Puts from UBS. Can you hear me? Yes, we can. Suzanne.
下一个问题来自瑞银UBS的Suzanne Puts。您听得到我说话吗？是的，我们听得到，Suzanne。
Thank you for taking my questions. I have free. So the first one will be a little bit boring, but would you be able to maybe discuss the performance for fashion leather goods or if you don't, whatever is easier by nationality? And specifically, I think last quarter, you mentioned that the American cluster was still growing double digit globally. So it would be interesting to hear specifically how the American cluster has performed in Q1.
感谢您回答我的问题。我有空。第一个问题可能有点无聊，但是否能讨论一下时尚皮革制品的表现，如果您不了解，那么讨论不同国家的情况是否更容易？具体来说，我记得上个季度，您提到美洲集群在全球仍然以两位数的增长率增长。因此，听听美洲集群在第一季度的表现会很有趣。
Secondly, on watches and jewelry. Would you be able to maybe comment specifically how jewelry has grown versus watches? I think you mentioned in your remarks that you were very positive on jewelry and you didn't mention what you saw. I'm just curious if you're seeing maybe the watch market pulling down or is it specific to China because of the business being more wholesale driven. So any comments on that would be interesting.
其次，关于手表和珠宝。您能否具体评论珠宝与手表相比的发展情况？我记得在您的讲话中，您非常看好珠宝，但没有提到您的看法。我只是很好奇，您是否看到手表市场受到拉低，还是因为业务更多是批发驱动，所以特别针对于中国市场。因此，任何关于这方面的意见都会很有意思。
And finally, I think you're reopening now and in Q2, the flagship landmark boutique for Tiffany. Would you be able to remind us what percentage of sales it contributed to the brand globally? I think if I remember correctly, it was quite meaningful. So it would be just interesting to know how much help we could get from that in the coming quarters. Thank you.
最后，我认为你们现在重新开业，而在第二季度，蒂芙尼的旗舰地标精品店也将重新开业。你能够提醒我们这家店在全球品牌销售中的贡献百分比吗？我记得它非常有意义。所以知道在接下来的季度中我们能从中得到多少帮助是很有趣的。谢谢。
Thank you, Suzanne.
谢谢你，苏珊。这句话是对苏珊表达感谢之意。
So a fashion letter by Nationalities. Obviously, China leads the charge with a very high number for most brands. In most cases, exceeding 30%. With a comparison base, which is muted, pretty tough in the first part of the quarter, much easier after the 15th of March. And for what is worse, we have pretty high numbers there, which are exceeding the growth we have in China due to the fact that the offshore business with tourist business is growing faster than the domestic one, but both of them are growing very significantly. As far as America is concerned, this is why I mentioned slow down. We have all together the American cluster is flatish, unlike what it was in Q4, even taking into account the business we do in Europe, which is quite significant now. With Europeans, we have mixed numbers, but most of the nationalities in Europe are growing double digit, mostly the French, the Brit and the Italians. So we cannot complain about the business we do in Europe, as we can see from the very strong numbers that we have posted for Europe as a whole.
这是一个有关各国时尚业的通信。显然，中国在大多数品牌中的份额非常高，通常超过30%。与此相比，首季初这方面的比较基础相对平淡，但在3月15日之后变得容易了很多。更糟糕的是，我们在这方面的数字相当高，超过了中国的增长率，这是因为我们面向游客的离岸业务增长速度比国内更快，但两者的增长率都非常显著。至于美国，这就是我提到的放缓原因。整个美国集群的业务是平稳的，不像第四季度那样，即使考虑到我们在欧洲的业务是相当重要的。在欧洲，我们的数字各不相同，但大多数欧洲国家的业务增长率都达到了双位数，尤其是法国、英国和意大利。因此，我们不能对我们在欧洲的业务抱怨，因为从我们发布的整个欧洲强劲数字可以看出来。
Your second question is about watches and jewelry and commenting a bit of the situation in watches. In our numbers, we reported jewelry is doing a bit better than watches. Reading the watch market is not as easy as reading the jewelry market. jewelry is retail, so we know almost live what's going on. Jewries, watches are obviously more complicated to read. As far as we are concerned, you know that China is not a big market for us, so what we observe in China is not necessarily relevant or necessarily a good proxy for the rest of the industry, but only null. I mean, it's a bit contrasted, but we have high single digit numbers in most of our jewelry brands, so we are pretty satisfied with the business in Q1.
你的第二个问题是关于手表和珠宝，稍微评论一下手表市场的情况。在我们的数字中，我们报告珠宝的表现比手表好一点。阅读手表市场并不像阅读珠宝市场那样容易。珠宝是零售业，所以我们几乎实时地了解正在发生的情况。而手表则显然更难以读取。就我们而言，你知道中国对我们来说不是一个重要的市场，所以我们在中国所观察到的情况不一定是相关的，也不一定是整个行业的良好代表。我指的是，这有点对比，但我们在大多数珠宝品牌中拥有高个位数的数字，所以我们对Q1的业务非常满意。
Finally, Tiffany and the flagship, I think it's a number that the previous management used to give if I remember correctly if it was around 400 million or something like that, so close to 10% of sales. Don't get carried away. I mean, I don't think we will increase the business by 10% just by clicking our fingers and re-opening the store on 5th Avenue, but this being said, it should have a positive impact, not only in terms of numbers, it should add up because this store will be absolutely stunning and will add up to the business as it should and will have a good price. A much larger contribution than the temporary store that we've been operating for the last three years, but it's also very important in terms of marketing and branding because it's a testimony of what we are doing with the brand. It's probably the most emblematic luxury store in the world. I don't have to remind you all the story around this store, so obviously we did things according to the status of the store and we expect to see you at some point there and hopefully you'll be stunned as well as we are. Thank you.
最后，我认为蒂芙尼和旗舰店的营业额大约在4亿美元左右，约占销售总额的10%。但请不要太激动，我们不能光凭打响指和重新开设第五大道店就增加10%的营业额。但是，这将产生积极影响，不仅仅是在数字上，因为这家店将绝对令人惊叹，并且将为业务增加贡献，并具有良好的收益。这比我们过去三年经营的临时店要贡献更大，而且在营销和品牌方面也非常重要，因为它是我们在品牌方面所做的展示。它可能是世界上最具象征意义的奢侈品商店。我不必再提醒你关于这家商店的故事，因此显然我们将根据商店的地位做出相应的事情，并期望在某个时候在那里见到你，希望你和我们一样感到震惊。谢谢。
The next question comes from Erwan Hombu from HSPC. Yeah, good evening, gentlemen. Can't wait to see that store. Three may be follow ups, first of all, on Chinese consumption. You're basically mentioning, I believe, that offshore spending, so outside of mainland China is at performing onshore spending. Do you think that will go on this year and to your previous comment about the capacity that your stores have to welcome more people? Will you not reach a point of tension? I'm thinking Hong Kong, Macau, particularly Thailand. More there, areas in the world where you're a bit underdeveloped in terms of store units.
下一个问题来自来自HSPC的Erwan Hombu。晚上好，先生们。我迫不及待地想看到那家店。我的问题有三个，首先是有关中国消费。我认为你们基本上是在提及离岸消费，也就是中国大陆以外的消费，这种消费是否会在今年继续增长？针对你们之前的评论，即你们的商店容纳更多人的能力，你们不会在某个时刻感到压力吗？我想到的是香港、澳门和泰国等地，这些地区你们的商店数量相对较少。
Secondly, if we look at price arbitrage, I don't know if you can give us an idea of where you believe you stand on average in terms of pricing in Shanghai relative to continental Europe. But I think you rightly said, Jean-Jacques O'Wallagot, that what effects can do it can undo and it's undone quite a bit. We've gone from a euro dollar at 0.95 to 1.10 today. But despite that, I suspect the gap is still pretty wide. Do you need to address it? Are you comfortable with the gap and how can you address it potentially without alienating the local European consumer?
