Tapestry,Inc。(TPR) 管理层出席伯恩斯坦战略决策会议 (成绩单)

Tapestry, Inc. (NYSE:TPR) Bernstein Strategic Decisions Conference May 30, 2019 2:00 PM ET

Tapestry,Inc。(纽约证券交易所代码:[TPR])伯恩斯坦战略决策会议2019年5月30日美国东部时间下午2:00

公司参与者

Victor Luis - CEO

  • Victor Luis - 首席执行官

电话会议参与者

Jamie Merriman - Bernstein

  • 杰米梅里曼 - 伯恩斯坦

Jamie Merriman

Good afternoon, everyone. I’m Jamie Merriman, Bernstein’s US softlines and specialty retail analyst. I’m thrilled to welcome Victor Luis, Tapestry’s CEO at the Strategic Decision Conference today. Victor has been the driving force between behind creating Tapestry based on his long term vision of creating the first US based host of modern luxury lifestyle brands. He oversaw Tapestry’s first acquisition, Stuart Weitzman in 2015 and most recently, the acquisition of Kate Spade in New York in 2017. Victor joined Coach in 2006 as President and CEO of Coach Japan, rapidly assuming leadership responsibilities across Asia and Europe, becoming Chief Commercial Officer in 2013 and then CEO of Coach, Inc. in 2014.
So again, thank you very much for joining me. Appreciate it.

大家下午好。 我是Jamns Merriman,Bernstein的美国软线和专业零售分析师。 我很高兴今天在战略决策会议上欢迎Tapestry的首席执行官Victor Luis。 Victor凭借其创建美国第一家现代奢侈生活方式品牌的长期愿景,成为制作Tapestry的推动力。 他曾在2015年监督Tapestry的第一次收购Stuart Weitzman,最近一次是2017年在纽约收购Kate Spade。Victor于2006年加入Coach,担任Coach Japan的总裁兼首席执行官,迅速担任亚洲和欧洲的领导职务,成为首席商业 2013年担任官员,2014年担任Coach,Inc。首席执行官。

再次,非常感谢你加入我。 欣赏它。

Victor Luis

Thank you for having me. Glad to be here.

谢谢你拥有我。 很高兴来到这里。

Jamie Merriman

So I thought we could just start out by talking about the Tapestry model and specifically how the platform is differentiated and how you think about the core competencies and how you leverage those across multiple brands?

所以我认为我们可以从谈论Tapestry模型开始,特别是平台如何区分,以及您如何看待核心竞争力以及如何利用多个品牌?

Victor Luis

Sure. I think that in our space, quite often, of course, when people in general think about multi brand, there's the traditional European model. And then that's often compared to the American model, which I think, prior to us, at least in the luxury space, really didn't exist. There's been a few, what I would call, more apparel players and in the shoe space as well in the US and we've always envisioned our model and have developed it more as a hybrid between the two, one where brands could be held at the forefront and where we could be consumer led from a culture perspective, but also one that would leverage much more of the backend platform, then what is the case in traditional European groups? And I think there are three or four characteristics that we use to really define our thinking in our model.
First and foremost, that comes down to the brand's themselves to have very differentiated brands, not only in terms of, of course, the market segments that they may be going after and with a global reach, but also in terms of the brand attitude, there were some companies that may be would want to go from a brand perspective to have a specific attitude at various price points, which we often see. We decided in each of our brands to go after very different consumer attitudes, because fashion trends can change, and therefore we would not be beholden to one.
If you're, for example, in a positioning which is focused on, let's say, sexiness, which is a topic especially in the recent four or five years, that's been a topic of discussion across a few apparel players, we did not want to be beholden to that one specific view, of course that changes and the definition to a female consumer of what is sexy and acceptable to her has evolved and changed.
And so with Coach, we have a brand that goes and I think targets a much broader consumer than the other two, which is really focused much more on the classic look, one where consumers appreciate authenticity and craftsmanship. In the case of Kate Spade, we have a brand that is more millennial focused, but that is not so much focused on craftsmanship, much more focused on femininity and this kind of fun attitude.
And in the case of Stuart Weitzman, we have a brand that maybe focuses a little bit more on the sensual and I would say, much more of a global view of glamour than the other two. And so with each of those, a different position, I would say that's one characteristic.
Secondly, you talked about the platform, we have been very hard at work, establishing a platform that can be truly leveraged across the three brands. And what do I mean by that? First and foremost, from a systems perspective, we've been on a 3.5 year journey to put all three brands on the same core IS platform, we're about to complete the installation of an SAP S/4HANA cloud based platform from an ERP perspective, we've got the brands on a very similar ecommerce perspective, which is demandware Salesforce cloud, we've got the entire company on success factors from a people database perspective, Ariba, and all of the other core systems from a back end ordering and purchasing down to supply chain, all tied in together, so that all the brands benefit from that. And of course that provides synergies, just as importantly, it's going to provide us with tremendous opportunity later on to drive learnings much more quickly across the organization as we're going to have one very easily accessible case of the truth.

当然。我认为,在我们的领域,当然,当人们普遍想到多品牌时,就会有传统的欧洲模式。然后,这通常与美国模式进行比较,我认为,在我们之前,至少在奢侈品领域,它确实不存在。有一些,我会称之为,更多的服装玩家,以及美国的鞋类空间,我们一直设想我们的模型,并将其更多地发展为两者之间的混合体,品牌可以在从文化的角度来看,我们可以成为消费者的最前沿和领域,但也可以利用更多的后端平台,那么传统欧洲集团的情况又如何呢?我认为我们用三到四个特征来真正定义我们的模型中的思维。

首先,这取决于品牌自身拥有非常差异化的品牌,不仅在于他们可能会追求的市场细分和全球影响力,而且在品牌态度方面,有些公司可能希望从品牌的角度出发,在不同的价位上采取特定的态度,我们经常会看到。我们决定在每个品牌中追求完全不同的消费者态度,因为时尚潮流可能会发生变化,因此我们不会对它感到满意。

例如,如果你是一个专注于定位的定位,比如说性感,这是一个特别是在最近四五年的话题,这是一些讨论主题的话题,我们不想要当然,对于一个女性消费者的变化以及女性消费者对她的性感和可接受的定义的变化已经发生了变化。

对于Coach来说,我们拥有一个品牌,我认为它的目标是比其他两个更广泛的消费者,它更注重经典外观,消费者欣赏真实性和工艺。在Kate Spade的案例中,我们拥有一个更加千禧一代的品牌,但这并不是专注于工艺,而是更注重女性气质和这种有趣的态度。

对于Stuart Weitzman来说,我们有一个品牌可能会更多地关注感性,我会说,更多的是全球性的魅力视图而不是其他两个。因此,对于每个人,不同的立场,我会说这是一个特征。

其次,你谈到了这个平台,我们一直在努力工作,建立一个可以真正利用这三个品牌的平台。我的意思是什么?首先,从系统的角度来看,我们已经花了3。5年的时间将所有三个品牌放在同一个核心IS平台上,我们即将完成从ERP安装SAP S / 4HANA云平台从角度来看,我们已经从非常类似的电子商务角度看待品牌,即需求软件Salesforce云,我们从人员数据库角度,Ariba以及后端的所有其他核心系统中获得了整个公司的成功因素订购和采购到供应链,全部捆绑在一起,以便所有品牌都从中受益。当然,这提供了协同效应,同样重要的是,它将为我们提供巨大的机会,以便在整个组织内更快地推动学习,因为我们将有一个非常容易获得的事实。

Secondly, the same is true in systems that deal with consumer. We're all on one consumer database. Now, globally, we've got approximately 120 million names on there with the vast majority having transactions, which we've been capturing for a good two to three decades now since our founding as really more of a catalog company, which is a Hadoop database, which is supported now by a data labs team, all on AWS, doing analytics and leveraging those tools to drive consumer insights, which we can share across the three brands as well.
And now we've just announced, in fact, leveraging that back end platform, we've just announced a new COO, Tom Glaser, who's going to come in and truly drive that. Tom joins us from VF, where the supply chain is very similar to what we intend, which is all the brands leveraging one unified supply chain where that knowledge is shared across the organization. And we're really, really pleased with his announcement. We've known him for quite a few years, have been tracking them and dating him for quite a few years and we're happy that he's decided to join us.
And on the front end, on the ecommerce side, we’ve also about a month and a half ago, announced the joining of Noam Paransky as our Chief Digital Officer, where we're also going to leverage those insights. So Noam will be partnering with the data labs team on gathering insights, to drive our ecommerce business, of course, much more efficiently. He'll drive all of the strategic relationships with third-parties here in the US, whether that be the social media platforms, search platforms, in China, of course, everything from Tencent, WeChat, to Ali Baba, to, of course, more recent new platforms like Redbook and others, he'll be driving the innovation agenda as well across all the brand teams to leverage a lot of those learnings, so very excited about what that platform means.
Thirdly, I would say that we're, on the one hand, very similar to the European brands in that we're direct to consumer. Our business is 95% or there abouts direct to consumer. And that's a huge strength, that is very much a part of a lot of the investments that in fact we've been making across the business. So when we look at the US, especially, and more recently now investments that we've made in buying back the Kate Spade business in China and Asia, the Stuart Weitzman business in China and a few other Southeast Asian markets as well, most of our business now are across the world, with the exception of small wholesale business here in the US, and a wholesale business that still has some opportunity for growth in Europe, I would say, that we are really a direct to consumer business. And that's very much similar to our European colleagues, very different from a lot of the American branded players that are much more wholesale driven.
And lastly, I would say that from a capital allocation perspective, this is where we may be are different than our European friends. We try to be as disciplined as possible. We don't look at deals where we have 2025, ‘26 time multiples, we've been very disciplined in the deals that we've looked at. And in the case of obviously, Kate Spade, especially with the most recent one where it's been accretive from day one, I think we've shown that we're looking for deals where we can drive value quickly.

