Capri Holdings Ltd (CPRI) 出席投资者日经纪人电话会议 - (成绩单)

Capri Holdings Ltd (NYSE:CPRI) Investor Day Conference Call June 5, 2019 1:30 PM ET

Capri Holdings Ltd(纽约证券交易所代码:[CPRI])投资者日电话会议2019年6月5日美国东部时间下午1:30


Thomas Edwards - EVP, CFO & COO
John Idol - Chairman & CEO
Jonathan Akeroyd - CEO
Pierre Denis - CEO and Director, Jimmy Choo Group Limited

  • Thomas Edwards - 执行副总裁,首席财务官兼首席运营官
  • John Idol - 董事长兼首席执行官
  • Jonathan Akeroyd - 首席执行官
  • Pierre Denis - Jimmy Choo Group Limited首席执行官兼董事


Matthew Boss - JPMorgan Chase & Co.
Rakesh Patel - Needham & Company
Paul Trussell - Deutsche Bank
Simeon Siegel - Nomura Securities Co.
Erinn Murphy - Piper Jaffray Companies
Mark Altschwager - Robert W. Baird & Co.
Adrienne Yih - Wolfe Research

  • Matthew Boss - 摩根大通公司
  • Rakesh Patel - Needham&Company
  • Paul Trussell - 德意志银行
  • Simeon Siegel - 野村证券公司
  • Erinn Murphy - Piper Jaffray公司
  • Mark Altschwager - Robert W. Baird&Co。
  • Adrienne Yih - 沃尔夫研究


Good afternoon. My name is Tom Edwards, Chief Financial Officer and Chief Operating Officer of Capri Holdings. I want to welcome everyone to Capri Holdings Limited Investor Day. With me today are John Idol, our Chairman and Chief Executive Officer; Jonathan Akeroyd, CEO of Versace; and Pierre Denis, CEO of Jimmy Choo.
Before I start, just one housekeeping item, literally, after the first section of this presentation, we'll take a short break to clear off lunches, and then we'll continue with our presentations for each of our three brands.
This page is forward-looking statements, which we'll be making through the presentation. You can feel free to read and also refer to our filings on our website for more extensive risk factors. In terms of our program for the day, the first item we will look at is Capri strategy and outlook. John Idol will begin that, and I will also speak during that time frame. We'll then turn to Versace, Jimmy Choo and Michael Kors, finishing the day with question and answers.
So with that, I would like to turn it over to John Idol, Chairman and Chief Executive Officer of Capri Holdings Limited.

下午好。我的名字是Capri Holdings的首席财务官兼首席运营官Tom Edwards。我想欢迎大家参加卡普里控股有限公司投资者日。今天和我在一起的是我们的董事长兼首席执行官约翰偶像


Thank you, Tom. Good afternoon, everyone, and welcome. As Tom said, this is our outlook for the growth of our company. And this is our second Investor Day that we've held with Michael Kors originally two years ago and now as Capri Holdings with our three brands: Michael Kors, Jimmy Choo and Versace. We're very excited about Capri Holdings and what we've been able to create in the past 18 months. As many of you know, we had a vision to acquire luxury brands that had a global residence. And we also wanted luxury brands that had leaders, founders who are deeply engaged in the vision and future of the companies that they actually started.
We were very fortunate a little over 1.5 years ago to be able to acquire Jimmy Choo under the incredible leadership of Pierre Denis and his partner, Sandra Choi. We've added one of the great luxury houses to Capri Holdings. We were equally fortunate at about this time last year when we had the opportunity to purchase Versace and, once again, with an incredible CEO, Jonathan Akeroyd, and an amazing iconic leader, Donatella Versace. And with our foundation brand being Michael Kors, again, led by the preeminent luxury American designer Michael Kors himself. We have three of the most outstanding houses in the world. All three of them are founder-led, and all three of them are focused on fashion and luxury.
When you look at all three brands, they all have different personalities. We all just left the Versace store in Fifth Avenue, and I hope you felt the rock-and-roll spirit that Donatella has created in the recent Spring collection that was in the stores. And as many of you are aware, we have a really incredible collection coming for fall that will be featuring many of the iconic codes of the house that you heard Jonathan talk about in our -- in his earlier presentation today inside the Versace store. In Jimmy Choo, I think you all would agree that what you saw in the showroom presentation was very exciting. What we've been able to create in a very short period of time with Jimmy Choo, and you'll hear Pierre talk a lot more about that later on, is really extraordinary, and particularly in our accessories with the launch of our new JC logo, how quickly we've moved into the luxury active footwear business and how we've repositioned the marketing of the brand with Kaia Gerber as being the face. So again, we've done that all in a very, very short period of time, and the results are there with the company growing double digits and really being able to move much quicker than it had in the past.
And then lastly with Michael Kors, two things. Number one, we sat here 2 years ago. We told you what Runway 2020 would look like. And I believe that Michael, Tom and myself are actually quite pleased with where we are today. We significantly beat the earnings per share projections of 2 years ago that we thought we would be at, at this point in time. We've been able to grow the brand. While more modestly this past year, we still did grow. And we continue to get the brand positioned, not only for stability, but for longer-term growth that I'll talk to you about later this afternoon. So again, when you think about Capri and what we stand for, we stand for three very powerful companies under one house. And also what we stand for, which is uniquely different from some of the other companies that are here in North America, is that we are focused on luxury. We're a company that has brands and houses that have the ability to grow in North America, in Europe and, significantly, in Asia.