其次，如果我们看价格套利，我不知道您能否告诉我们，在上海和欧洲大陆的价格方面，您认为自己平均处于哪个位置。但我认为您说得对，让-雅克·奥瓦拉戈，影响可以做到它所做的，而且已经做了相当多。我们已经从0.95的欧元兑美元上升到今天的1.10。尽管如此，我怀疑差距仍然很大。您需要解决它吗？您对差距感到满意吗？如何在不疏远当地的欧洲消费者的情况下潜在地解决它？
Thirdly, and lastly, I'm just wondering if you could share priorities for beauty, for fragrance and cosmetics. You made a very high profile hire from Lurea about a year ago who was running hospitality. Now he's also running beauty. Given the high profile of the individual, I'm wondering if you will just use him to shake up the existing portfolio. If you have views on optimization or M&A or dreams of maybe a bigger contribution from that part of the business, thank you so much. Thank you, everyone.
最后，我想问一下您对美容、香氛和化妆品的优先事项是什么。大约一年前，您从Lurea招聘了一位非常高调的人才，他曾经负责酒店业务，现在也负责美容业务。鉴于这位个人的高调表现，我想知道您是否会利用他来震动现有产品组合。如果您对优化、并购或者对那部分业务的更大贡献有什么想法，谢谢大家。感谢大家。
Maybe I was not too clear on the first point, which is unsure of sure with mainlanders. What is, of sure, is growing faster than unsure, but in terms of contribution, I mean, it's 1 to 4, 1 to 5. I mean, roughly speaking, the offshore business last year was about 15% of the global mainlanders cluster, and it's now 20%. So it grows out of fast rate. This being said, in terms of contribution, it has nothing to do with the type of growth we get with the mainlanders inside mainland China. So your question is about areas where we could feel underdeveloped or we would need to add up some existing capacity. But first of all, that's a good problem to have, and that's a problem we've been dealing with for the last 25 years. So we know how to do that. You mentioned Thailand, probably not. I mean, we have had an ancient and pretty significant presence in Thailand, and particularly in Bangkok over the last years. Vietong, for instance, I think four stores in three or four stores in Bangkok, most of them being pretty, pretty large. So they can accommodate a larger amount of touristy flows. So we are not too worried. It's not something that we expect to be too disruptive whether in Thailand or elsewhere. And we are pretty relaxed with this issue.
也许我在第一个观点上没有表述清楚，就是与大陆人不确定的不确定性。当然，确定性比不确定性增长得更快，但就贡献而言，我指的是1比4，1比5。大致上说，去年离岸业务约占全球大陆人群的15%，现在已经增长到20%。这个增长速度很快。话虽如此，在贡献方面，这与在中国大陆内部获得的增长类型无关。所以你的问题是我们可能感到欠发展的领域，或者我们需要增加一些现有能力的领域。但首先，这是个好问题，这是我们在过去25年中一直在处理的问题。所以我们知道该怎么做。你提到的泰国可能不太需要。我的意思是，我们在泰国有着古老而相当重要的存在，特别是在过去几年里在曼谷。例如，越南有四家店，在曼谷有三到四家店，其中大部分店面相当大。因此，我们不太担心。这不是我们期望在泰国或其他地方造成太大破坏的事情。我们对这个问题相当放松。
Obviously, if there are pockets of areas where we feel constrained, we'll mention that in the future, but I don't think it will happen too much. Because it's regards to currency gaps and whether there is need for action, as you said, I mean, currencies can undo what happened. And we've seen particularly with regards to China, the price premium of mainland China products compared to Europe has been reduced in a significant way over the last few quarters, I would say. And it's now at a point where it's not a big issue. Obviously, we have a little bit of a question mark with Hong Kong. Hong Kong is gaining an importance as the mainlanders start to travel again. The Hong Kong dollar being paid with a US dollar and the US dollar being stronger against the Reming Bee. This makes the price gap between the two areas a little bit less interesting than it used to be. What happens there? Well, we'll have the same question with regards to Japan as well. But for the time being, I mean, we don't intend to take particular action around that. I mean, the flows even in Asia today are still starting and we want to wait and see before we decide what to do about it.
显然，如果我们感觉受到限制的地方，我们将在未来提出，但我不认为这会太多发生。因为它涉及货币差距以及是否需要采取行动，正如您所说，货币可以撤销所发生的事情。我们特别看到了中国大陆产品的价格溢价与欧洲相比在过去几个季度中得到了显着的降低，我想说现在已经到了一个不是很大问题的地步。显然，我们对香港有一点疑问。随着大陆人再次开始旅行，香港变得越来越重要，香港元与美元支付，美元对人民币兑换比率较高。这使得两个地区之间的价格差异变得不那么有趣了。那发生了什么？我们也将对日本提出同样的问题。但目前来看，我们不打算采取特别行动。即使在亚洲，资金流动也只是刚刚开始，我们希望等待并观察，然后再决定该采取什么行动。
The other question about beauty is the nomination of Stefan announcing a big shake-up in the division. Well, maybe, maybe not. In any way, it's hard to comment that type of thing in earnings and revenue call. With regards to portfolio, we are pretty satisfied with the portfolio we have. Our strategy is usually to make the best of our brands and not get rid of them and by some others. We have a great portfolio. Some brands are doing well. Some brands have been suffering a bit in the pandemic and they need to recover. We are working on that and that's priority number one, two and three for Stefan in the next few quarters.
关于美的问题，另一个问题是斯特凡宣布该部门将进行一次大调整。说不定是这样，也说不定不是这样。不过，在财报和收入电话中，很难对这类事情进行评论。至于产品组合，我们对我们拥有的产品组合相当满意。我们的策略通常是尽力发挥我们的品牌，而不是将它们割掉并换为其他的。我们有一个很好的产品组合。有些品牌表现良好，有些品牌在疫情中有些遭受，需要恢复。我们正在努力解决这个问题，这是斯特凡在接下来的几个季度中的首要任务。
The next question comes from Ashley Wadas from Bokav America. Thank you very much, Chris. Good evening to all I can, Chris. I have three questions please. My first one is just around one of the hot topics on social media at the moment, which is around this idea of quiet luxury.
下一个问题来自于Bokav America的Ashley Wadas。非常感谢你的分享，Chris。晚上好，希望大家都能听得清楚。我有三个问题，请允许我提出。我的第一个问题是关于当前社交媒体上的一个热点话题，即“低调奢华”的概念。
I was wondering how you think this trend will impact your fashion and let the brand. My second question is on personal. Ashley, I missed your first question. What is the hot topic? Quiet luxury.
我想知道你认为这种趋势将如何影响你的时尚品牌。我的第二个问题是关于个人的。Ashley，我错过了你的第一个问题。什么是热点话题？是安静的奢华。
Basically, this undisquiet. Basically, this idea of understated, no longer go luxury. Something that has become quite popular in the last couple of weeks in social media. So, potentially playing out in terms of brand momentum. The second question I have is on the Peckman Cosmetics division.
基本上，这是一种不惊扰的态度。基本上，这是低调的想法，不再追求奢侈品。这在社交媒体上最近几周变得非常流行。因此，品牌势头可能会受到影响。我有第二个问题是关于Peckman化妆品部门的。
I was just wondering how much of the 10% growth in Q1 was driven by the strong rebound in Asia travel retail and high-nan specifically. I guess my understanding was that there was still somewhat high level of infantry in the channel in beauty and at the time of the restocking would be more Q2.