其次,在处理消费者的系统中也是如此。我们都在一个消费者数据库上。现在,在全球范围内,我们已经拥有大约1.2亿个名称,其中绝大多数都有交易,自从我们成立以来,我们已经捕获了大约二三十年的目录公司,这是一个Hadoop数据库,现在由数据实验室团队支持,全部在AWS上,进行分析并利用这些工具来推动消费者洞察,我们也可以在这三个品牌之间共享。

事实上,我们刚刚宣布利用这个后端平台,我们刚刚宣布了一位新的首席运营官Tom Glaser,他将进入并真正实现这一目标。 Tom从VF加入我们,供应链与我们的目标非常相似,这是所有品牌利用一个统一的供应链,在整个组织内共享知识。我们对他的宣布非常非常满意。我们已经认识他好几年了,一直在追踪他们并与他约会了好几年,我们很高兴他决定加入我们。

在前端,在电子商务方面,我们也在大约一个半月前宣布加入Noam Paransky担任我们的首席数字官,我们也将利用这些见解。因此,诺姆将与数据实验室团队合作,收集见解,推动我们的电子商务业务,当然,更有效率。他将推动与美国第三方的所有战略关系,无论是在中国的社交媒体平台,搜索平台,当然还有从腾讯,微信到阿里巴巴的一切,当然,最近的新平台,如红皮书和其他平台,他将推动所有品牌团队的创新议程,以利用大量的这些知识,所以非常兴奋该平台的意义。

第三,我会说,一方面,我们与欧洲品牌非常相似,因为我们直接面向消费者。我们的业务是95%或直接面向消费者。这是一个巨大的优势,这实际上是我们在整个企业中进行的大量投资的一部分。因此,当我们特别关注美国,以及最近我们在回购中国和亚洲的Kate Spade业务时所做的投资,Stuart Weitzman在中国和其他一些东南亚市场的业务,我们的业务现在遍布全球,除了美国的小批发业务,以及在欧洲仍有一些增长机会的批发业务,我想说,我们真的是直接面向消费者的业务。这与我们的欧洲同事非常相似,与许多批发更多的美国品牌玩家截然不同。

最后,我会说从资本配置的角度来看,这可能与我们的欧洲朋友不同。我们尽量保持纪律。我们不看2025年的交易,'26时间倍数,我们在看过的交易中一直非常自律。显然,凯特·斯佩德(Kate Spade),特别是从最近的一天起,它从第一天就开始增长,我想我们已经证明我们正在寻找可以快速推动价值的交易。

Jamie Merriman

Great, thank you. So you hinted at one of my next questions, which is about digital, and what Noam’s mandate is as the new Chief Digital Officer, but can you talk a little bit about what you think the digital opportunity is still ahead for Tapestry?

太好了谢谢。 所以你暗示我的下一个问题是关于数字,以及Noam作为新的首席数字官的任务是什么,但是你能谈谈你认为Tapestry的数字机遇仍然遥遥领先吗?

Victor Luis

Yeah, it’s still very significant. In general, when you look at premium, and I would say, right from the accessible luxury space that we play in up to traditional luxury, the business that is done digitally is in the vicinity of 10% compared to many other premium, I would say, branded, less more broadly wholesale distributed branded products where it can be anywhere from 20% to 25%. So the opportunity for those of us who have much more control of our own distribution to grow directly still through digital channels is substantial. I think that's through limited third party partners and just as importantly, through our own.
Much more opportunity is still in Europe, where our digital businesses are very small scale, but growing at a very, very fast clip, and growing well north of 30%, 40%. And in Asia, we're also not only direct, but through third-party platforms, we’re in certain conversations to drive that much more aggressively, as well as those platforms gain credibility. The reality is that in the US, there is still not great third-party platforms that consumers can go and access luxury goods on that are domestic.
There's one or two small platforms that play out of Europe, but they're mostly playing on price differences, based on selling product from European markets to the US to that consumer, giving them a savings, if you will. But if you think about the platforms in the US, specifically, the very large ones, they're not yet, I believe, at a stage where our brands can play in a credible way without some form of either danger of commoditization or just being perceived as being in the wrong neighborhood in terms of how the brand is shown to the consumer. And so that's something that we're very, very careful of. Noam joins us from a multi brand organization.
He was previously at the Gap where he ran all of their brands in a unified backbone. So he has that experience, which is very, very important to us. He's going to come in obviously and with Salesforce Cloud and Demandware, drive that across the entire organization, so that we’re sitting on one instance. And again, we benefit from the synergies, but then every investment that we make can go equally across the three brands and benefit the entire business, while also playing to that innovation agenda for us, because I think approaching, until today, all of the brands from a marketing perspective are approaching all of the social media platforms, all of the search platforms and other third parties from an innovation perspective on a very individualistic perspective.
And I think we can get the benefit. I don't know that there's immediate economic benefit, but there is certainly a learning agenda benefit, and the ability to take the learnings and scale them much more quickly from a revenue perspective. By putting that on an enterprise level, which we will be doing, so he will own the product, meaning all of the IT infrastructure and software that we're leveraging, as well as owning the agenda for us from an enterprise perspective to ensure that we're prioritizing all of the massive amounts of opportunities that are out there from an innovation perspective, they are truly endless, and you will hear us taking a few very significant steps forward with a few partners where we can now, based on having three terrific brands, be perceived as a strategic partner for them to try innovations on their platforms as well.

是的,它仍然非常重要。一般来说,当你看到溢价,我会说,从我们玩的无障碍奢侈品空间到传统奢侈品,数字化的业务与其他许多溢价相比,在10%附近,我会比方说,品牌化,批量分布更广泛的品牌产品,可以在20%到25%之间。因此,对我们这些对自己的分销有更多控制权的人来说,通过数字渠道直接增长的机会是巨大的。我认为这是通过有限的第三方合作伙伴,同样重要的是,通过我们自己的合作伙伴。

欧洲仍然有更多的机会,我们的数字业务规模非常小,但增长速度非常快,并且增长率高达30%,40%。而在亚洲,我们不仅是直接的,而且通过第三方平台,我们在某些对话中更积极地推动,以及这些平台获得可信度。现实情况是,在美国,仍然没有很好的第三方平台,消费者可以去国内购买奢侈品。

在欧洲有一两个小平台,但他们主要依靠价格差异,基于从欧洲市场向美国销售产品给消费者,如果你愿意的话,给他们带来节省。但是如果你考虑一下美国的平台,特别是那些非常大的平台,我相信它们还没有,我们的品牌可以在一个可靠的方式发挥作用,而不会出现任何形式的商品化危险或只是存在在品牌如何向消费者展示方面被认为是错误的邻居。所以这是我们非常非常小心的事情。 Noam从一个多品牌组织加入我们。

他之前在Gap,他在一个统一的骨干中运行他们所有的品牌。所以他有这种经历,这对我们来说非常非常重要。他显然会进入Salesforce Cloud和Demandware,在整个组织中推动它,以便我们坐在一个实例上。同样,我们从协同效应中受益,但是我们所做的每项投资都可以在三个品牌中平等地发挥作用,使整个业务受益,同时也为我们的创新议程发挥作用,因为我认为,直到今天,所有的从营销角度来看,品牌正在从个人主义的角度出发,从创新的角度来看待所有的社交媒体平台,所有搜索平台和其他第三方。

而且我认为我们可以从中受益。我不知道有直接的经济利益,但肯定有学习议程的好处,以及从收入角度更快地学习和扩展它们的能力。通过将其放在我们将要做的企业级别上,他将拥有该产品,这意味着我们正在利用的所有IT基础架构和软件,以及从企业角度为我们提供议程以确保我们从创新的角度优先考虑所有大量的机会,它们真的是无穷无尽的,你会听到我们在现有的几个合作伙伴的基础上采取一些非常重要的步骤,基于三个非常棒的品牌,被视为他们在平台上尝试创新的战略合作伙伴。

Jamie Merriman

Great. So in the context of that digital opportunity, how do you think about the North American store footprint from here and within that, the mix of full price and outlet?