汤姆,谢谢你。大家下午好,欢迎。正如汤姆所说,这是我们对公司发展的展望。这是我们两年前与Michael Kors一起举办的第二个投资日,现在我们的三个品牌是Michael Kors,Jimmy Choo和Versace。我们对Capri Holdings以及我们在过去18个月里创造的东西感到非常兴奋。正如你们许多人所知,我们的愿景是收购拥有全球住宅的奢侈品牌。我们还希望拥有领导者的奢侈品牌,创始人深入参与他们实际开始的公司的愿景和未来。

1.5多年前,我们非常幸运能够在Pierre Denis及其搭档Sandra Choi的出色领导下收购Jimmy Choo。我们为Capri Holdings增加了一个很棒的豪宅。我们在去年的这个时候同样幸运,当时我们有机会收购Versace,并再次与一位令人难以置信的首席执行官Jonathan Akeroyd以及一位出色的标志性领导者Donatella Versace一起购买。我们的基金会品牌是Michael Kors,再次由卓越的豪华美国设计师Michael Kors亲自领导。我们有三个世界上最杰出的房子。他们三人都是创始人主导的,他们三人都专注于时尚和奢侈品。

当你看到这三个品牌时,它们都有不同的个性。我们都离开了第五大道的Versace商店,我希望你能感受到Donatella在最近的春季系列中创造的摇滚精神。正如你们许多人都知道的那样,我们有一个真正令人难以置信的收藏品将会在秋天展出,这将是你在Jonacehan在我们早前在Versace商店内发表的演讲中所听到的众多标志性代码。在Jimmy Choo,我想大家都会同意你在展厅演示中看到的内容非常令人兴奋。我们能够在很短的时间内与Jimmy Choo一起创作,你会听到皮埃尔后来更多地谈论这件事,非常特别,特别是在推出我们的新JC的配件中logo,我们如何迅速进入奢侈品活跃的鞋类业务,以及我们如何重新定位品牌的营销与Kaia Gerber作为面孔。所以,我们已经在非常非常短的时间内完成了所有这些工作,并且结果是公司增长了两位数,并且能够比以往更快地移动。

然后最后与迈克尔科尔斯,两件事。第一,我们2年前坐在这里。我们告诉过你Runway 2020的样子。我相信迈克尔,汤姆和我自己对今天的状况非常满意。我们大大超过了2年前的每股收益预测,我们认为我们现在处于此时的预期。我们已经能够发展这个品牌。在过去的一年里,虽然比较温和,但我们仍然在增长。我们继续为品牌定位,不仅仅是为了稳定,而是为了长期增长,我将在今天下午晚些时候与您交谈。再说一次,当你想到卡普里岛以及我们的立场时,我们代表着三个非常强大的公司。而且我们所代表的,与北美其他一些公司的独特之处在于,我们专注于奢侈品。我们是一家拥有品牌和房屋的公司,这些品牌和房屋能够在北美,欧洲以及亚洲地区实现增长。