我只是想知道，在第一季度中增长了10%中有多少是由于亚洲旅游零售业和高纳的强劲反弹所推动的。我猜我的理解是，在美容渠道中仍然存在相当高水平的库存，在补货时将更多地出现在Q2期。
So, my question really is, like, did you benefit in Q1 already from this or is it something that's still to come? And then the third question is on selective retailing, given the very strong top-line momentum, which is benefiting from the return of Asia travel retail.
所以，我的问题是，你在Q1中已经从中受益了吗？或者这是一件尚未发生的事情？第三个问题是关于选择性零售，由于亚洲旅行零售的回归，它正在获得非常强劲的顶线动力。
简单说：请问你们公司在第一季度已经受益了吗？还是说这个好处还没有体现出来？另外，关于零售方面，由于亚洲旅行零售的回归，你们最近的业绩有很大的提升。
How do we think about the margin of distribution in 2023, especially in light of DFS, which you cannot mistaken, was lost making last year? Thank you, Ashley.
Ashley，我们该如何思考2023年的营销利润率，特别是在考虑到去年DFS不可避免地出现亏损的情况下？谢谢。
Quiet luxury. So, a new name for something that we have heard already a few times in the past. 15 years ago, the logo or even the signature of handbags was dead. People were just looking for bags that were unsigned and on logo, you know what happened afterwards. So, it needs less to say that this is not the trend that we've seen in the following 15 years.
静谧奢华。这是一个我们在过去几次已经听过的新名字。15年前，手提包的徽标甚至签名都已经没有了。人们只是在寻找没有标志和徽标的包，你知道之后会发生什么。因此，不言而喻的是，这虽然不是我们在接下来的15年中看到的趋势。
So, it comes and goes. I mean, that's the kind of thing we get from time to time. Well, if people want quiet luxury products, they are some brands within the group or even some items that we sell that are much more discreet in terms of signatures than others. So, we try to accommodate the taste of all our customers. And frankly, we think that's fine.
所以，这种情况会反复出现。我的意思是，这是我们时常遇到的事情。如果人们想要安静奢华的商品，我们公司旗下有一些品牌，或者我们销售的一些商品在商标方面比其他商品更加低调。因此，我们试图满足所有客户的口味。而且，老实说，我们认为这很好。
I mean, if customers want unsigned products, they should get them. If they want signed products, and frankly, it's a vast majority. That's fine as well. So, we don't know whether this will be a trend or not in the coming quarters, but in an event, we are ready to offer them to offer clients product that will suit their needs.
我的意思是，如果顾客想要未签名的产品，他们应该得到它们。如果他们想要签名的产品，而且实话说，这是绝大多数人的选择，那也没问题。因此，我们不知道未来几个季度是否会出现这种趋势，但无论如何，我们都准备好为客户提供适合他们需求的产品。
As far as perfuming cosmetics concern and your question about Asia, Asia, travel retail, in the bulk of the growth, more than the bulk of the growth, actually more than 100% of the growth we get comes from mostly Europe and the US.
就香水化妆品而言以及你对亚洲、亚洲旅游零售市场的问题，我们获得的增长大部分来自欧洲和美国，实际上超过了增长的大部分，甚至超过了100%的增长。
In Asia, including travel retail, we have not rebounded yet. As you know, we commented that many times. We have a fairly restrictive attitude vis-à-vis Asian travel retail. There is nothing wrong with Asian travel retail as long as the clients are real clients and not they do. And the bulk of the Asian travel retail, even today, and particularly in Haenang that you alluded to, remains daigo.
在亚洲包括旅游零售方面，我们还没有恢复。正如你所知，我们多次提到过这个问题。我们对亚洲旅游零售持有相对束缚的态度。只要客户是真实的客户而不是他们自己，亚洲旅游零售就是没有问题的。而且现在，特别是在你提到的海南，亚洲旅游零售大部分仍然是大宗交易。
So, we are extremely cautious. We think this parallel business could destroy any brand in the long run, and we are extremely conscious to avoid this type of business. So no such thing as rebound in Asia, in Asian travel retail so far.
因此，我们非常谨慎。我们认为这种平行业务可能会长期摧毁任何品牌，我们非常清楚地避免这种类型的业务。因此，到目前为止，亚洲旅行零售市场没有所谓的反弹。
Selectivity distribution margins. But the main impact in 2023 should be that the FES is returning to breakeven. We had a really difficult year last year with Hong Kong being on a standstill and Macau being closed almost from June onwards.
选择性分销幅度。但主要的影响应该是在2023年，FES将恢复到盈亏平衡。去年我们经历了非常困难的一年，香港陷入停滞，澳门几乎从6月份开始关闭。
So half of the year. So, it was a terrible year for the FES. As a tribute to the quality of the management, they took this as an opportunity to reduce the cost base. So, they were lost making last year, but they limited the loss as much as they could in a very efficient way.
这一年度可谓是FES灾难的一年。为了表扬管理层的素质，他们将此视为一个减少成本基础的机会。去年的业绩亏损，但他们以非常有效的方式将损失限制在最低程度。
Obviously, they will benefit from that this year and we expect them to recover to breakeven, maybe a bit more. But I mean, breakeven would already be a fantastic achievement for the management team. The next question comes from Tomasz Reff from City. Good afternoon.
很明显，他们今年将从中受益，我们希望他们能够恢复到盈亏平衡，甚至更好。但我的意思是，对于管理团队来说，盈亏平衡已经是一个很不错的成就了。下一个问题来自城市的托马斯·雷夫先生。下午好。
Thanks for taking my questions. I have three. Please, the first one on pricing, Jean Jacques back in January around the full your results. I recall you said in a media interview that the industry perhaps needed to mark a pose in terms of pricing, you perhaps comment on what does that mean for Vitton-Geor and your key brand this year, particularly as you passed on some prices in the first quarter and any idea of how much you think the industry can pass on pricing for the rest of the year. If any.
谢谢您回答我的问题，我有三个问题。首先，关于定价方面，我记得在一月份的全年成果发布会上，Jean Jacques在媒体采访中表示，行业或许需要在定价方面站稳脚跟，您对于Vitton-Geor和您的核心品牌在今年的定价方面有何看法，特别是在第一季度您已经上调了一些价格，您认为这个行业在今年还能上调多少价格，如果有的话，请分享一下您的看法。
Secondly, coming back to the US growth at PLUS 8 and the components of that growth, if I'm just to correct the American cluster for the fashion leather was flat, you experienced a severe slowdown in cognac. So what drove the PLUS 8 is that the other three divisions by difference. So I guess perfumes, watches, jewelry and so on. And finally, Japan had an extraordinary growth in Q1. We know it's still a very important market for this industry. It's been historically steady but also volatile. Do you feel this is a shift in consumer behavior in Japan in the economy outlook or are you seeing just a massive influx of Korean tourists? Can you explain about what you see in Japan at the moment? Thank you.
其次，回到美国8%的增长以及其组成部分，如果我只是纠正美国集群中的时装皮革，你会发现干邑的增长减缓。那么是什么驱动了这8%的增长呢？答案是其它三个部门。因此，我猜测是香水、手表、珠宝等部门。最后，日本在第一季度经历了非凡的增长。我们知道这仍然是这个行业非常重要的市场，历史上它一直稳定但也存在波动。你是否觉得这是日本消费者行为或经济前景的转换，还是你只是看到了大量的韩国游客涌入？你能否解释一下你目前在日本看到的情况？谢谢。
Thank you, Toma. So on pricing, what I meant when we discussed that already in the end of last year is that after a general price increase in 2022, I mean, it was difficult to conceive that we would do it again with the same magnitude in 2023, which is probably not going to happen. It doesn't mean that from time to time, there could be some tactical price increases. We discussed a little bit price gaps due to currencies. It is something that could happen, but global and significant price increases. I don't think so. So I don't command future price increases. I just give you the global philosophy, but it doesn't change.