除了第四季度按公认会计原则记录的遗留经营费用外,我们的税前费用约为3500万美元,主要与欧盟反竞争索赔的720万美元和重组中的2410万美元有关,其中包括我们从欧洲,中东和非洲地区的三个地点退出。

扣除这些费用后,我们的美洲业务部门实现营业收益率12.7%,比去年第四季度的13.0%低30个基点。更高的运费和在里士满实施SAP的挑战造成了下降。

由于前面提到的SAP实施,美洲第四季度连续第三季度从第三季度的13.5%下降了80个基点。美洲OE美元较去年减少约200万美元,较上一季度减少400万美元。

欧洲的营业利润率为10.2%,高于去年的9.7%和上一季度的7.9%。 OE美元比去年增加了100万美元,比上一季度的欧洲,中东和非洲地区增加了600万美元,主要原因是铅成本和销量下降。我们亚洲业务的营业利润率在今年第四季度下降460个基点,从去年第四季度2.5%的利润下降2.1%,并且比上一季度的利润下降1%。

由于交易量和外汇交易量减少,亚洲的OE美元分别比去年同期和上一季度减少约300万美元和200万美元。包括Alpha在内的营业收入增长14%反映了整个季度业绩的影响,以及第四季度无形资产摊销550万美元的运营费用。

请转到幻灯片13.如之前在幻灯片12中所反映的那样,我们在第四季度调整后的综合营业收入为6900万美元,而传统的EnerSys业务与去年相比减少了6%。我们调整后的综合净收益为5450万美元,比上一年度高出200万美元。调整后净收入的改善是税收减少的结果。

我们第四季度调整后的有效所得税税率为13%,低于去年同期的约20%,低于上一季度的17%。离散税项导致大多数这些变化。 2019财年的全年税率为17%,低于2020财年预期的18%至20%。

阿尔法在调整了利息税和稀释向卖方发行的股票之后,总体上调整了营业收入1400万美元或收入的10.2%,达到1.36亿美元,在扣除300万美元的其他重组库存核销和收购成本后,Alpha增加了0.15美元。对购买会计中记录的无形资产进行400万美元的税后摊销。

包括阿尔法在内的每股盈利增长15%至1.43美元,因净利润增加和流通股增加。我们预计2020年第一财季将有约4370万美元的加权平均流通股,其中包括Alpha交易中发行的近120万股,扣除第四季度回购的40万股。提醒我们,我们的董事会授权仍有近9400万美元的股票回购。...

Victor Luis

Yeah. I think that when I look at stores globally, and today we have a flat -- basically a fleet of approximately 1500 locations across the world. And I almost equally balanced more or less between a few more in the US. But Asia being the second largest piece, and very small and growing in Europe, as I mentioned, where there's still a wholesale opportunity, whereas there isn't one in Asia. I think that's in the US, you won't see us adding tremendous stores. In fact, I think you're going to see as leases come up with the Coach brand, we’ll be evaluating them on a case by case basis, and you'll probably continue to see a few closures as we go forward. And that's been our strategy following the very significant closures at the commencement of our transformation plan 4.5, 5 years ago.
Secondly, in the case of Coach, you'll see slight growth potentially still in China, as new cities continue to develop. There are tier 2 and tier 3, tier 4 cities where we may see some, again, some openings and closings, you won't see dramatic numbers, but maybe a few incremental openings for the Coach brand in Asia and a few incremental openings for the Coach brand in Europe.
Looking at Kate Spade, the opportunity is much more substantial. You'll see us opening 40 to 50 doors a year. The brand still has some opportunity here in North America much more limited, but still here. And I think then the most significant of which is across Asia and especially a tremendous focus on Greater China, where we continue to double down across all three brands, given how confident we are about the opportunity there for that consumer both domestically and what that consumer means for us in fact globally.
And in Stuart Weitzman, you'll see us also continuing to add doors again, much more focused on the China opportunity where we've bought back the business as is the case with Kate Spade. And we're now -- we've got the teams on the ground, able to not only drive the negotiations of those openings more effectively, but much more importantly, of course, drive the business on a day-to-day basis and build the brands.

是啊。我认为,当我在全球范围内看待商店时,今天我们有一个公寓 - 基本上是全球约1500个地点的车队。而且我在美国几乎同等地平衡了几个。但正如我所提到的那样,亚洲是第二大产品,而且在欧洲非常小且不断增长,但仍有批发机会,而亚洲没有。我认为那是在美国,你不会看到我们增加了大量的商店。事实上,我认为你会看到Coach品牌的租约,我们将根据具体情况对它们进行评估,你可能会继续看到我们前进的几个关闭。在5年前我们的转型计划4.5开始时非常重要的关闭之后,这就是我们的战略。

其次,在Coach的情况下,随着新城市的不断发展,您可能会看到中国可能仍有小幅增长。有二级和三级,四级城市我们可能会看到一些,一些开放和关闭,你不会看到戏剧性的数字,但可能在亚洲Coach品牌的一些增量开放和一些增量开放Coach品牌在欧洲。

看看Kate Spade,机会更加充实。你会看到我们每年开40到50门。这个品牌在北美仍然有一些机会更有限,但仍然在这里。而且我认为其中最重要的是整个亚洲,尤其是对大中华区的巨大关注,我们对这三个品牌的持续翻倍,因为我们对国内消费者和消费者的机会充满信心事实上对我们来说意味着全球化

而在Stuart Weitzman,你会发现我们也会继续增加大门,更多地关注我们回购业务的中国机会,就像Kate Spade一样。我们现在 - 我们已经有了实地团队,不仅能够更有效地推动这些职位的谈判,更重要的是,当然,他们每天都在推动业务发展,打造品牌。

Jamie Merriman

Okay. Great. And that was actually one of my next questions, so China, think about the strategic pillar of maximizing that opportunity, can you talk about the traction that you're seeing across the brands today, and what you see as the opportunity to go forward and then how you think about costs in China and specifically impacting the business from China tariffs?

好的。 大。 这实际上是我的下一个问题之一,所以中国,考虑最大化这个机会的战略支柱,你能谈谈你今天在品牌中看到的牵引力,以及你认为前进的机会和 那你如何看待中国的成本,特别是影响中国关税的业务?

Victor Luis

Okay. Let's start with the second part, tariffs and then how we think about it. We've seen no impact from tariffs in terms of consumer sentiment. What we have seen, of course, is the impact of the initial tariffs that the US government has put on Chinese imports and the impact that that has on the product that we're importing from those markets from China into the US, which in the case of leather goods, which is the product that would be impacted today would be basically approximately 4% of our business, so very negligible. We've already baked that in and it's something that we were dealing with already last year, went to 25, dropped to 10.
Now we're back to the 25%. Now, of course, if the remainder of the second bucket of tariffs that's been discussed, which is north of $300 billion of product, which would impact more specifically footwear and apparel comes into play, then I think we're going to see for us a little bit more of an impact, but again, those businesses are much smaller to us, the footwear and apparel business, where we have a core handbag business that across basically our brands, leather goods in general handbags and small leather goods is well north of 50%, 60% would be much less of an impact than some competitors here in the US, as we read about.
And as I mentioned, we haven't seen necessarily and I don't read anything into the Chinese consumer being impacted by the discussion on trade tariffs. I was just in China and Japan, in fact, all of last week. And to the first part of your question, we remain very, very bullish about that market. The opportunity for us across the three brands is significant. The Coach brand has had a magnificent, I would say, right from January, December into the current period of business there, we invested in a very significant marketing campaign there last December, and that continues to be a wind at our back. In fact, we just finished a panel, which we've been discussing, a consumer panel where we saw Coach brand unaided awareness move from 32% to 41%, which is very significant jump in a one year period on the aided awareness side, the brand is north of 70, we are in the top five.
And I can tell you that from five to four, the drop off gets more and more significant. And so we're very excited about that. In the case of the Kate Spade brand, we're in the very early stages, it's in the same shape that I think you can think about from a size and business perspective that the Coach brand was when we took it back in 2008, at approximately a $40 million to $50 million business when we took it back. And we see great opportunity there. We're very heavily investing in talent, very heavily investing in the network, as I mentioned earlier, from a distribution perspective, getting that team aligned digitally.
Because the Coach brand has been a leader on all of the social media platforms WeChat, Sina Weibo, and now Redbook, we have been easily the number one fashion brand in all of those, that's been a long, long journey for us that we continue to stay a little bit ahead of the curve. And ahead of our competition on that, we're really excited by and was part of my agenda last week, in fact, with Noam in China, and we're looking to even double down further and push ahead further on that agenda.

好的。让我们从第二部分开始,关税以及我们如何思考它。在消费者信心方面,我们看不到关税的影响。当然,我们看到的是美国政府对中国进口产品的初始关税的影响,以及这对我们从中国进口到美国的产品所产生的影响。皮革制品的情况,即今天受影响的产品基本上约占我们业务的4%,因此非常微不足道。我们已经把它烧成了,这是我们去年已经处理过的东西,到了25,降到了10。

现在我们又回到了25%。当然,现在,如果讨论的第二批关税的剩余部分,即3000亿美元产品的北部,这将更具体地影响鞋类和服装,那么我认为我们将会看到我们更多的影响,但再次,这些业务对我们来说要小得多,鞋类和服装业务,我们有一个核心手袋业务,基本上我们的品牌,普通手袋和小皮具的皮革制品是北方正如我们所读到的,50%,60%对美国某些竞争对手的影响要小得多。

正如我所提到的,我们没有看到必然,我也没有读到任何涉及贸易关税讨论影响的中国消费者。事实上,我上周就在中国和日本。对于你问题的第一部分,我们仍然非常非常看好这个市场。我们在三个品牌中的机会非常重要。我想说,从12月1月到现在的商业时期,Coach品牌已经拥有了一个宏伟的品牌,去年12月我们在那里投入了非常重要的营销活动,这仍然是我们背后的风。事实上,我们刚刚完成了一个小组,我们一直在讨论,这是一个消费者小组,我们看到Coach品牌独立意识从32%上升到41%,这在一年的辅助意识方面是非常显着的跳跃,该品牌位于70以北,我们位居前五。

我可以告诉你,从五到四,下降越来越重要。所以我们对此感到非常兴奋。在Kate Spade品牌的情况下,我们处于早期阶段,它与我认为您可以从Coach品牌在2008年收回时的规模和业务角度考虑的形状相同,在当我们收回它时,大约有4000万到5000万美元的业务。我们在那里看到了很好的机会。正如我之前提到的,从分销的角度来看,我们正在大力投资人才,对网络进行大量投资,让团队在数字方面保持一致。

因为Coach品牌已经成为所有社交媒体平台微信,新浪微博和现在的红皮书的领导者,所以我们已经成为所有这些中的头号时尚品牌,这对我们来说是一个漫长的旅程,我们继续保持领先于曲线。在我们的竞争对手之前,我们真的很兴奋并且上周成为我的议程的一部分,事实上,诺姆在中国,我们甚至希望进一步加倍进一步推进该议程。

And Stuart Weitzman is the main reason we were attracted to that brand is its success in that market. We've got doors that are really attractive, a tremendous opportunity to leverage that at scale. We've got a great team on the ground, very entrepreneurial, that was managing the business beforehand that continues to do so. And I think now, being beyond some of the logistics and supply chain issues that we dealt with, especially on the manufacturing side about a year ago, we see tremendous opportunity for that business to gain steam in the year ahead. So we're excited about China in general, very excited.