One of the leading indicators that we look at constantly is our brand strength, and what's incredible is when you look at the social media following for Versace, Michael Kors and Jimmy Choo, it's really quite extraordinary. And in particular, when you look at the -- next slide. Oops, sorry. I'm sorry. Excuse me, 1 second. There it is, sorry. In particular, when you look at the Instagram following, Versace has 17.5 million Instagram followers, and Jonathan will talk more about what's happening social media-wise for the brand. And Donatella alone has 4 million, and this has been growing very rapidly. So that tells you that people are engaged with the brand, people are excited about the brand, and people are excited about what Donatello's message is.
Michael Kors has 14.5 million followers and continuing to grow. Once again, consumers are excited and engaged about Michael's message. And then lastly, Jimmy Choo, growing very, very rapidly, now over 10 million followers on Instagram, again, led by Sandra's message for fashion, innovation and excitement.
So we feel very good about the brands and the strength of our brands and the ability to grow them based upon how engaged the customers are with us, and you'll hear later on also about how we're growing our databases with all of our consumers on many different levels. We're very excited last year, we delivered double-digit top line and double-digit bottom line growth for Capri Holdings. We're very proud of that. This year, Tom is going to talk about this later in his prepared remarks, we will do $6 billion. And if you look at that by brand, we'll do approximately $900 million in Versace, and that also is quite extraordinary because Versace will lose approximately $50 million in volume, closing 2 of our brands, being the collection and the Versus brands. So when you look at that taken out, the brand will grow at double-digit growth. Jimmy Choo will also have double-digit growth this year, reaching approximately $650 million. And Michael Kors will be approximately flat at $4.5 billion this year, which brings us to a $6 billion company. Again, in totality, we will grow at double digits once again.
One of the exciting things about Capri and the company put together with these different luxury houses is it gives us an interesting and more diverse mix of product. The company will be approximately 51% in accessories, 18% in footwear. And as you heard me speaking about earlier today, we believe footwear is one of the fastest-growing categories in luxury today. And we are soundly entrenched in Michael Kors and Versace, and we will begin to become much more broadly based and developed in footwear in Versace. We now will have 13% of our companies business in men's, which is quite exciting, and we look to grow that significantly. And women's ready-to-wear, approximately 11%. And license products, approximately 7%. And I might also add, in the license category, where we have a very, very strong watch business under Michael Kors, and while that marketplace has been disrupted, we believe that we can add value with some of the other business units that we have in the watch and jewelry category. And we also will now have, under the umbrella of the house, one of the largest fragrance businesses with Versace. And combined with Michael Kors and with Jimmy Choo, we will have close to $600 million in revenues in fragrances, which is very, very powerful and a deep way to talk to customers broadly.

我们不断关注的领先指标之一是我们的品牌实力,当您看到Versace,Michael Kors和Jimmy Choo的社交媒体时,这真是令人难以置信,这真的非常不同寻常。特别是当你看下一张幻灯片时。哎呀,对不起。对不起。对不起,1秒钟。抱歉,抱歉。特别是,当你看到Instagram的追随者时,Versace拥有1750万Instagram粉丝,Jonathan将更多地谈论该品牌社交媒体的发展方向。仅Donatella有400万,而且这种增长速度非常快。因此,这告诉您人们与品牌互动,人们对品牌感到兴奋,人们对Donatello的信息感到兴奋。

Michael Kors拥有1450万粉丝并继续成长。消费者再次对迈克尔的信息感到兴奋和投入。最后,Jimmy Choo非常迅速地成长,现在Instagram上的粉丝超过1000万,再次由Sandra的时尚,创新和兴奋的信息引领。

因此,我们对品牌和品牌的实力以及根据客户对我们的参与程度来发展它们的能力感到非常满意,您稍后会听到我们如何利用我们所有的数据来发展我们的数据库。消费者有很多不同的层面。去年我们非常兴奋,我们为Capri Holdings带来了两位数的收入和两位数的底线增长。我们为此感到非常自豪。今年汤姆将在他准备好的言论中谈论这个问题,我们将做60亿美元。如果你看一下品牌,我们将在Versace做大约9亿美元,这也是非常特别的,因为Versace将损失大约5000万美元的销量,关闭我们的两个品牌,作为系列和Versus品牌。因此,当你看到这一点时,品牌将以两位数的速度增长。 Jimmy Choo今年也将实现两位数的增长,达到约6.5亿美元。迈克尔科尔斯今年的收入将达到45亿美元,这使我们成为一家价值60亿美元的公司。同样,总体而言,我们将再次以两位数增长。

卡普里岛和公司与这些不同的豪宅相结合的令人兴奋的事情之一是它为我们提供了一个有趣且更多样化的产品组合。该公司约有51%的配件,18%的鞋类。正如您今天早些时候听到的那样,我们认为鞋类是当今奢侈品增长最快的类别之一。我们在迈克尔科尔斯和范思哲中确立了稳固的基础,我们将开始在范思哲的鞋类中更广泛地开发和开发。我们现在将有13%的公司在男士公司开展业务,这非常令人兴奋,我们希望能够大幅增长。而女性的成衣,约占11%。和许可产品,大约7%。我还可以在许可证类别中添加我们在Michael Kors下拥有非常非常强大的手表业务,虽然该市场已经中断,但我们相信我们可以通过我们拥有的其他业务部门增加价值在手表和珠宝类别。在房子的保护下,我们现在也将拥有范思哲最大的香水业务之一。与Michael Kors和Jimmy Choo合作,我们将在香水方面获得近6亿美元的收入,这是非常非常强大的,也是与客户广泛交流的深层次方式。