谢谢，Toma。关于定价，当我们已经讨论过去年年底的时候，我所指的是在2022年进行了一次普遍性的价格上涨，我指的是很难想象我们会在2023年再次进行同样程度的涨价，这可能不会发生。这并不意味着偶尔会有一些策略性的价格上涨。我们讨论了一下货币差价造成的价格差距。这是可能发生的事情，但不会有全球性和显著的价格上涨。因此，我不掌控未来的价格上涨。我只是给你提供了全球哲学，但这并不会改变。
I mean, we think that we have done what we had to do last year to reflect inflation and repressure in most of our product lines. It will be more cautious when it comes to price increases and it will be done mostly on a tactical basis rather than on a global basis to reflect inflation pressure. Your second question about the US, to be frank, you made the answer yourself.
我的意思是，我们认为去年我们已经做了必要的事情来反映大部分产品线的通货膨胀和再压力。我们将更加谨慎地进行价格上涨，主要是基于策略性考虑，而不是全球性的，以反映通货膨胀压力。至于你的第二个问题涉及到美国，坦率地说，你自己已经回答了。
I mean, it doesn't come from cognac or from fashion leather. So it comes mostly from the other divisions, C4 did well and the perfect cosmetic did well too. So we are pretty happy with that and this enables us to show a number which is pretty close to what it was in Q4. And Japan, well, that's an interesting question. The answer is less easy to be frank. What we see in Japan is two things. A little bit of growth coming from tourists which is quite new. We've seen that a little bit at the end of last year, but compared to Q1 last year, it's quite new.
我的意思是，这不是来自科涅克白兰地或时尚皮革。所以它很大程度上来源于其他部门，C4和完美化妆品做得很好。所以我们对此感到相当满意，这使我们能够展示一个与Q4相当接近的数字。至于日本，那是一个有趣的问题。坦率地说，答案不那么容易。我们在日本看到两件事。一些来自游客的增长是相当新颖的。我们去年年底看到了一点点，但与去年Q1相比，它是相当新的。
So it has a little bit of contribution, but we are talking about a growth of 34% in Q1. So it's not the only explanation and the other explanation is a domestic customer which is who is still doing, shopping a lot and generating a significant growth. It's always difficult to provide.
因此，它有一定的贡献，但我们讨论的是Q1增长了34%。因此这并不是唯一的解释，另一个解释是国内客户仍在大量购物并带来显著增长。提供这样的解释总是很困难的。
We have a, it seems to be that the Japanese customer, a consumer, is very confident about the economy, about the global situation, about inflation as inflation strikes way less in Japan than it does elsewhere and is therefore pretty confident and buying and is active in terms of shopping. I'm conscious that this is not a very deep and thorough explanation, but that's all we can give you at this point in time. And as I sometimes say, I'd rather have good numbers that I cannot really explain than the other way around. So we really enjoy these exceptional numbers which are great tribute to the quality of the business that our people are doing in Japan.
我们有一个情况，似乎是指日本顾客——消费者对经济、全球局势以及通货膨胀非常有信心，因为相对于其他地方，通货膨胀在日本影响要小得多，所以他们非常自信，并且积极购物。我知道这并不是一个非常深入和全面的解释，但这是我们现阶段可以提供给您的全部情况。有时候，我会说，我宁愿拥有不能真正解释的好数字，而不是反过来。因此，我们真的很享受这些杰出的数字，这是对我们在日本的业务质量的极大赞赏。
The next question comes from Oribachin from Cohen. Hi, John, Jack and Chris, great results. On China specifically, what do you see happening with Hainan as well as your thoughts more generally with the rebound on inventory positioning and how you're positioning by region and this volatile atmosphere? Second question on the Louis Vuitton brand, Farah Williams was an exciting announcement, would love your thoughts more generally on key priorities and what you see happening, perhaps with mix or the cultural movements in the brand. You've been very innovative and then third on Tiffany.
下一个问题来自来自科恩的奥里巴赤。你好，约翰、杰克和克里斯，你们的业绩很不错。关于中国，你们怎么看待海南的未来发展？在库存定位的反弹方面，以及在这种不稳定的环境下，你们如何根据地区来调整业务定位？关于路易威登品牌的第二个问题，法拉·威廉姆斯的加入是一个令人兴奋的消息，请谈谈你们的关键优先事项，以及你们预计这个品牌在混合或文化运动方面的发展趋势。你们一直非常创新。第三个问题是关于蒂芙尼。
So bridal industry wide has been facing a tough comparison. It's negative. I was wondering on Tiffany, how are you balancing margin expansion relative to revenue growth and also the locks gotten a lot of attention just what does that mean in terms of how you're thinking about the brand and the generation Z appeal. I'm wearing the Tiffany Nike stuff too. So love what you're doing there. And lastly, you touched on this a lot, but the US trends and your expression of softer, you extrapolating that you expect it to turn negative and or continue to be a fairly volatile. We are seeing a pretty promotional luxury environment with an aspirational customer that's under pressure. Thanks a lot.
整个婚纱产业都面临着艰难的比较，情况不乐观。我想问问蒂芙尼公司，您如何平衡收入增长和利润率扩张？此外，在品牌和Z代吸引力方面，Tiffany的锁也引起了很多关注。我也穿着蒂芙尼的耐克系列，非常喜欢你们的作品。最后，虽然您已经提到过很多次，但在美国市场，我们看到趋势变得弱化，您是否认为这种情况会转为负面或继续保持不稳定？我们看到众多涉及渴望的高档消费者的促销活动。谢谢。
Thank you, Oliver. So your first question is about Hainan and how we feel about it and what could happen there. Well, we can only listen to what is being announced. We understand that there will be two phases in Hainan. The first one is the one we are in. We only do three concessions, six of them, if I'm not mistaken, that currently mostly concentrate on performance cosmetic spirits and tobacco.
谢谢，Oliver。你的第一个问题是关于海南岛，我们对此的感觉以及可能会发生的事情。好的，我们只能听取公告。我们了解到，在海南岛将有两个阶段。第一个是我们现在所处的阶段。我们只开展三项特许经营，其中六项，如果我没有记错的话，目前主要集中在化妆品、香精和烟草业务上。
This business is mostly dominated by China, the three goods corporation and other operators. It's an important business for some cosmetic brands. We are extremely cautious with regards to this business due to the Daigo phenomenon that I discussed a little bit before. That's all we have to say about this phase.
这项业务主要由中国、三大化妆品公司和其他经营者主导，对一些化妆品品牌非常重要。由于之前我提到的大吾现象，我们对这个业务非常谨慎。以上是我们对这个阶段的全部讲话。
The second phase, which is supposed to come in a few years, will be a tax-free country. It's not a country, it's a region, but a tax-free region comparable maybe to Hong Kong, whether we've been not such a thing as taxes, which obviously will level the playing field. There are a lot of shopping mall projects and a lot of things are currently being under construction. We understand that the travel flow into Hainan is about 40, 50 million a year, so it's significant and that the market could become very significant.