Stuart Weitzman是我们被该品牌吸引的主要原因是它在该市场上的成功。 我们拥有非常有吸引力的大门,这是一个大规模利用大门的巨大机会。 我们在实地拥有一支优秀的团队,非常具有企业家精神,他们事先管理着这项业务,并继续这样做。 我现在认为,超出我们处理的一些物流和供应链问题,特别是大约一年前的制造方面,我们看到该业务在未来一年获得动力的巨大机会。 所以我们对中国感到非常兴奋,非常兴奋。

Jamie Merriman

Great. And switching a little bit to the category, can you just talk about what you're seeing in the market for premium bags and leather goods? And then what you're seeing in footwear and outerwear, and whether you're still confident in the accessible luxury position?

非常好。 并且稍微转换一下类别,你能谈谈你在高端包袋和皮革制品市场上看到的东西吗? 然后你在鞋类和外套上看到了什么,以及你是否仍然对自由奢侈品的位置充满信心?

Victor Luis

Yes. Okay. Total market for leather goods, footwear, outerwear, we're looking at a $90 billion global opportunity that is growing. And that I would say, in general, there's no one that could argue that it's not healthy. I think that when you look at what is happening, and you were hinting to that with the accessible luxury versus traditional luxury, the growth, especially in the handbag sector has been much more driven by the traditional luxury brands. And there's a couple of specialty that are driving that growth. And then from a brand perspective, and then I would say from a geographic perspective, especially coming out of Asia.
So when we look at accessible luxury, I think what's important there is and that compares, let's talk about handbag growth in the mid to high single digits and dollars globally. And if we look at the US, I would say low-single-digits is what we're seeing for the last couple of quarters. And when we look at that, the main difference comes down to the US has a much higher penetration of the accessible luxury brands. And the key learning there is one of brand management. The reality is that starting with ourselves in the mid to late-2000s and into this decade, and the transformation that we had to undergo and the fact that accessible luxury brands are mostly based here in the US, so we think of ourselves and our main competitors.
What part of the issue has been the lack of long term real brand management to some extent, I look at it and the need for brands to be more innovative and transforming themselves and manage themselves more healthfully in the home market where there is much more of a different dynamic in terms of distribution, in terms of promotional cadence, and the impact that may or may not have on brands. If we look at the accessible luxury brands and I can only put, so and there with real data point to ourselves. We look at our business in Europe where we're again still relatively small, but growing very healthily.
We look at our businesses across Asia, China and Japan, which was a very mature market that I participated and ran in for a good decade. And I look at having just been here last week, the health of our brands in those markets, I get excited about the opportunity for us. And then I think about where accessible luxury sits from a medium to long term perspective. And I think it's often in the market, there's a confusion and where people talk about the middle of the market. I don't look at accessible luxury being in the middle of the market. I don't really think there's much below us.
There's a tremendous unbranded space. But consumers are not very actively engaging with the unbranded handbag space. And I don't have a fear tomorrow that young women and consumers in general, young and old, are going to go and buy a non-branded Amazon or Walmart handbag to use a comparison, I don't have that fear. Okay, we live in the category where consumers leverage branding the most to help, if you will, create their own identity. And unlike some of the commoditized apparel categories, where you see a lot of product moving into some of the disposition channels, we call it here in North America, the TJ Maxx’s and others of this world, a lot of product moving into even some of the online platforms where the damage and the potential damage of basically commoditization comes into play.

是。好的。皮革制品,鞋类,外衣的整体市场,我们正在寻找一个正在增长的900亿美元的全球机会。而且我会说,总的来说,没有人可以说它不健康。我认为,当你看到正在发生的事情时,你暗示着奢侈品与传统奢侈品之间的关系,特别是手袋行业的增长更多地受到传统奢侈品牌的推动。还有一些专业推动了这种增长。然后从品牌的角度来看,然后我会从地理角度说,特别是来自亚洲。

因此,当我们看到无障碍奢侈品时,我认为重要的是,相比之下,让我们谈谈手提袋在全球范围内以高个位数和美元计算增长。如果我们看看美国,我会说低个位数是我们在过去几个季度看到的。当我们看到这一点时,主要区别在于美国对无障碍奢侈品牌的渗透率要高得多。而关键的学习就是品牌管理。现实情况是,从我们自己开始,在二十一世纪中后期和这十年,以及我们必须经历的转型以及可访问的奢侈品牌大多位于美国的事实,所以我们想到自己和我们的主要竞争对手。

问题的一部分是在某种程度上缺乏长期真正的品牌管理,我看一下这个问题,品牌需要更具创新性,改造自己,并在家居市场更健康地管理自己。在促销节奏方面,在分销方面有不同的动态,以及可能会或可能不会对品牌产生影响。如果我们看一下无障碍的奢侈品牌,我只能放置,真实的数据指向我们自己。我们看看我们在欧洲的业务,我们仍然相对较小,但增长非常健康。

我们看看我们在亚洲,中国和日本的业务,这是一个非常成熟的市场,我参与并运行了十年。而且我看到上周刚刚来到这里,我们品牌在这些市场的健康状况,我对我们的机会感到兴奋。然后我想到从中长期的角度看无障碍奢侈品的位置。而且我认为它经常出现在市场中,存在混乱,人们谈论市场的中间位置。我不认为市场中间有无障碍的奢侈品。我真的不认为我们下面有太多。

有一个巨大的无品牌空间。但消费者并未积极参与无品牌手袋空间。而且明天我不担心一般的年轻女性和消费者会购买非品牌的亚马逊或沃尔玛手提包进行比较,我没有那种恐惧。好的,我们生活的类别是消费者最有利于品牌推广,如果愿意,可以创建自己的身份。不像一些商品化的服装类别,你看到很多产品进入一些配置渠道,我们在北美,TJ Maxx和世界其他地方称之为,很多产品甚至进入了一些在线平台上发生的损害和基本商品化的潜在破坏发挥作用。

We're being very careful to segment our channels, segments our markets, create a much more premium position internationally that we can leverage. And in the US, while it's a bit more challenging, we're being careful and playing for the long term. And then we look at the opportunity as people come into the accessible luxury space, which in essence is the entry into luxury. You come and they get their first experience with a branded handbag through Coach, through Kate Spade and Stuart Weitzman is in a little bit of a different place. And I'll talk about that separately, because their consumer is much more of a luxury consumer who is looking for shoes as an everyday -- Stuart Weitzman shoe for everyday.
The Stuart Weitzman consumers today probably already buying an LV, Gucci and other luxury handbag to name a few that we see in general in our studies. In the case of Kate Spade and Coach, we see it as the entry into luxury and the opportunity for consumers. And I do a lot of exercises, I encourage some of you to do it when you have nothing to do and you're on the train, count the number of unbranded handbags versus branded handbags. I do it all the time, I take 100.
And I look at what the number of unbranded handbags and that for me, that's all opportunity, as young women come into the space, of course, you have new consumers coming in, but you also think about the markets and developing markets and the opportunity that we have still in China, Southeast Asia, Indonesia for me is the next big opportunity, following China and Asia. That comes with India, of course, all of South America. And goodness, if we ever get Africa growing, I get excited.

我们非常谨慎地细分我们的渠道,细分市场,在国际上创造一个我们可以利用的更优质的地位。而在美国,虽然它更具挑战性,但我们要小心并长期玩牌。然后,当人们进入无障碍豪华空间时,我们会看到机会,这实际上是进入奢侈品市场。你来了,他们通过Coach获得了品牌手提包的第一次体验,通过Kate Spade和Stuart Weitzman在一个不同的地方。我将分别讨论这个问题,因为他们的消费者更像是一个奢侈品消费者,他们每天都在寻找日常鞋 - Stuart Weitzman鞋。

今天Stuart Weitzman的消费者可能已经购买了LV,Gucci和其他奢侈手提包,仅举几例我们在研究中看到的。在Kate Spade和Coach的案例中,我们将其视为奢侈品的入口和消费者的机会。而且我做了很多练习,我鼓励你们中的一些人在没有任何事情的情况下这样做而且你们在火车上,计算无品牌手提包和品牌手提包的数量。我一直这样做,我拿100。

我看看无品牌手袋的数量以及对我而言,这是一切机会,当年轻女性进入这个领域时,当然,你有新的消费者进入,但你也想到了市场和发展中的市场以及机会我们仍然在中国,东南亚,印度尼西亚对我来说是继中国和亚洲之后的下一个大好机会。当然,印度也来自整个南美洲。善良,如果我们让非洲成长,我会很兴奋。

Jamie Merriman

We had a lunch speaker yesterday, who would make you pretty bullish about Africa?

我们昨天有一个午餐发言人,谁会让你非常看好非洲?