When we set out on the mission to create Capri, we were really looking at the luxury market and the fact that the luxury market continues to have sustained growth. And when you look at the Bain Capital industry analysis, you can see that the CAGR for growth from 2018 through 2025 is approximately 4%. We believe that we will grow faster than this, and we believe that the accessories category, in particular, will grow faster than this. But the category itself has demonstrated incredible resiliency over the last 20 years even through economic downturns. This category, we believe, is one, as an investor, that you can look at and understand and know will have long-term sustained growth. And with our 3 houses, we are solidly positioned in the luxury category.
From a regional standpoint, we also believe that the 2 acquisitions that we completed have definitively balanced the company with additional revenues in Asia in particular and, to a lesser degree, in Europe. When you look at where the regional growth is from a luxury standpoint, you can see long term that the predictions are that Asia will account for 50% on luxury growth; America, 25%; and EMEA, approximately 25%. And we believe we're solidly positioned to be able to participate in that growth.
So that winds us up, in our opinion, to be able to take Capri Holdings from its current $6 billion in revenues to approximately $8 billion in revenues. We intend on taking Michael Kors for $4.5 billion to $5 billion, and we'll talk about that later. That will be predominantly driven from Asia and from our men's businesses, both of which are performing.
Second, Versace will go from approximately $900 million to $2 billion, and this is below the goal that we have to be the second largest Italian luxury goods company in the world. But it's the first target that we have. And we feel -- the management team led by Jonathan, Donatella and myself feel very strongly that we will be able to achieve this goal and target.
And then lastly, Jimmy Choo from approximately $600 million to $1 billion. And again, under Pierre's leadership, I think we've demonstrated our ability to execute on opening new stores, broadening the accessories category and being able to reinvigorate the brand. So we're very proud of what we've been able to do quickly with both Versace and with Jimmy Choo and stabilizing Michael Kors with the idea of growing all three of our houses to approximately $8 billion.
Oh, there it goes. Sure. So just to recap again how are we going to do that, number one, Versace $2 billion revenue growth. We're going to build on Versace's luxury runway momentum, and our fashion shows have some of the most followed, engaged customers of any luxury brand in the world, and that's led by Donatella. And of course, you've seen that every major fashion model wants to be part of the house of Versace. And typically, some of the most important celebrities worldwide also want to be part of the brand. Secondly, we're going to enhance the Versace marketing, as we did with Jimmy Choo. And we're going to do with Versace, we're going to spend a lot more money on marketing, powerful marketing, everything from campaigns that you see digitally to how we're going to drive consumers to our website as well through performance marketing. So significant increase in marketing.



Next, we're going to increase the retail footprint from approximately 200 stores to 300 stores. We're on the move doing that very rapidly. Some amazing locations available to us. And this is very consistent with where our other luxury competitors are. And in fact, many of them have up to 400 stores. That is not our intent. Our intent is to open the additional 100 stores, and that will be balanced throughout the world, slightly more in Asia. But again, we will be on the streets, where you will see our other luxury competitors. We're going to accelerate our e-commerce and omnichannel. The company is very, very far behind in this category. We have limited capabilities today. But within 1 year, we believe, and Jonathan will talk more about this, that we will have a platform, that we can move very, very rapidly with to help grow the Versace e-commerce and omnichannel business.
And then lastly, we're going to expand our accessories business from 35% to 60% of revenues. And I might add that, that is going to be not only in women's accessories, which will be the largest and predominant piece of this revenue increase, but also men's accessories. Remember Versace, half of our business approximately is menswear. And men's leather is another very, very strong category at retail today in the luxury marketplace. So great opportunities for us in Versace.
In Jimmy Choo, $1 billion revenue growth. We believe we're well on our way there. We're very excited. The new stores we've been opening have been very, very productive for us. Also Pierre led a store renovation program prior to our acquisition. That's very much in place today. So when we acquired Jimmy Choo, most of the store renovations were actually complete, and so we're going in now and really focus on new store openings. And again, we've taken our target from 250 to 300 stores. So we're very excited about that opportunity for us. And Jimmy Choo has got an excellent omnichannel and e-commerce capabilities already in place, so we're leveraging driving that today. We're going to accelerate our footwear growth. And obviously, one of the big key areas for us is our active footwear business, where our luxury competitors, many of them are significantly ahead of us, but we're catching up quickly.
And then we're going to grow our accessories business over time to approximately 50% of our revenues. And that will, as Tom and Pierre are going to speak to later, also improve the profitability of Jimmy Choo. And then we have a large opportunity in our men's business. It has not been a focus for us at the moment, but it will begin to become a focus for us in calendar 2020 coming to the fall season as we look to really create a new excitement level around that product category.
Michael Kors, $5 billion. So that's going from approximately $4.5 billion to $5 billion, and we're going to do that. First, we're very excited about what we did with our Runway 2020 program, and you'll hear me talk a bit more about that and how that has helped us in terms of performance in our online and in our stores. But really, the mantra around Michael Kors is speed, energy and optimism. And you're going to hear that even more so in all of our marketing campaigns, where you're going to walk into our sales associates in the fall season, you're going to hear them talking about it. And we're going to show the customer how they live that lifestyle and how this lifestyle is going to be brought to reality for them inside of our stores. And that'll be driven through product innovation, brand engagement and customer experience, which I'll talk about more.