第二阶段预计几年后实施，将建成一个免税区。虽然这不是一个国家，而是一个地区，但这个免税区可以与香港相媲美，因为它不会征税，显然会使竞争更加公平。目前有很多购物中心项目正在建设中。我们了解到每年有大约四、五千万人次前往海南旅游，这是一个非常显著的数字，市场潜力非常大。
We definitely look at the market for the second phase, not for what the market is today, because we are not so much interested in being into this Daigo frenzy. The second phase of the market, we should see this market becoming a normal market, I would say, particularly exciting because there will be price difference with China and we will be there, but we will be there in a normal way. We'll have our stores, we'll have our people who will decide upon our assortment and prices. It's at the same time a little bit far-fetched because it doesn't happen tomorrow, but it's something that could be extremely interesting in the medium term. LV? Oh, far-fetched mediums, yeah.
我们的重点是关注市场的第二阶段，而不是关注市场目前的情况。因为我们对于参与大胡子热潮并不是非常感兴趣。在第二阶段的市场中，我们应该看到这个市场正变得越来越正常。特别令人兴奋的是，此时将会有与中国的价格差异，并且我们会在这里，但我们会以一种正常的方式存在。我们将拥有我们的门店，我们的人员将决定我们的商品和价格。虽然这在短期内可能有些遥远，但在中长期内，这是非常有趣的事情。LV？嗯，有些遥远，但也有趣。
What are the key priorities for LV? I think the nomination of Farrell is actually telling you something about the blurring of boundaries between distribution, marketing and product strategies. Each strategy we design at Adviton and elsewhere, I mean, this is true for most of our brands. There is no such thing now as a pure product, pure distribution or pure marketing strategy. The three of them mix and obviously Farrell has been nominated to spare head this effort of being global and there will be some marketing component in the creation. There will be some distribution component in the product strategies and we try to mix all that.
LV的关键优先事项是什么？我认为任命法瑞尔实际上告诉你有关分销、营销和产品策略之间边界模糊的情况。我们在Adviton和其他地方设计的每个策略，我意思是，这对我们大多数品牌来说是真的。现在不存在完全的产品、纯粹的分销或纯粹的营销策略。三者混合，明显法瑞尔被任命为领导这一全球化努力的人，其中包含一些营销成分。产品策略中将有一些分销组成部分，并且我们尝试将所有这些混合在一起。
So the marketing effort and the branding effort that we are developing at Adviton and elsewhere is much more global and then come past the various areas of the marketing mix. This is the priority to promote the brand to enhance the branding of Adviton and the other brands through appropriate marketing, distribution and product strategies, the three being quite entrenched.
因此，我们在Adviton和其他地方开展的营销和品牌推广工作更加全球化，贯穿于各种营销组合领域。这是提升Adviton和其他品牌品牌形象的优先任务，需要通过适当的营销、分销和产品策略来实现。这三个方面都非常重要。
Your question about Tiffany and I think it was about bridal, right? And the competition about bridal, am I right? Expansion component. Oh, yeah. So the question about margin expansion and revenue, in my view, is not the right way to really set it. Basically what happens in luxury is that we design strategies that will boost revenues. For a while, the margin don't move and when revenues start to develop, we get a boost in margins. We've seen that at Bulgaria, we've seen that at Vitton and Dior, look at Dior, I mean, for decades, the margins of Dior were pretty like cluster and with the development of the brand in the last six, seven years, we've seen an explosion of the margins. So hopefully the same will happen at Tiffany, will develop the revenue through product innovations, through store expansion and renovation and at some point the strategy will kick in in terms of margins and will see margin improvement. It's exactly what happened at Bulgaria and we try to replicate exactly the same thing at Tiffany.
你提到了关于蒂芙尼和我，问题是关于婚纱，对吗？还有关于婚纱的竞争，我是对的吗？关于扩张的问题。是的，所以我认为关于利润和收入的问题，不是真正的正确方式。基本上，在奢侈品行业，我们制定的策略是提高收入。一段时间内，利润率不动，当营收开始增长时，我们的利润率就会得到提高。我们在布加迪、路易威登和迪奥都看到过这种情况，看看迪奥，我是说，几十年来，迪奥的利润一直比较稳定，但是在过去的六、七年中，随着品牌的发展，我们看到了利润的爆炸式增长。所以希望蒂芙尼也能发生同样的事情，通过产品创新、店铺扩张和翻新来提高收入，最终利润率也会得到提高。这正是布加迪所发生的事情，我们试图在蒂芙尼复制这个成功经验。
Well, with regards to the US trend for the future, I mean, as you know, our visibility and our businesses as good as yesterday's sale. So it's always very difficult to assess what's going on. So what we try to do is to be as transparent as possible on what happened so far, what will happen next. Everybody, as you fully remember in September, everybody was expecting 2023 to be horrendous year for luxury in the US. It doesn't happen. It's not as good as it used to be, but how come could it stay that 20% growth per annum? So it's normalizing, but it's not bad either. So it's very difficult to make any prediction. Interest rates are rising in the US. Maybe taking its toll on consumer spending, difficult to say. Interest rates rise will probably come to an end if I read it. The market is correctly sometimes in the rest of the year. It may have a positive impact, nobody knows. So frankly, I find it extremely difficult to answer your question.
关于未来美国的趋势，我们的可见性和业务和昨天一样好。因此，评估当前情况很困难。因此我们尽量透明地说明过去和将来发生的事情。正如你们在9月份的期望，许多人认为2023年将是美国奢侈品的噩年。但事实并非如此，不过增长率也不会像之前那样高了。随着市场逐渐趋于正常，预测也变得更加困难。美国的利率正在上升，这可能会对消费支出造成影响，但很难预测。如果我阅读到的是正确的，利率上涨将很快结束。市场有时会正确判断剩下的一些情况，这可能会产生积极影响，但现在谁也无法确切预测。因此，我认为回答你的问题非常困难。
And the next question comes from Rogerio Jimori from Stiffel. Hi, Jean-Jacques. Hi, Jean-Jacques. And I have two questions. I have one follow up on jewelry, one about Korea, and one about perfumes and cosmetics.
下一个问题来自Stiffel的罗杰里奥·吉莫利。你好，让-雅克。我有两个问题。一个是有关珠宝的后续问题，一个是有关韩国的问题，还有一个是关于香水和化妆品的问题。
So on jewelry, I think in the presentation, you flag the high end jewelry as a bright spot and exceptional quarter for both Tiffany and Boogers. So anything to call out in terms of performance for B-Jew at Tiffany in the US and the core collections for Booger and Tiffany across the main clusters, the US, Chinese, and European.
在珠宝方面，我认为在展示中，您要突出高端珠宝是蒂芙尼和博格斯的亮点和杰出季度。那么关于蒂芙尼在美国的B-Jew和博格斯和蒂芙尼在美国、中国和欧洲主要区域的核心系列的表现，有什么需要强调的吗？
My second question about Korean clusters is that it has become obviously relatively large for the industry in the last three years when you thought on what's going on in Korea and Koreans buying abroad. And then the third on perfumes and cosmetics is just a follow up on category trends. I think on your comments about Sephora, you mentioned that makeup is standing out. So any change in terms of fragrance versus makeup versus skincare.
我的第二个问题是关于韩国产业园区，近三年来它明显变得相对较大，主要是因为韩国人在国外购买的情况。第三个问题则是关于香水和化妆品类别趋势的后续，你曾提到化妆品在 Sephora 中表现突出。有没有任何关于香水、化妆品和护肤品方面的变化？
Thank you.
谢谢你。简单表达感谢之意。
So your first question on high jewelry. I must say that Q1 is not the biggest quarter for high jewelry. It's a fairly seasonal business. So high jewelry is doing all right in the first quarter of the year, but it's not a big contributor. So I find it hard to comment further. Q2 is much more relevant, a quarter with a lot of events, taking place around the world. But as far as we can see, so far this year, the positive trend that we have experienced both at Bulgaria and Tiffany doesn't seem to be getting any worse. So it should remain a view, a key contributor to the growth of the business going forward.