Victor Luis

Yeah, good. I am. I tell my own children that whereas China, in my career has been the center of my focus, I think for them, you only have to look at the pure demographics and the numbers in the youth and birth rates for at least my 19 and 18 year olds to think about Africa as probably what they're going to be focused on for the next 20 to 40 years. I hope, at least, that's what I’ve told them.

好耶。 我是。 我告诉自己的孩子,虽然中国在我的职业生涯中一直是我关注的焦点,但我认为,对于他们来说,你只需要看一下纯粹的人口统计数据以及青少年的数字和出生率至少我的19和18岁。 一年到头的人认为非洲可能会成为他们未来20到40年的重点。 我希望,至少,这是我告诉他们的。

Jamie Merriman

So maybe switching a little bit to the opportunities that you see by brand, let's start with Coach. So what are the expected drivers to get you to the low single digit comps that you expect? And then, more broadly, how do you see opportunities for growth in your – with your most mature brands?

所以也许转换一下你所看到的品牌机会,让我们从Coach开始吧。 那么有什么期望的驱动因素能够让你达到预期的低单位数? 然后,更广泛地说,您如何看待自己最成熟的品牌增长机会?

Victor Luis

Sure, sure. I think, look, the keyword for the Coach brand obviously is comp, you're not going to see distribution growth, we talked about that. And comp needs to be driven by brand relevance, needs to be driven by innovation, and the way in which we create an emotional connection with the consumer and get them excited about the brand, which means being culturally relevant. And we're doing a tremendous amount of work on that. Josh Schulman, the CEO of that brand is experienced, energetic, he has a passion for this.
We have a great creative director who understands the space and what they have lined up for the next 12 to 24 months, and we have an agenda, 12 to 24 months from a product perspective, and specifically through this idea of leveraging collaborations and drops and maintaining and being a part of the conversation is truly, truly exciting. So that's where you're going to see a vast majority of our focus and of course, continuing from a distribution perspective, the incrementality is going to come out of Europe, where we still have a lot of room for growth and I would say secondly, leveraging the digital platforms across, especially the European, Asian, and to a lesser extent, but still very significant here in the US, given our base to continue to drive growth.
I think that's when you look at the other brands in the portfolio, we have distribution to play with. And as I mentioned, in the case of Kate, it’s truly global. In the case of then other categories, I think in the Coach case, we're definitely driving growth with footwear, which is a license that we took back three years ago, we've been on a learning agenda, we're finally getting to the point now where both from a supply chain perspective, from a design and merchandising perspective, we're beginning to hit it. And I think we'll see the same in the case of Kate Spade where we're taking that license back.
And we're going to leverage all of that three years of hard learning in the Coach brand to get that to jumpstart much quicker. And I think it will be quicker with Kate Spade, because that's a brand that already has and I see Jamie that you are wearing one of our dresses, but that's a brand that already has one of -- already has a lifestyle of fashion credibility. And that's very significant in terms of the consumer, giving us permission to be in those categories. And that's been a key part of our relevance in China.
We, in the US, we started as a heritage handbag brand in China, from very early days, we had outerwear, we had footwear, and we developed the brand as a lifestyle brand, which not only takes some pressure off of the handbags, but gives us the relevance and the cultural context for the brands that continue to renew itself and that's significant. And so in the case of Kate Spade, we have that in all of the markets that we're in. So I think we're going to see an even quicker uptake. The brand already has higher penetration in ready to wear and in footwear in certain cases. But we're going to see a quicker uptake, especially on the take back of the footwear license, which we look to have year one in the next 12 months.

好的好的。我认为,看起来,Coach品牌的关键字显然是合适的,你不会看到分销增长,我们谈到了这一点。 comp需要由品牌相关性驱动,需要由创新驱动,以及我们与消费者建立情感联系并让他们对品牌感到兴奋的方式,这意味着与文化相关。我们正在做很多工作。该品牌的首席执行官Josh Schulman经验丰富,精力充沛,他对此充满激情。

我们有一位伟大的创意总监,他了解空间以及他们在未来12到24个月内的排名,我们有一个议程,从产品角度来看,需要12到24个月,特别是通过这种利用合作和投资的理念。保持并成为对话的一部分真的非常令人兴奋。所以,在那里你将看到我们的绝大部分焦点,当然,从分销的角度来看,增量将来自欧洲,我们仍然有很大的增长空间,我会说其次考虑到我们继续推动增长的基础,利用数字平台,特别是欧洲,亚洲,以及在较小程度上,但在美国仍然非常重要的数字平台。

我认为,当你看到投资组合中的其他品牌时,我们可以分配。正如我所提到的,就凯特而言,它确实是全球性的。对于其他类别的情况,我认为在Coach案例中,我们肯定会推动鞋类的增长,这是我们三年前收回的许可证,我们一直在学习日程,我们终于得到了到目前为止,从供应链的角度来看,从设计和销售的角度来看,我们都开始关注它。而且我认为我们在Kate Spade的案例中也会看到同样的情况,我们正在取回该许可证。

而且我们将利用Coach品牌中所有这三年的艰苦学习来快速启动。而且我觉得Kate Spade会更快,因为这是一个已经拥有的品牌,我看到杰米,你穿着我们的一件衣服,但这是一个已经拥有的品牌 - 已经拥有时尚可信度的生活方式。这在消费者方面非常重要,允许我们加入这些类别。这是我们在中国相关的关键部分。

我们在美国,我们从中国开始作为传统手袋品牌,从很早开始,我们就有外衣,我们有鞋类,我们将品牌发展为生活方式品牌,这不仅减轻了手袋的压力,但为我们提供了继续更新自身且具有重要意义的品牌的相关性和文化背景。因此,就Kate Spade而言,我们在所有市场都有这种情况。所以我认为我们会更快地看到它们。在某些情况下,该品牌在成衣和鞋类方面已具有较高的渗透率。但我们会看到更快的采用,特别是在取消鞋类许可证方面,我们期望在未来12个月内获得第一年。

Jamie Merriman

Okay. Great. And so switching gears to Kate, what do you see as the most significant accomplishments that you've made in the brand since you acquired it? And then what are the areas where you still feel like there's more work to do?

好的。 大。 因此切换到Kate,您认为自从您获得品牌以来,您在品牌中取得的最重要成就是什么? 然后你仍然觉得还有更多工作要做的领域是什么?

Victor Luis

Yeah. So first I think, look, and I stated this a little bit when I talked about our platform. And I think it's important to reiterate, we went in with eyes wide open into what the Kate Spade opportunity was, what we thought the valuation was and obviously from a brand that we knew everyone knew is very public, publicly traded company that had been comping negatively, and the opportunity to drive growth by both getting the product right and to leveraging the distribution opportunity, given the experience that we had. Those were the two very significant insights that we had going in. And so we have basically been incredibly busy taking a brand that in essence, could benefit first and foremost from our platform.
So the brand is already fully on the Coach supply chain, Tapestry’s supply chain now and benefiting from better pricing and that's been where we've seen all of the gross margin accretion over the past 12 months. Now, as we get into this quarter, we already are in fact, we're comping that. But we had over the last 12 months, a very significant gross margin accretion and benefit at better quality. And now, if there are any Kate Spade consumers, either here or listening, go to the store today look at the quality compare to what was prior us, and the feedback we're getting is very clear, very, very positive.
And so it's on our supply chain platform, two, it's already on our systems platform. So in fact, Kate Spade was the first one of our brands to be fully on the S/4HANA platform. So it's already beginning to benefit from all of that, which allows then, of course, for the synergies we had, we don't need two or three IS teams managing what in essence in Kate Spade alone was, I believe we had four or five ERP systems, managing $1 billion business or north of 1 billion, we're now putting the whole company on the one system. And then secondly, from a platform perspective, of course, benefiting from the front end, so they're benefiting from the analytics that our data labs team can provide, they're benefiting from actually just us putting in place processes that allow us to capture the actual data from consumers.
This is still a very brick-and-mortar driven business and they were capturing transactions, for example, prior to our acquisition at a 25% to 30% clip. We brought them into a standard where we're capturing data on 85% to 90% of consumers that come into our stores. That's a gold mine. That is something that makes -- that is what in essence is making up that 120 million that we have and we're able to see of course performance and look at transactions now as well across brands with much more confidence than what we were able to before. We've put the team in place. We have a CEO and a creative director that have done this that have basically driven and merchandised a handbag driven business from, at scale to up to $4 billion business.
And so we have a lot of confidence in their ability to understand what it means to take a Kate Spade handbag core business from $1.2 billion to $2 billion over our planning horizon, which is our target. And I'm really excited that from day one as a result of those decisions and the valuation that the thing has been accretive from the very first day. And now we're in the process, of course, of launching just over the last three months, Nicholas First [ph] collections as we transform the entire full price fleet and products, which will be done by the end of this month, we're actually in the last month right now, almost all of the product is already in Nicholas collection. And slowly the same will happen in outlet, about 25% to 30% of that product, by the end of the quarter will be Nicholas with a lot of work to do so over the next few months. But we're excited about what we're seeing and truly believe the opportunity for us is limitless when we think about, especially the global and international growth.