在Jimmy Choo,收入增长10亿美元。我们相信我们在那里的路上很好。我们非常兴奋。我们开业的新店对我们来说非常非常有成效。在收购之前,皮埃尔还领导了一个商店改造计划。这在今天非常有用。因此,当我们收购Jimmy Choo时,大部分商店的装修实际上都是完整的,所以我们现在就进入并真正关注新店的开业。而且,我们已经将目标从250家店铺增加到300家。所以我们对这个机会感到非常兴奋。 Jimmy Choo已经拥有出色的全渠道和电子商务功能,因此我们正在利用今天的驾驶技术。我们将加速我们的鞋类增长。显然,对我们来说最重要的一个领域是我们的活跃鞋类业务,我们的奢侈品竞争对手,其中许多都明显领先于我们,但我们正在迅速赶上。


迈克尔科尔斯,50亿美元。所以这将从大约45亿美元增加到50亿美元,我们将会这样做。首先,我们对我们在Runway 2020计划中所做的工作感到非常兴奋,您会听到我更多地谈论这一点以及这对我们在线和商店的表现有何帮助。但实际上,Michael Kors的口头禅是速度,精力和乐观。而且你会在我们所有的营销活动中听到更多的消息,你将在秋季走进我们的销售人员,你会听到他们谈论它。我们将向客户展示他们如何过上这种生活方式,以及如何让这些生活方式在我们的商店内实现。这将通过产品创新,品牌参与和客户体验来推动,我将更多地讨论这些问题。

We're going to grow our Asia business to $1 billion, which will be about double from where it is today. And we're going to build our men's business, which is a huge opportunity for us, and the business has been growing very nicely for us at this point. And lastly, we will stabilize our comparable store sales. We have a very significant headwind on our watch and, to a lesser extent, jewelry business. But as that piece of our business mitigates, we believe that the growth of our footwear, our women's ready-to-wear, our menswear and stabilization of our accessories will deliver a platform for us to be able to grow against.
Now I would like to turn it over to Tom Edwards.

我们将把我们的亚洲业务增长到10亿美元,这将是今天的两倍。 而且我们将建立我们的业务,这对我们来说是一个巨大的机会,而且此时业务对我们来说已经非常好。 最后,我们将稳定我们的同类商店销售。 我们的手表和珠宝业务在很小程度上都是一个非常重要的逆风。 但随着我们业务的这一部分减少,我们相信我们的鞋类,女装成衣,男装和我们的配饰稳定的增长将为我们提供一个能够成长的平台。



Thank you, John. And the first thing I'd like to go over is the progression of revenue and earnings growth for Capri Holdings. Over the past several years, we have grown both revenue and earnings, and in the last year, both at a double-digit rate. If you look at fiscal year '20, we expect approximately flat earnings, really reflecting the expected and anticipated dilution from the Versace acquisition, but we are growing revenue at a double-digit rate. Beyond that, both a strong growth, the top line, and we're positioned to accelerate our earnings growth with the two acquisitions that we'll talk a little bit more about in next few slides.
In terms of the Capri financial outlook, which is unchanged from what was shared last week in our earnings call, this really shows the components of our metrics and what builds up to that accelerated earnings growth potential. So Michael Kors is our stable foundation. We expect low single-digit growth over time at the revenue line and while margins remain stable at an operating level. Jimmy Choo and Versace, we both look to double-digit growth at the top line on a longer-term basis while inflecting on operating margin from years where we're investing in the business to accelerate growth, to normalizing that investment, to really leveraging the business to grow for both brands longer-term into the mid-teens, with adjusted EPS also growing at a double-digit growth rate in fiscal year 2021 and 2022.
As part of building Capri, we're creating synergy opportunities. With 3 brands and a very large global footprint, we think there are many areas that we can drive savings. The pictures on this slide of our Versace Novara facilities, where you design and prototyping and also have a warehouse with some product. We believe that there's a large opportunity here in areas such as raw materials and leathers procurement, indirect, materials procurement, manufacturing synergies for 2 brands in Italy, for instance, that have very similar factories that they use and sourcing optimization across our business. We have not built synergies into our plan yet, but we are actively developing plans around those and as we noted -- announced a transformation initiative for the company.
The transformation initiative that we discussed is broad-based, and it's about creating capabilities on a global scale to build our business further. And it creates both synergies, further opportunities to create centers of excellence and to really support the growth of all of our businesses. We are already starting this. One area is warehousing and logistics. And the picture on the left of this slide is our Venlo facility in the Netherlands, which is also a very sustainable facility with the largest array of solar panels in the entire Netherlands. Right now, this business supports Michael Kors, and we are in active work to move Jimmy Choo into this facility for Europe, which will not only provide efficiencies but also save significant dollars for that business. We're combining logistics management and leveraging scale as we use third-party logistics providers as well.