关于高级珠宝的问题，我必须说Q1并不是高级珠宝销售的最佳季节，这是一项相对季节性较强的业务。因此，虽然高级珠宝在一季度还算不错，但它不是一个主要的贡献者。因此我很难进一步评论。第二季度更加相关，因为在全球范围内有很多活动。但从我们所能看到的情况来看，今年迄今为止，我们在Bulgari和Tiffany经验的积极趋势似乎并没有变差。因此，高级珠宝应该仍然是业务增长的一个重要推手。
Korea, you said it. I mean, it's becoming an important market. It's at the same time hub for some Chinese tourists. It's a big market in itself. And we have Koreans shopping abroad. So it's one of the most complex markets in the world in this respect, as we have to accommodate the three dimensions of this market. It's been going well through the pandemic, less volatile than the Chinese market for instance. We'll have to control Daegu because we know that there is a tendency for Daegu's to shop in Korea, which is closer to home than some other markets. This can be done with pricing, as we discussed a little bit before. We'll see how the market develops in coming quarters. But for the time being, we are pretty satisfied with the Korean market, with the business we do, with the locals, the business we do, with the Korean tourists. And we manage to control the Daegu business in a fairly correct way.
韩国，你说得对。它正成为一个重要的市场。同时，它也是一些中国旅游者的中转站。韩国本身也是一个大市场。我们有很多韩国人在海外购物。因此，就这个市场而言，它是世界上最复杂的市场之一，因为我们必须适应这个市场的三个方面。在疫情期间，韩国市场的波动性比如中国市场低。我们将要控制大邱市的业务，因为我们知道大邱市有购物倾向，而韩国这个市场比其他市场更靠近家。我们可以通过定价来实现这一点，正如我们之前讨论过的那样。我们将看看未来几个季度市场的发展情况。但现在，我们对韩国市场、我们与当地人的生意以及我们与韩国旅游者的生意都感到相当满意。我们设法以相当正确的方式控制大邱的业务。
Puffing cosmetics and the category, yes, makeup is doing well, but fragrance is doing even better. And the skincare business is flatish. So the bulk of the growth comes from fragrance and makeup. This has been going on for a while. I mean, probably due to the fact that we have less growth in Asia, particularly China and Asian travel retail than we have elsewhere. And the bulk of the growth coming from Europe and the US, this creates some bias toward in favor of fragrances and makeup.
吹嘘化妆品和分类，是的，化妆品表现不错，但香水表现更好。而护肤业务则相对平稳。所以增长的大部分来自香水和化妆品。这种情况已经持续一段时间了。我是指可能是由于我们在亚洲，特别是中国和亚洲的免税店增长率比其他地区低。而增长的大部分来自欧洲和美国，这会导致对香水和化妆品的偏好。
We have a question from Lucas Alcar from Bernstein. Yes, good evening. Maybe a slightly different question on I wear. You've been in housing I wear for a few years. Understand that there was an element of experimentation in this decision. I wonder looking back, what do you think about this is gone and how important you believe that this category could become for the group if it's going to be material or not.
我们收到了贝恩斯坦的Lucas Alcar的问题。晚上好。可能我对I wear有一个略微不同的问题。您已经在住房I wear行业工作了几年。了解到这个决定中有一定的试验性因素。我想知道回溯一下，您认为这个决定的结果如何，以及您认为这个类别对于公司的重要性是否足够大，是否具有实际价值。
A second question on capacity and inventory availability, especially looking at leather goods. I understand you've been overseeing a very important growth in the most recent 30 years or so. But I seem to remember that one of your smaller competitors in Paris provides a number about capacity growth each year. And you're increasing capacity as you face various strong growth from consumer demand as the numbers in the first quarter testify.
有一个关于产能和库存可用性的第二个问题，尤其是关注皮革制品。我了解您近30年来一直在监督非常重要的增长。但是我记得巴黎的一个较小的竞争对手每年都会提供产能增长的数字。因为您面临着消费者需求的强劲增长，正如第一季度的数字所证明的那样，您正在增加产能。
Thirdly, we understand that demand in the US is showing a clear trend with lower-end products at NEC having an issue and at the same time Sephora doing very well indeed. I wonder if you look at NEC and the most recent hiccups we've seen there, for example, inventory availability issue or the price increase decision. Last year, how much of the current performance, which is slightly disappointing, has been self-inflicted and how much of it depends on the market. And are you confident that any issues in decision making and in the company are now streamlined and on the good track? Thank you.
第三，我们了解到美国市场的需求呈明显的趋势，NEC的低端产品存在问题，而Sephora却表现非常出色。我想知道，您是否考虑过NEC最近的问题，比如库存可用性问题或价格上涨决策等。去年，目前的业绩略微令人失望的现状，有多少是自己造成的，有多少取决于市场。而您是否有信心，决策和公司问题已经得以解决，现在正在良好的发展轨道上？谢谢。
Thank you, Lecault.
谢谢你，Lecault。
So your first question, and I, where we internalized I wear for progressively for some brands, mostly Fendi and Dior to start with. And I must say that with regards to these two brands, the results are quite interesting and very positive. In many ways, first of all, in terms of quality, we have improved the average quality of our products, which is always something very important to do. So we are very pleased with that.
所以你的第一个问题，我和我，我们内化了渐进地为一些品牌做广告，主要是范迪和迪奥。我必须说，关于这两个品牌，结果非常有趣且积极。从很多方面来说，首先是质量方面，我们改善了我们产品的平均质量，这是非常重要的事情。所以我们非常满意。
In terms of distribution, we control much more and much better. Who do we sell our products through? Most of our, most of I wear is sold through certain distributors. And we don't want to end up with 20,000 doors and finding Dior, I wear everywhere in the world. This has to be controlled. And obviously, we do it in a much better way through our own organization. And certainly, they are important, incorporated marketing budget into the I wear PNL that positively contributes to the global marketing effort of the brand. And the fact that we control this budget ourselves and able us, obviously, to direct them and to control them in a much better way. And this happens to be a profitable business.
在分销方面，我们能够更好地控制。我们的产品是通过谁销售的呢？我们的大部分产品都是通过一些经销商销售的。我们不想让我们的产品在全球各地出现20,000个销售门店，防止Dior、I wear品牌无处不在。这必须得有所控制。显然，我们通过自己的组织来进行管理要好得多。我们也将市场营销预算纳入到I wear收益表中，为全球品牌营销努力做出了积极的贡献。事实上，我们自己控制这个预算，能够更好地引导和控制预算。这也是一个盈利的业务。
Obviously, the start in 2019 and 2020 was a little bit lost making as it is normal for any startup when integrating a business. But now we are turning a very nice profitability. So we will move on and we will continue to integrate one after the other all our brands. So probably remove the remaining licenses and develop from there. We have a strong base.
显然，2019年和2020年的开局有些迷茫，这对于任何新创企业来说都是正常的，因为他们要整合业务。但现在我们的盈利能力非常好。因此，我们将继续前进，并继续将我们所有品牌逐一整合到一起。因此，可能会删除剩余的许可证并从那里开始开发。我们有一个坚实的基础。
The only constraint that we have is to find land, to build factories and to find people to work in there. Otherwise, I mean, from a pure product and management viewpoint, we have a great team. And they have really given us the proof that they can develop the business much further. And we will try to do so.
我们唯一的限制就是要找地、建厂、找人来工作。否则，从产品和管理的角度来看，我们拥有一个优秀的团队。他们已经证明了他们能够更进一步地发展业务。我们将尽力实现这一目标。
On capacity, well, the capacity question is something that is being raised from time to time. The last time was probably 2015 when we had a little bit of shortages in terms of capacity. That's not the case now. We can accommodate the current growth, which, as I said, is mostly mixed based, which is less of an issue from a capacity viewpoint than volume based growth, as I explained many times. So we can accommodate the current growth without having to make very significant and urgent investment.