是啊。所以首先我想,看看,当我谈到我们的平台时,我说了一点。我认为重申一点很重要,我们睁大眼睛看看Kate Spade的机会是什么,我们认为估值是什么,显然来自一个我们知道每个人都知道的品牌非常公开,公开交易的公司一直在进行评估消极的,并且有机会通过获得产品权利和利用分销机会来推动增长,因为我们拥有丰富的经验。这些是我们进入的两个非常重要的见解。因此,我们基本上非常忙于从品牌中获取本质上可以从我们的平台首先受益的品牌。

因此,该品牌已经完全进入Coach供应链,Tapestry现在的供应链,并从更好的定价中获益,这也是我们在过去12个月内看到所有毛利率增长的地方。现在,当我们进入本季度时,事实上我们已经在努力了。但过去12个月我们的毛利率增长非常显着,质量更好。而现在,如果有任何Kate Spade消费者,无论是在这里还是在听,今天去商店看看质量与我们之前的情况相比,我们得到的反馈非常明确,非常非常积极。

所以它在我们的供应链平台上,两个,它已经在我们的系统平台上。事实上,Kate Spade是我们第一个完全进入S / 4HANA平台的品牌。因此,它已经开始受益于所有这一切,当然,当然,为了我们所拥有的协同作用,我们不需要两个或三个IS团队来管理Kate Spade本质上的本质,我相信我们有四个或者五个ERP系统,管理10亿美元业务或10亿北方,我们现在将整个公司放在一个系统上。然后,从平台的角度来看,当然,从前端受益,所以他们从我们的数据实验室团队可以提供的分析中受益,他们实际上只是从我们实施允许我们的流程中受益从消费者那里获取实际数据。

这仍然是一个非常实实在在的业务,他们正在捕获交易,例如,在我们以25%至30%的收购价格收购之前。我们将它们带入了一个标准,我们正在为进入我们商店的85%到90%的消费者捕获数据。那是一个金矿。这就是我们所拥有的东西 - 这实际上是我们拥有的1.2亿,我们能够看到当然的业绩,现在看看各个品牌的交易,比我们能够更有信心的品牌之前。我们已经把团队安排到位。我们有一位首席执行官和一位创意总监,他们已经完成了这项工作,基本上推动并推销了一个手提袋驱动的业务,从规模到高达40亿美元的业务。

因此,我们非常有信心能够理解在我们的规划期内将Kate Spade手袋核心业务从12亿美元增加到20亿美元意味着什么,这是我们的目标。从第一天开始,我就非常兴奋,因为这些决定以及从第一天开始就增加了这个东西。当然,现在我们正在进行过程,即过去三个月内推出Nicholas First [ph]系列,因为我们将改造全部价格的车队和产品,这将在本月底完成,我们实际上在上个月,几乎所有产品都已经在尼古拉斯系列中。并且慢慢地同样会在插座中发生,大约25%到30%的产品,到本季度末将是尼古拉斯在接下来的几个月里做了很多工作。但我们对我们所看到的东西感到兴奋,并且真正相信当我们思考时,我们的机会是无限的,尤其是全球和国际增长。

Jamie Merriman

And so on that topic, can you just talk a little bit more about what you see as the key growth path to get Kate to 2 billion and a little bit about the response that Nicholas First collection had?

在这个主题上,你能不能再谈谈你认为Kate达到20亿的关键增长途径以及Nicholas First系列的回应?

Victor Luis

I mean, it'll be driven by comps and driven by distribution. I mean, as I mentioned, we got 40 to 60 doors, and China especially is a tremendous focus, Southeast Asia, where we're beginning to push forward as well, write it down into Australia and a little bit less so, a little bit less so, but, because the brand is more mature in Japan, and then Europe is like the Coach brand all Greenfield and we'd like very much what we're seeing in the initial stores that we've walked back in China, we know the trends, we've been there. So it's a journey we've taken with the Coach brand, this is not new road for us. And yes, the context has changed. But the relationships that we have, the understanding of the consumer in the market, and the resources that we can put to play to driving it are obviously very, very clear and proven. And I think in the case of Nicholas product, I mean, it's been really pleasing to see that product perform per the penetration that we planned at plan. And so over the next, I think, as we roll out the rest of outlet product, we’ll continue to see progress, leading to the positive comps that we have guided to.

我的意思是,它将由comps驱动并由分发驱动。我的意思是,正如我所提到的,我们有40到60个门,而中国尤其是一个巨大的焦点,东南亚,我们也开始向前推进,把它写到澳大利亚,稍微少一点,一点点但是,因为这个品牌在日本更成熟,然后欧洲就像Coach品牌所有的Greenfield,我们非常喜欢我们在中国走过的最初商店看到的东西,我们知道趋势,我们一直在那里。所以这是我们与Coach品牌合作的一次旅程,这对我们来说不是新的道路。是的,情境发生了变化。但是,我们之间的关系,对市场中消费者的理解,以及我们可以用来驱动消费者的资源显然非常非常明确且经过验证。我认为,就尼古拉斯产品而言,我的意思是,按照我们计划中的计划,我们真的很高兴看到该产品表现出色。接下来,我认为,随着我们推出剩余的插座产品,我们将继续看到进展,从而导致我们所指导的积极合作。

Jamie Merriman

Okay. Stuart Weitzman, can you talk about how you think about profitability for the brand? And, whether there are any structural reasons why the brand won't return to double digit margins?

好的。 Stuart Weitzman,您能谈谈您对品牌盈利能力的看法吗? 而且,是否有任何结构性原因导致该品牌不会恢复到两位数的利润率?

Victor Luis

Structural reasons? Absolutely not. I mean, I think at the end of the day, that is a business that when we bought it was much more of a wholesale business, that by definition, as a result, was going to be capped in growth. Because it was well distributed from a wholesale perspective, there is no, again, I want to repeat, because there really is no wholesale opportunity in Asia for luxury brands. This is, whether you're in a department store, or you're in a shopping mall, it is a retail business, unless you start getting into what you can get into is licensing the brand to some extent, which obviously from a brand management perspective, given the opportunity for gross margin, and profitability accretion from those markets would be the absolute wrong decision and especially with the proven experience and teams that we have on the ground there.
And the impact that that consumer has in the duty free markets, the impact that that consumer has in duty paid markets, both here in the US, a little bit less right now, given the current environment. And of course, very significant in Europe where that brand has a presence. So good brand management in those markets is absolutely key to driving global profitability for the luxury space, absolutely key. So we're being very careful. And we've taken that back. So being more of a wholesale, moving from a wholesale to a retail business is absolutely necessary. And of course that comes with all of the initial, again, a path we’ve traveled, it comes with all the initial investments, you got to take the real estate on, you got to take the staffing on, you got to put inventory in stores, you got to market directly and not depend on third parties.
And doing that more effectively, of course with more consistency, and better health leads to the returns that we will see in that brand. Now, that's combined with as I mentioned, of course, our own executional issues that we had last year around this time with the brand which really started with the founder leaving us and the fact that the brand did not have the systems, the talents, and I think the processes in place to make up for that departure and that was our own team’s opportunity to not have really managed that as effectively as we could. We've been working incredibly hard. It's the only brand that we have that depends on the Spain supply chain, almost fully, which is part of the opportunity. So we’ve been working incredibly hard to put the talent in there, get the production capacity in place, ensure that the quality and the processes are there for on time delivery, and the vast majority of those issues are now behind us, and I think you will see us with a significant inflection, and that brand’s profitability in the fiscal year ahead.

结构原因?绝对不。我的意思是,我认为在一天结束时,这是一项业务,当我们购买它时,更多的是批发业务,因此,根据定义,结果将受限于增长。因为它从批发的角度来看分布很好,所以我不想重复,因为在亚洲,奢侈品牌确实没有批发机会。这就是说,无论你是在百货商店,还是在购物中心,它都是一个零售企业,除非你开始了解你可以进入的品牌,在一定程度上授权品牌,这显然来自一个品牌从管理角度来看,如果有毛利率的机会,那些市场的盈利能力增加将是绝对错误的决定,尤其是我们在那里拥有的成熟经验和团队。

考虑到当前的环境,消费者对免税市场的影响,消费者对美国现时的关税市场的影响,现在的影响要小一些。当然,在欧洲这个品牌的存在非常重要。因此,在这些市场中良好的品牌管理对于推动奢侈品领域的全球盈利至关重要,这绝对是关键。所以我们非常小心。我们已经把它拿回来了。因此,更多的是批发,从批发业务转向零售业务是绝对必要的。当然,随着所有最初的,我们已经走过的道路,它带来了所有的初始投资,你必须采取房地产,你必须采取人员,你必须放置库存在商店里,你直接进入市场而不依赖于第三方。

更有效地做到这一点,当然更加一致,更好的健康会带来我们将在该品牌中看到的回报。现在,正如我所提到的那样,当然,这与我们去年在这个时候所拥有的执行问题一起,这个问题真正始于创始人离开我们的品牌,以及该品牌没有系统,人才的事实,而且我认为现有的流程可以弥补这种偏离,而这正是我们自己团队的机会,没有真正有效地管理这一点。我们一直在努力工作。这是我们拥有的唯一一个依赖于西班牙供应链的品牌,几乎完全,这是机会的一部分。所以我们一直努力工作,把人才放在那里,生产能力到位,确保质量和流程准时交付,而且绝大多数问题现在已经过去了,我我认为你会看到我们有一个重大的变化,并且该品牌在未来的财政年度的盈利能力。

Jamie Merriman

Now, I've gotten a couple of questions from the audience about the next topic, which is capital allocation. So, you recently announced the billion dollar share repurchase program. A couple of the questions from the audience are around just the language that you used around that announcement in terms of using it to offset dilution rather than looking at your share price and thinking that's the best investment you can make today.

现在,我从观众那里得到了关于下一个主题的几个问题,即资本分配。 所以,你最近宣布了十亿美元的股票回购计划。 观众提出的几个问题只是围绕着公告所使用的语言,用它来抵消稀释而不是看你的股价,并认为这是你今天可以做的最好的投资。

Victor Luis

Yeah, it is right now.