谢谢你,约翰。我想要回顾的第一件事是Capri Holdings的收入和盈利增长。在过去的几年里,我们的收入和收入均有所增长,而在去年,我们的收入和收入都达到了两位数。如果你看一下'20财年',我们预计收益大致持平,这真的反映了范思哲收购的预期和预期稀释,但我们正以两位数的速度增长收入。除此之外,强劲的增长,顶线,以及我们的定位是通过两次收购来加速我们的盈利增长,我们将在接下来的几张幻灯片中进行更多讨论。

就卡普里的财务前景而言,与上周我们的财报电话会议中所分享的一致,这确实显示了我们的指标的组成部分以及加速盈利增长潜力的因素。所以Michael Kors是我们稳定的基础。我们预计收入线上的单位数增长率将保持较低水平,而营业额的利润率则保持稳定。 Jimmy Choo和范思哲,我们都期望在长期基础上实现两位数的增长,同时在我们投资业务以加速增长,实现投资正常化,真正利用的几年中实现经营利润率的变化两个品牌的长期发展到十几岁中期的业务,调整后的每股盈利在2021和2022财年也以两位数的速度增长。

作为建设卡普里岛的一部分,我们正在创造协同机会。我们拥有3个品牌和非常庞大的全球业务,我们认为有许多领域可以节省成本。我们的Versace Novara工厂的幻灯片中的图片,您可以在那里进行设计和原型设计,还有一个带有某些产品的仓库。我们相信,在原材料和皮革采购,间接,材料采购,意大利2个品牌的制造协同效应等领域,这里有很大的机会,他们使用的工厂非常相似,并且在我们的业务中采购优化。我们尚未在我们的计划中建立协同效应,但我们正在积极制定计划,正如我们所指出的那样 - 宣布了一项针对公司的转型计划。

我们讨论的转型计划基础广泛,它涉及在全球范围内创建能力以进一步建立我们的业务。它创造了协同效应,进一步创造卓越中心的机会,并真正支持我们所有业务的增长。我们已经开始这个了。一个领域是仓储和物流。此幻灯片左侧的图片是我们位于荷兰的Venlo工厂,该工厂也是一个非常可持续发展的工厂,拥有整个荷兰最大的太阳能电池板阵列。目前,这项业务支持Michael Kors,我们正在积极努力将Jimmy Choo搬到这个欧洲工厂,这不仅可以提高效率,还可以为该业务节省大量资金。当我们使用第三方物流供应商时,我们正在结合物流管理和杠杆比例。

On the IT side, the common platforms will be something we'll be developing across the business, including a global ERP platform, which is the SAP S/4HANA fashion management system. And that will allow us to manage our businesses, get greater information as well as create back-office synergies and shared services. When we turn to capital allocation for Capri Holdings, our priorities are very clear. First, we always will invest in the business. Second, we're going to repay debt. We did this after the acquisition of Jimmy Choo rapidly repaying debt and anticipate doing the same going forward with the debt reduction schedule that we noted for this year of at least $500 million and into the future as we continue to balance out our investment and our use of cash for debt repayment. Longer term, we will return cash to shareholders, and we believe we have the ample capacity to this with a very strong free cash flow generation of our combined businesses. And finally, pursue luxury acquisitions off of the base that we're creating for Capri Holdings globally.
When we look at capital investments, we've noted that we would be investing approximately $300 million a year over the next several years. The majority of that is spent on stores and, to a lesser degree, shops. When you look at the strategies of 2 of our businesses, we look at the opportunity to grow stores from 200 to 300 for both Versace and Jimmy Choo. We'll also invest in e-commerce and revenue-generating capabilities, which both brands will talk about more, as well as in the Michael Kors business continuing to expand our customer relationship management and e-commerce capabilities. In terms of operations and corporate, we will invest in SAP as well as other activities to continue to support the overall group.
When you look at the overall business, our luxury group has the potential to create significant shareholder value, and we couldn't be more excited about it. First, we have incredibly strong global luxury brands. We significantly diversified our portfolio and diversified it in ways that provide for more growth potential, for instance, with a larger now footprint in Asia and broader penetration across areas that are growing rapidly like footwear, as an example.
Finally, on the financial outlook, there's an opportunity for Capri Holdings to significantly accelerate both the top line and improve our EPS growth potential over a longer time. We'll do that by expanding operating margin and reducing debt as we continue to manage business going forward.
With that, I'm going to take a quick break here, 5- to 10-minute break while we clean up for lunch, and then we will start with Versace following this with Jonathan Akeroyd.
Thank you. So we'll see you in five minutes.
Welcome back, everyone. Welcome back. I appreciate the little break. Just as a housekeeping item, I'd also like to note that the slides will be available on our website in a PDF form right after the presentation. So for any of those who need the information, it will be readily available.