关于产能问题，这是一个反复被提出的问题。上一次可能是在2015年当我们的产能出现了一点短缺。但现在情况不同了。我们可以容纳目前的增长，正如我所说，这主要是基于混合的增长，从产能角度来看比基于体量的增长问题要少，我已经多次解释过了。因此，我们可以容纳目前的增长，而不必进行非常重大和紧急的投资。
And if we have to make it, and certainly at some point we'll have to make it, we'll plan them in advance and we'll do them. And we've always done, I mean, there is always the ability to enlarge existing atelier to double the size of an existing atelier. When we buy a land to build an atelier, we always think about making a second one at the same place. So there are a large number of solutions that we can develop to accommodate the good problem of excess demand that we may be couldn't meet without further investment. So we'll do it. I think it's a good problem to have and we've handled that many times in the past and I'm not worried about that.
如果必须这样做，我们肯定会去做。我们会提前计划并进行扩张。我们过去一直都这样做，即通过扩大现有的工作室来使其扩张。当我们购买土地建造工作室时，我们总是会考虑在同一地点建造第二个工作室。因此，我们可以开发许多解决方案来适应需求过剩的好问题，否则我们可能无法满足需求而需要进一步投资。所以我们会去做。我认为这是一个好问题，在过去我们已经多次处理过了，我对此不感到担忧。
Your third question about Hennessey and Price elasticity is a very valid one. We had a lot of, as I said before, a lot of inflationary pressure at Hennessey in particular due to the price of glass, energy, et cetera. And we had to pass on very serious price increases last year, which were probably a bit difficult to absorb by some clients, hence a little bit of negative reaction on volumes. That's your right. I mean, that probably happened and it takes a bit of time to be swallowed.
你关于亨尼西和价格弹性的第三个问题非常有意义。正如我之前所说，亨尼西特别是受到了玻璃、能源等价格的通货膨胀压力。去年我们不得不实行非常严重的价格上涨，这可能有些客户难以承受，因此出现了一些负面反应。那是可以理解的，这需要一段时间来消化。
And that's why we are extremely cautious when it comes to further price increase. VS in the US will not be subject to any price increase this year and it's certainly the right thing to do. At the same time, we also have to invest behind the brand in terms of marketing. There is always a tendency when you have high demand and shortage in availability of product as it happened in the second half of 2020 and 2021 to reduce marketing budget, not only our marketing budget, but our distributors' marketing budget. They are not going to invest behind the brand when they know that they will be selling the bottles anyway.
这就是为什么当涉及到进一步的价格上涨时，我们会极其谨慎。美国的VS酒今年不会涨价，这当然是正确的做法。同时，我们也需要在品牌推广方面进行投资。当产品需求量大，可用性短缺时，就容易出现削减市场营销预算的趋势，不仅是我们自己的营销预算，还包括我们的分销商的营销预算。他们知道无论如何都会卖出酒瓶，所以就不会在品牌营销方面进行投资。
So after a while, this is a tendency of putting the brands behind some others that are more active in terms of marketing. So we are very conscious of that and we shall be investing behind the brand much more because it needs to be done. So again, I'm not worried at all where the US situation for HNC, which is the largest spirit brand by value in the world and we are very confident that the brand will continue to be extremely performing well and be profitable.
过一段时间后，品牌营销更加活跃的其他竞争品牌逐渐超越了我们的品牌。因此，我们非常清楚这一点，并将更多地投资于品牌，因为这是必须要做的。因此，我不担心HNC在美国的情况，它是全球价值最大的烈酒品牌，我们非常有信心这个品牌会继续表现出色并盈利。
There are a few issues to be fixed in the US and time will enable us to absorb the price increase and at the same time will be investing into marketing and everything should get better within some quarters. We will not have a great year in 2023. It will take me wrong. It takes a little bit of time to do that but I'm very confident that the HNC team will be able to manage that.
在美国有一些问题需要解决，时间会让我们吸收价格上涨，同时我们将投资于营销，一切都应该在几个季度内得到改善。我们在2023年不会有一个很好的年份，这点请不要误解。要做到这一点需要花费一些时间，但我非常有信心，HNC团队将能够管理好这一切。
When it's getting late, we have three remaining questions. I suppose all the important ones have been asked at this stage but maybe we can take these last three questions if you limit yourself with one question please. And the next question will come from Karl Madreau from Barclays.
现在已经很晚了，我们还有三个问题需要解决。我想在这个阶段，所有重要的问题已经被问过了，但是如果您能仅限一个问题的话，也许我们可以回答这最后三个问题。接下来的问题将由Barclays的Karl Madreau提出。
Hi, can you hear me now?
你好，你现在能听到我说话吗？
Yes, I can hear you.
是的，我能听到你说话。
Hi, good evening. This is Karl Madreau.
你好，晚上好。我是卡尔·马德罗。
Yes, one, two questions for me if I can. I guess just one just to come back on the Chinese market. I think you mentioned earlier on the call that there was some pressure in cosmetics in China just to clarify. Did you just link to this great market by Go Business which is of course, I think the pressure or could we think that the middle-class consumer in China is still performing a bit less strongly than the higher end consumers who maybe tend to buy a bit more fashion and as a good product categories. That's the first question.
如果可以的话，有一个或两个问题请允许我问一下。我想就中国市场回来的问题问一个问题。我记得你在之前的通话中提到，在中国的化妆品市场上存在一些压力，只是想澄清一下。这是由于Go Business所链接的大市场压力引起的，还是我们可以认为中国的中产阶级消费者表现没有像高端消费者那样强劲，他们可能更倾向于购买一些时尚和好的产品类别。这是第一个问题。
And the very quick second question I had was on Lividon. Of course, you mentioned that you have hired Ferrell Williams in the menswear segment of the past few months. Can you remind us about the structure of the women's wear designing team? Of course Mr. Giske has been here for I think around 10 years now. How should we think about, you know, is there any element of disruption you want to add to the way he operates? Are there any communication between menswear and women's wear? Or are you fully happy with the structure? Should we expect any more collaboration? As you of course have been doing lately on the list of good categories. Just to give us updates on how we can think about the women's wear segments could be interesting. Thank you.
我有两个问题，第一个是关于Lividon。你提到你雇了Ferrell Williams在男装部门工作了几个月。你能再提醒我们女装设计团队的结构吗？当然，Giske先生已经在这里工作了大约十年了。我们应该如何思考，你是否想为他的运作模式添加任何破坏性因素？男装和女装之间有沟通吗？或者你对这个结构完全满意？我们是否应该期待更多的合作，就像你最近在好的类别列表上所做的一样？可以给我们更新一下如何思考女装策略，这很有趣。谢谢。
Thank you, Karl.
谢谢你，Karl。这句话是表示感谢的一种方式，用于向Karl表达感激之情。
So on the Chinese perfomance cosmetic market, we've been saying the same thing for quite a long period of time. The market is being heavily disrupted by the parallel business degree market or whichever way you call it the Daegu-Grey market parallel that is creating an enormous pressure, discount pressure on the market. And when you try to preserve the value of the brand not to discount, obviously you're at disadvantage vis-à-vis the competition. So I don't think the Chinese, the mainland Chinese customer by itself is in any way showing some signs of weakness and not particularly today with the recovery that we see there. But the market is heavily disrupted by the discounts and particularly on the best sellers that have been introduced during the pandemic period through the duty-free segment. So it's something that we don't see clearly where the market is going. It will take a while to normalize. But as far as we are concerned, I will never play the game of discounts because we know it would be destroying the brand. When you have a brand like Geo, obviously it would be a very bad idea to discount the Deore-Perfemincosmetic brand given the size and importance of the Deore-Couture business altogether in mainland China. So it will be very strict. We have been and will be very strict on that.