是的,现在就是这样。

Jamie Merriman

So can you just talk about how you think about capital allocation and your priorities?

那么您能谈谈您对资本配置和优先事项的看法吗?

Victor Luis

Sure. We've been clear and very, very consistent. I mean, the number one investments we're making, of course are behind our brands and driving our business both. Every year, we've been returning 350 million to 400 million to shareholders via our dividend, we expect to maintain that, we want to maintain that, we are maintaining it. And of course, most recently, we've announced the buyback, we got $1 billion repurchase program in place, which allows us, yes, first and foremost, to deal with dilution. But as we said, in our notes, at the last call, and, as I'll say here live today as well, when the opportunity is there, and we feel that the value is there for us, we will be looking at beyond dilution. And that's all we will say at the moment.

当然。 我们一直很清楚,非常非常一致。 我的意思是,我们正在进行的头号投资当然落后于我们的品牌并推动我们的业务。 每年,我们通过股息向股东返还3.5亿至4亿股,我们期望维持这一点,我们希望维持这一点,我们正在维持这一点。 当然,最近,我们宣布了回购,我们获得了10亿美元的回购计划,这使我们首先能够应对稀释。 但正如我们所说的那样,在我们的笔记中,在最后一次电话会议上,并且,正如我今天所说的那样,当机会在那里时,我们觉得价值在那里,我们将会超越 稀释。 这就是我们现在要说的全部内容。

Jamie Merriman

Okay. Fair enough. So in a minute, I'm going to open up to more of your questions. If you have any them, please do write them on the card and someone will come around and collect them.

好的。 很公平。 所以在一分钟之内,我会打开你的更多问题。 如果你有任何它们,请在卡片上写下来,有人会到处收集它们。

Victor Luis

You've done such a good job with your list, you've answered all of them.

你的名单上做得很好,你已经回答了所有这些问题。

Jamie Merriman

I don't know, I bet they have more. They probably have some tough ones. My last question, though, is actually a question that all Bernstein analysts are asking all CEOs that have come to sit down with us at the conference this year. So we're trying to think about themes across, I think, 109 companies that we have here. So the question is this, what are you investing in today that you think will have the biggest payoff in the next five years?

我不知道,我打赌他们还有更多。 他们可能有一些艰难的。 不过,我的最后一个问题实际上是一个问题,所有伯恩斯坦分析师都要求所有在今年的会议上与我们坐下来的所有CEO。 因此,我们试图考虑我们在这里拥有的109家公司的主题。 所以问题是,你今天投资的是什么,你认为在未来五年内会有最大的收益?

Victor Luis

I think for us, without a doubt, at the top of our list is our brands. I mean, the number one single most important asset that we have is ensuring their relevance, ensuring their health from a long term perspective. And that comes down, of course, to first and foremost, as I touched upon managing that distribution, controlling and managing pricing as much as possible, which is key to the long term brand health of the franchise, putting the right marketing in place, and making sure that we remain culturally relevant and part of the conversation, which is absolutely necessary when you're in the fashion space. So I would say that that's absolutely key.
Two, we've been making and I touched upon this earlier, I mean, we've been making substantial investments in the platform that will allow those brands as a result of being the whole being better than the sum of the parts, better managed, and hopefully better leveraged through our infrastructure and platforms that we're putting in place. And that comes down, of course, to what we're doing from a systems perspective, supply chain perspective, with a lot of work still ahead of us there. And as well, from a real estate perspective, as we look to leverage the portfolio across 1500 stores and how we manage the current portfolio much more effectively go forward with the leverage of the three brands as well.
And then lastly, I don't think there's anything more important than our team and people. So the announcements that we have made in terms of Tom and Noam and others that we continue to make in terms of getting just the right talent in place that has been there, knows the journey that we want go on, and can much more effectively help us achieve it and execute with the high level of perfection. That's the key areas where I think you'll see us at least see the investment.
Now, if I were to talk much more globally, I would say that in terms of just the trends that we see, over the next 5 to 10 years, there's no doubt that technology and the impact of technology is one. And then secondly, of course, globalization and the need for us to continue to look at global markets as room for growth is absolutely vital to ensure that we're relevant because consumers continue to travel, consumers across the middle class, across the world continues to play an increasingly important role in the consumer marketplace. And as consumer brands, we need to be there and develop our brands very early on. So we're going to have to make our bets there.

毫无疑问,我认为对我们来说,最重要的是我们的品牌。我的意思是,我们拥有的第一个最重要的资产是确保它们的相关性,从长远的角度确保它们的健康。当然,最重要的是,当我谈到管理分销,尽可能地控制和管理定价时,这是特许经营的长期品牌健康的关键,正确营销,并确保我们保持文化相关性并成为谈话的一部分,这在您进入时尚领域时是绝对必要的。所以我会说这绝对是关键。

二,我们一直在制作,我之前提到了这一点,我的意思是,我们一直在平台上进行大量投资,这将使这些品牌的整体优于零件总和,更好地管理,并希望通过我们正在实施的基础设施和平台更好地利用。当然,从系统的角度来看,我们正在做的事情,供应链的观点,还有很多工作仍然在我们面前。此外,从房地产的角度来看,我们希望利用1500家商店的投资组合以及我们如何更有效地管理当前的投资组合,以及三个品牌的杠杆作用。

最后,我认为没有什么比我们的团队和人更重要了。因此,我们就汤姆和诺姆以及我们在获得合适人才方面所做的其他人所做的宣布,知道我们想要的旅程,并且可以更有效地帮助我们实现它并以高水平的完美执行。这是我认为你会看到我们至少看到投资的关键领域。

现在,如果我要在全球范围内进行更多的讨论,我会说,就我们所看到的趋势而言,在未来5到10年内,毫无疑问技术和技术的影响就是其中之一。其次,当然,全球化以及我们继续将全球市场视为增长空间的必要性对于确保我们的相关性至关重要,因为消费者继续旅行,全世界的中产阶级消费者仍在继续在消费者市场中发挥越来越重要的作用。作为消费品牌,我们需要尽早在那里发展我们的品牌。所以我们必须在那里下注。

问答环节

Okay. So some questions from investors in the room. One is, can you talk maybe a little bit on that globalization topic, just about European markets and what you're seeing there?

好的。 所以房间里的投资者提出了一些问题。 一个是,你能谈谈这个全球化话题,关于欧洲市场和你在那里看到的东西吗?

Victor Luis

Sure. We’re less, I would say compared to some of our competition, well, there's only one really large player in Europe in the accessible luxury place. And they were there first, when we were very, very focused on Asia. And so I think they benefited from that, we're really pleased with what we're seeing. I mean, we are, I would say now, in the midst of seeing the traction that we've been working so hard to achieve, and it's come, I think, as a result of a tremendous amount of key important decisions that we've made from a focus perspective. We initially went in to Europe, which is a very expensive market from a real estate perspective.
So one needs to be very, very careful. But we initially went into Europe. And rather, I would say the other key -- there's a lot of, obviously regulatory restrictions from a talent perspective and other areas in terms of recruitment and the like. And so we've been very careful in terms of the decisions that we made. But when we initially went in, we knew that we would benefit from our tourist traffic, specifically the Asian consumers who come to Europe, and the beautiful thing now is, we're beginning to see very real traction with a local customer.
And we know that that's an opportunity, it's an opportunity, not only in the sense that the European consumer, like the American consumer, is beginning to see the attractiveness of the accessible luxury space, too often, we can sit in a room like this and think, oh, they're going to Europe to compete with the traditional luxury brands, the traditional European, middle class consumer are not all carrying European luxury brands, they're not all in the $2500 to $3,000 AUR bucket.
And so the opportunity is for them to actually see an attractive global offering in the accessible luxury space. And the accessible luxury players out of Europe have been much weaker. The accessible luxury players out of the US have been the ones that have created the standard globally. And there is one there and we are very much now in play to be the next and we're being very aggressive. So we're excited about it, we're not seeing, I think some of -- again a lot of noise, in terms of Brexit, a lot of noise in terms of tourists. And I can look at the last 24 months and see ups and downs in certain markets.
But generally, I would say underlying tone is we're pleased with what we're seeing for our brands and the traction that we're seeing, and really pleased with what we're seeing in traction on the dotcom space, and doubling down to now roll that out much, much more aggressively. And I would say at a much higher standard as we bring all of our platforms there onto the Demandware platform so that we can leverage the infrastructure across Europe.