在IT方面,我们将在整个业务中开发通用平台,包括全球ERP平台,即SAP S / 4HANA时尚管理系统。这将使我们能够管理我们的业务,获得更多信息,并创建后台协同效应和共享服务。当我们转向Capri Holdings的资本配置时,我们的优先事项非常明确。首先,我们总是会投资这项业务。其次,我们要偿还债务。我们在收购Jimmy Choo之后迅速偿还债务并预计今年我们注意到的至少5亿美元的债务减免计划以及未来我们继续平衡我们的投资和使用偿还债务的现金。从长期来看,我们将向股东返还现金,我们相信我们拥有足够的能力,并且我们的综合业务拥有非常强大的自由现金流。最后,我们在全球范围内为Capri Holdings创造的基地寻求奢侈品收购。

当我们研究资本投资时,我们注意到未来几年我们每年将投资约3亿美元。其中大部分用于商店,在较小程度上用于商店。当你看看我们的两个业务的策略时,我们看看有机会为Versace和Jimmy Choo增加200到300家商店。我们还将投资电子商务和创收能力,两个品牌都会谈论更多,以及Michael Kors业务继续扩展我们的客户关系管理和电子商务能力。在运营和企业方面,我们将投资SAP以及其他活动,以继续支持整个集团。


最后,就财务前景而言,Capri Holdings有机会在较长时间内显着加快收入并提高我们的每股盈利增长潜力。我们将通过扩大经营利润率和减少债务来做到这一点,因为我们将继续管理业务。

有了这个,我将在这里休息一下,在我们清理午餐的时候休息5到10分钟,然后我们将跟随范思哲开始跟随Jonathan Akeroyd。



I would now like to turn the presentation over to Jonathan Akeroyd, the CEO of Versace.

我现在想把演讲转交给范思哲首席执行官Jonathan Akeroyd。

Jonathan Akeroyd

Good afternoon, everybody. It's a pleasure to be here on my third birthday being with the Versace brand, so it's very good timing. And just on that note, I would like to say that I feel very fortunate that 3 years in, in which period we basically made a lot of changes in terms of the management team, reset a lot of the priorities that we felt we needed to do to get the brand on a strong recovery path. And then 2.5 years later, we had the fortunate thing to meet John Idol and have this opportunity, Donatella and myself, to have a new focus on the brand. And an important moment. And it's not just an important moment for me in terms of 3 years in, but also to really, really realize the potential of the incredible brand that we have and we know that has the ability to reach the targets that we need with the right levels of management. So we're super excited. .
First of all, one of the important and most luckiest things we have is it's very clear what the Versace brand is. So it's very easy for us to put down what those brand values are, starting of course with the fact that we're a founder-led Italian brand. We still have the family name in the company in a very powerful and iconic name of Donatella Versace, who has also been with the brand for that for 40 years. We have a very strong loyalty to the brand. And in fact, the priority for us is to keep that loyalty and grow it and then also bring in a new customer as well, and I'll focus on that.
We also have strong fashion leadership. We call it Versace firsts. There are a number of things and storytelling that we really should push more to show people about the first that we have done as a brand throughout the history. One of them being we have -- we created the supermodel. This was created by Gianni Versace more than 30 years ago. We also were the inspiration for Google images. Jennifer Lopez wore a dress from Donatella around 20 years ago, and there was such a huge level of interest from this dress. Everybody was googling J. Lo dress, and it inspired Google to create actually Google images. So another Versace first. So we do have a strong fashion leadership that we're continuing through today.
We also have an iconic star. It's very easy and clear to see what the Versace woman and man is. We are strong. We have glamor. We have a point of view. And I think this is something that we will never walk away from. It is something we'll enhance and develop and also strengthen through our merchandising on having a broader offer to achieve that.
And then finally, a luxury foundation that we have. We have an atelier that's actually in our corporate offices. These are artisans that have been with us, again, for many years and decades producing incredible product as well as an incredible and impressive production facility just about 40 miles outside of Italy as well. And craft is something that we've always had embedded underneath the key values of brand.
We are also blessed with some things that most brands only have one of. We have huge and identifiable brand codes, and I'm sure all of you in these rooms will actually know most of these and associate with what we are. One of the things that I've been working on already is actually elevating these brand codes because they're so important for us, and we need to make them even more special, more elevated but also more contemporary.