在中国的化妆品市场上，我们已经说了很长一段时间同样的话。市场正受到韩国大邱石灰市场的影响，或无论你如何称呼，这种并行市场正在对市场施加巨大的压力和折扣压力。当你试图保护品牌价值不打折扣时，显然你面临着与竞争对手不利的境地。所以我认为，单单看内地的中国消费者，并没有表现出任何弱点，尤其是在我们看到复苏的今天。但市场正在受到折扣的重重干扰，尤其是在疫情期间通过免税区引入的畅销产品。因此，我们无法清楚地看到市场的走向。 很长一段时间内，市场都将需要调整。但对于我们来说，我们永远不会参与折扣的游戏，因为我们知道这会破坏品牌。当你拥有像Gio这样的品牌时，显然折扣Deore-Perfemincosmetic品牌是一种非常糟糕的想法，考虑到内地中国 Deore-Couture业务的规模和重要性。因此，我们会非常严格。我们已经严格实施，并将继续在这个方面保持严格。
With regards to the organization of the ready-to-wear business and the creation within Vitton, we are extremely happy with the way it works. There are a lot of contacts and collaboration between men and women. I cannot really elaborate because it's a question of how the business is being organized but don't expect major changes in the way the business is being managed in the future.
关于Vitton的成衣业务组织和创作，我们对其运作方式非常满意。男女之间有很多联系和合作。我无法详细阐述，因为这是业务组织的问题，但未来不要期望在业务管理方式上发生重大变化。
The next question comes from Natasha Brillian from Greece.
下一个问题来自希腊的Natasha Brillian。她有什么问题要问。
Hello, thank you for taking my questions. I just want to ask one on capital allocation. I mean, the usual question, there's not a lot of things available and of size to buy despite some press articles associating you with some competitors. But in the absence of any large-scale M&A, could you see in the median term scope to increase the buy-back and shareholder returns?
大家好，感谢您回答我的问题。我只想问一个有关资本配置的问题。我的意思是，通常情况下，虽然一些新闻报道将您与竞争对手联系起来，但实际上可以购买的东西并不多，规模也不大。但在没有大规模并购的情况下，您是否能够在中期范围内增加股票回购和股东回报？
Listen, if you look at the global numbers, I mean, the big chunk of the excess capital, whichever way you call it, free cash flow, or goes to the dividend. We have been increasing the dividend very steadily and very significantly over the last years. I think on average, over the last 30 years, we've been increasing the dividend by 11% per annum. So that absorbs a big chunk of the cash flow. Even if we don't do sizable acquisitions for lack of compelling opportunities or available opportunities as we speak, we do some acquisitions, bolt-on. I mean, we've been doing a few things as you've noticed in wine and spirit. We always do some acquisitions. They also do consume more absorb a little bit of the excess cash flow. And the debt as a potential to go down. So we have a share buy-back program, which has been set at a billion and a half for this year. It was the same amount last year. I think we are fine with that level for the time being, if the cash flow increases and we have to revisit that question, another good problem to have. Well, we'll think about it, but for the time being, we don't think it is necessary.
听着，如果你看全球的数字，我是说，大部分多余的资本，不管怎么称呼它，自由现金流或者分红，都会用在分红上。过去这几年我们稳步而显著地提高了分红。我认为，平均每年过去30年我们提高11%的分红。这占了大量的现金流。即使我们目前缺乏有吸引力或可用的机会来进行规模较大的收购，我们也会进行一些小型的“插销”式收购，我们在酒类和烈酒业务方面也做了一些事情。它们也会消耗部分多余的现金流。同时，债务有可能减少。所以我们有一个股票回购计划，今年计划回购15亿美元的股票。去年同样的数额。我们觉得这个水平目前是合适的，如果现金流增加，我们需要重新审视这个问题，这是一个好的问题。我们会考虑这个问题，但目前我们认为没有必要。
And the last question comes from Li Wei Hu from CICC.
最后一个问题来自中金公司的胡立伟。请问您能回答一下吗？
Thank you very much, Jim Jack-Kris and Haudenosaun. I have one question with two small parts, if you don't mind.
非常感谢你们，吉姆·杰克-克里斯和霍登诺赛。不知道你们是否介意我问一个问题，有两个小部分。
The first part is if we look at the spending by Chinese cluster in the first quarter of 23, when compared to first quarter of 2019, what will be the growth for Chinese and how has that performed compared to other nationalities? So that's the first part. Please share some comments on that.
第一部分是，如果我们比较2023年第一季度中国客群的消费支出与2019年第一季度相比，中国人的增长率是多少，以及与其他国籍相比表现如何？这是第一部分，请就此发表一些评论。
And the second part is if we take a time machine back to four months ago, I assume most of us will be more optimistic about Chinese rebound and growth rates. So compared to the reality, apparently there's some gap in there. So apart from the acceleration of all of the short spending by Chinese, what are the other main reasons that led to this gap between expectation and reality? Thank you very much.
第二部分，如果我们回到四个月前的时光机器，我认为大多数人对中国的复苏和增长率会更加乐观。因此，与现实相比，显然存在一些差距。除了中国短期支出的加速外，导致这种期望与现实之间的差距的其他主要原因是什么？非常感谢。
Well, maybe expectations were too optimistic, so I cannot comment on that end of the comparison. As far as we are concerned, I mean, four months ago we really thought that with the release of all these Euro-Covid measures, we were off for something like six months chaos in China for the normalization of the sanitary and the pandemic situation. It happened to be much, much shorter than that and it was a pleasing surprise.
也许我们的期望过于乐观了，因此我无法评论比较的这个方面。就我们而言，我是说，四个月前，我们真的认为随着这些欧洲新冠肺炎措施的发布，我们将经历类似于中国为使卫生和疫情状况正常化而经历的六个月混乱时期。但实际情况比那要短得多，这让我们非常惊喜。
So it's a little bit counterintuitive now to really be disappointed by China. If we compare the situation today where we were five months ago, it's much, much, much better. So as far as we are concerned, when the situation in mainland China is an excellent surprise compared to what we thought it could be only four, five months ago.
现在对中国感到失望有点不符合直觉。如果我们把现在和五个月前的情况进行比较，现在要好得多得多。因此，我们认为，与我们四、五个月前所想象的相比，中国大陆的情况是一个非常好的惊喜。
With regards to the Chinese cluster versus 2019, I don't have very precise numbers in mind, but I think we are all together in between 30 or even 40. No, it's between 40 and 50 percent, I guess, higher than what we were in 2019. Obviously, where the business takes place is entirely different from what it was in 2019. But we've been growing the business very steadily ever since. Or the old is that it?
关于中国团队与2019年相比，我没有非常精确的数字，但我认为我们现在的业务增长在30%到40%之间，甚至可能高出2019年的水平。显然，我们的业务发生的地方与2019年完全不同。但我们的业务自那时起一直稳步增长。那么，这些就是我们的情况了吗？
Yes, that's it. Thank you. Thank you so much for attending the call. And as I mentioned, I look forward to discussing with you all the PNL numbers at the end of July, as we always do. Thank you and have a great evening. Bye.
是的，没错。谢谢你。非常感谢你参加通话。正如我所提到的，我期待在七月底与你们讨论所有的PNL数字，就像我们一直做的那样。谢谢你，祝你度过愉快的晚上。再见。