当然。我们可以说,与我们的一些竞争对手相比,我们可以说,在这个无障碍的豪华场所,欧洲只有一个非常大的玩家。当我们非常专注于亚洲时,他们首先在那里。因此我认为他们从中受益,我们对我们所看到的内容感到非常满意。我的意思是,我现在要说的是,在看到我们一直在努力实现的牵引力的过程中,我认为,由于我们做出了大量重要的重要决定,我们才会这样做。从焦点的角度来看。我们最初进入欧洲,从房地产的角度来看,这是一个非常昂贵的市场。

所以需要非常非常小心。但我们最初进入欧洲。更确切地说,我会说另一个关键 - 从人才角度和招聘等方面的其他方面来看,显然存在很多监管限制。因此,我们在做出的决定方面一直非常谨慎。但是当我们最初进入时,我们知道我们将从我们的旅游交通中受益,特别是来到欧洲的亚洲消费者,现在美好的事物,我们开始看到与当地客户非常真实的牵引力。

我们知道这是一个机会,这是一个机会,不仅仅是因为欧洲消费者,如美国消费者,开始看到无障碍奢侈品空间的吸引力,我们经常可以坐在这样的房间里并且想想,哦,他们要去欧洲与传统奢侈品牌竞争,传统的欧洲,中产阶级消费者并非全都携带欧洲奢侈品牌,他们并非全都在2500美元到3,000美元的AUR桶中。

因此,他们有机会在无障碍的豪华空间中真正看到具有吸引力的全球产品。而来自欧洲的无障碍豪华玩家则要弱得多。美国以外的无障碍豪华玩家是那些在全球范围内创造标准的玩家。而且那里有一个,我们现在非常注重成为下一个,我们非常积极。所以我们对它感到兴奋,我们没有看到,我认为其中一些 - 在英国退欧方面又是很多噪音,在游客方面噪音很大。我可以看看过去24个月,并看到某些市场的跌宕起伏。

但总的来说,我认为基本的基调是我们对我们所看到的品牌以及我们所看到的牵引力感到满意,并对我们在互联网领域所看到的东西感到满意,并且倍增现在推出更多,更积极的。我会以更高的标准说,因为我们将所有平台都带到Demandware平台上,以便我们可以利用整个欧洲的基础设施。

Jamie Merriman

Okay. And another question, which is can you talk about your views on the luxury resale market?

好的。 还有一个问题,你能谈谈你对奢侈品转售市场的看法吗?

Victor Luis

Yeah, we've been asked that a little bit, because I think there's at least one or two potential IPOs in the US market especially, and I’ve talked a bit about it in our last call. And we actually -- it's a space we know, it's a space we followed. And what I can share with you is having been in Asia, a good 15 years of my career and seeing what is referred to there as the parallel market, which in essence, are consumers, traders, third parties buying product from less, lower premium markets in Europe and the US and then reselling in Asia, this is not new.
The difference, of course, is they're buying new product, reselling it new in the Asian markets to take advantage of pricing. So I'll start there where in Asia today, we do not see the consumer being attracted to the idea of buying a used handbag. That's very, very clear. Okay, with very slight exception. So what the main thing we've seen in the used, I should say, in that perspective, resale used market is very, very substantial share for watches, of course, gold and other jewelry where the intrinsic value -- the intrinsic resale value is real. And there's a global marketplace for it.
If I come to the US and specifically with some of US and Europe, specifically with some of the more recent sites and a lot of attention around it, because there's a potential IPO, so all of these other platforms that are third party platforms, and all looking for the opportunity to how do they fight for that market share, how much market share really there is, and we've done analysis on some of these platforms and you can go into it. What you see is that is traditional luxury, selling, yes, at a lower price.
But still at very high AURs in the handbag space, you go into these platforms and you're going to see a traditional luxury bag that resold, that was sold at 2500 and the consumer maybe is thinking, this is last season's bag, I'm going to sell it and I'm going to use the money to help me buy this season's bag. They're selling it for $1,000, you're not going to have someone come to your home, pick up a handbag, refurbish it, put it into DC and ship it back out at much lower AURS and still drive tremendous profitability.
And so that's really what we've been seeing basically, as a much higher AUR and consumers who are looking for the next European fashion bag, buying into that fashion bag. Does that mean some of them are trading up from accessible luxury? Yes. Does it mean that some of them are maybe already luxury customers who are not buying new and are buying used? Yes, but I don't see it, given the numbers of units in the accessible luxury space and the numbers of units that we estimate at those AURs on these sites. I don't see it as a threat necessarily to us into what we're doing in our space.

是的,我们被问到了一点点,因为我认为在美国市场上至少有一两个潜在的IPO,我在上次电话会议上谈了一些。我们实际上 - 它是我们所知道的空间,它是我们遵循的空间。我可以与你分享的是在亚洲,我职业生涯的15年,并看到那里所谓的平行市场,实质上是消费者,交易商,第三方从更少,更低的溢价购买产品在欧洲和美国市场然后在亚洲转售,这并不新鲜。

当然,不同之处在于他们正在购买新产品,在亚洲市场转售新产品以利用定价。因此,我将从那里开始,在今天的亚洲,我们看不到消费者被购买旧手提包的想法所吸引。这非常非常清楚。好的,非常轻微的例外。那么我们在使用过程中看到的主要内容,我应该说,从这个角度来看,转售二手市场对于手表来说是非常非常可观的份额,当然,黄金和其他珠宝的内在价值 - 内在的转售价值是真实的。它有一个全球市场。

如果我来美国,特别是美国和欧洲的一些地方,特别是一些最近的网站以及围绕它的很多关注,因为有潜在的IPO,所以所有这些其他平台都是第三方平台,所有人都在寻找机会,他们如何争取市场份额,真正有多少市场份额,我们已经对其中一些平台进行了分析,你可以进入市场。你看到的是传统的奢侈品,销售,是的,价格更低。

但是仍然在手提包领域非常高的AUR,你进入这些平台,你会看到一个传统的奢侈品袋转售,售价2500,消费者可能在想,这是上一季的包,我'我打算卖掉它,我会用这笔钱帮我买这个季节的包。他们以1000美元的价格出售它,你不会有人来到你的家,拿起一个手提包,整理它,把它装进DC并以低得多的AURS运回来,仍然带来巨大的盈利能力。

所以这就是我们基本上看到的,作为一个更高的AUR和正在寻找下一个欧洲时尚包的消费者,购买这个时尚包。这是否意味着他们中的一些人从无障碍奢侈品中获利?是。这是否意味着他们中的一些人可能已经是奢侈品消费者,他们不会购买新产品并购买二手产品?是的,但我没有看到它,考虑到无障碍豪华空间中的单位数量以及我们在这些网站上估算的AUR数量。我不认为这对我们在我们的空间中所做的事情是一种威胁。

Jamie Merriman

And maybe last one. So you talked about your investment in team and we talked about specifically about Noam and his role in digital and you talked a little bit about your newest hire? Can you talk about Tom a little bit more in terms of what that opportunity is?

也许最后一个。 所以你谈到了你对团队的投资,我们特别谈到了Noam和他在数字方面的角色,你谈了一下你最近的聘用? 关于这个机会,你能谈谈汤姆吗?

Victor Luis

Sure, yeah, he's a highly experienced individual who has been leading the entire supply chain for VF Corp who, and its first and foremost company, we admire greatly and have a tremendous amount of respect, in terms of how, not only they've integrated brands, managed them, but just as importantly, how they've created a very flexible and massive footprint in their supply chain to deal with a number of units, which I think we're a small portion of. So dealing with complexity, dealing with speed, both owned and third party, third party manufacturing, which are all things that we need to think about and consider because as soon as you start getting into customization at scale, speed at scale, these are the things that we're most interested in.
And Tom brings a real unique expertise and having done that, within that organization, but look, nothing, of course, compares with just a proven, great global leader, global leader who understands talent, can motivate talent, drive talent, help us make the key decisions across the platform, and then across in essence, all of our manufacturing, all of our distribution, all of our IS systems, ensure that from the front end of the business, right to the factory floor, that we're tied in, and can leverage the great work that the brand teams are doing, and pull that product through much more effectively, so that we're not tied to the old process, which in essence, even through all of the digitization that's taken place, when you still have your traditional fashion companies still operating on a 12 month calendar, hard to believe, but true. We're designing product with blinking samples and putting it through, we're ordering it, not knowing what's going to sell or sell and making some guesses and then putting it through into an inventory bucket that we then look to create demand on which is a very old way of looking at things. So a lot of opportunity and I'm excited. He joins us July 15. And excited by all of the opportunity he has to help us be much better in creating the Tapestry platform for the three brands to benefit from.

当然,是的,他是一位经验丰富的人,一直领导着VF公司的整个供应链,而且他们是第一个也是最重要的公司,我们非常钦佩并且非常尊重他们,不仅仅是他们如何集成品牌,管理它们,但同样重要的是,它们如何在供应链中创建一个非常灵活和庞大的足迹来处理多个单位,我认为我们只占其中的一小部分。所以处理复杂性,处理速度,自有和第三方,第三方制造,这些都是我们需要考虑和考虑的事情,因为一旦你开始大规模定制,大规模的速度,这些是我们最感兴趣的事情。

汤姆带来了真正独特的专业知识,并在该组织内完成了这项工作,但当然,没有什么比得上一位经过验证的,伟大的全球领导者,了解人才,激励人才,激励人才,帮助我们的全球领导者整个平台的关键决策,然后从本质上讲,我们所有的制造,我们所有的分销,我们所有的IS系统,确保从业务的前端,到工厂车间,我们并列in,并且可以利用品牌团队正在做的伟大工作,并更有效地拉动该产品,这样我们就不会依赖旧的流程,从本质上讲,即使通过所有的数字化,当你仍然让你的传统时装公司仍在12个月的日历上运作时,很难相信,但却是如此。我们正在设计带有闪烁样品的产品并通过它,我们订购它,不知道将要出售或出售什么,并进行一些猜测,然后将其放入库存桶,然后我们期望创建需求一种看待事物的非常古老的方式。所以很多机会,我很兴奋。他于7月15日加入我们。他很高兴有机会帮助我们更好地创建Tapestry平台,让三个品牌受益。

Jamie Merriman

Okay. Well, thank you so much.

好的。 好的,非常感谢你。

Victor Luis

Thank you, Jamie. Thank you, everybody.

谢谢你,杰米。 谢谢大家。

Jamie Merriman

Thanks for being here.

谢谢你在这里。

相关问题

  • Tapestry, Inc. 电话会议
  • Tapestry, Inc. 财务报告

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