大家下午好。很高兴在我的三岁生日与Versace品牌合作,所以这是非常好的时机。就这一点而言,我想说我感到非常幸运的是,3年后,我们基本上在管理团队方面做了很多改变,重新设定了我们认为需要的许多优先事项。确保品牌走上强劲的复苏之路。然后2。5年后,我们幸运地遇到了John Idol并有机会Donatella和我自己重新关注这个品牌。而且是一个重要时刻。对于我而言,这不仅仅是一个重要时刻,而且真正地,真正地实现了我们拥有的令人难以置信的品牌的潜力,我们知道有能力达到我们需要的目标,并且具有合适的水平管理。所以我们非常兴奋。 。

首先,我们拥有的重要和最幸运的事情之一就是Versace品牌非常清楚。因此,我们很容易理清这些品牌的价值,当然我们是创始人主导的意大利品牌。我们公司的家族名称仍然是Donatella Versace的一个非常强大和标志性的名字,40年来他也一直在这个品牌。我们对品牌有很强的忠诚度。事实上,我们的首要任务是保持忠诚度并增长,然后也引入新客户,我将专注于此。

我们还拥有强大的时尚领导力。我们称之为范思哲第一。有很多事情和讲故事,我们真的应该更多地向人们展示我们在整个历史中作为品牌所做的第一件事。其中一个就是我们 - 我们创造了超级名模。这是由Gianni Versace在30多年前创造的。我们也是Google图片的灵感来源。 Jennifer Lopez大约20年前穿着Donatella的连衣裙,这件衣服引起了极大的兴趣。每个人都在谷歌搜索J. Lo礼服,它激发谷歌创建实际的谷歌图像。所以另一个范思哲首先。因此,我们确实拥有强大的时尚领导力,我们将在今天继续发挥作用。




The Medusa, I'm sure everybody is aware of what the Medusa is and how important that is. It's almost our brand mark. We feel that we can do manage this in a much more contemporary way as well as making it a key part of our accessory hardware and activities there.
We're about to launch the Barocco view, which is really important with Versace. We have also a strong heritage with baroque, and this will be a key element of our new bag offer that we'll launch in September. The Greek Key, you can see that on the sneaker there. The Greek Key is something again that we've owned for many, many years. And we've used this now across all of our collections and something that we've now introduced in our sneaker category, but again is very contemporary, very young, very obvious but also quite sophisticated in the way that we're using it here.
And again, the safety pin, probably again one of the most famous iconic dresses that Elizabeth Hurley wore about 20 years ago. It's important to us, and we still use this today. And then through print. We wear a print house, and we have a strong archival print, and this is something that will always be a key part of our collections, especially in ready-to-wear.
I'm blessed with having one of the most incredible women in our industry today. She has a reputation that is now become one of iconic status. She is well loved by the industry. Everybody, obviously, knows the face, knows the name and knows what Donatella stands for. I think one of the lucky things that I have had is the strength of our social media has also shown Donatella to be something that is actually quite surprising. She's an incredible woman. She's incredibly strong. She is very empowering, but she's very, very warm as well. And most -- probably the biggest surprise for me since I have joined is how young she is in her mindset and her thinking and also the flexibility to want to be able to change things and move things in a more dynamic -- in a much more dynamic way. And she has been such a strong partner for me and John as well and somebody that we also have a great deal of fun with.
I think it's also important to highlight there how Donatella mentions youth because she really does embrace youth and talent throughout her design teams, and I think this gives very much a strong freshness to what she's doing and everything that we're doing through the collections and the development there. Just to touch on the Met Gala, I mean everybody is aware of the Met Gala, but the importance of the reach of the Met Gala, I think, is something that we really recognize over the past 3 years and really started to almost own. Last year, we sponsored the Met Gala, and we had a huge response to how we managed that. This year, we didn't sponsor it, but we actually had an even better reach in terms of what we achieved there. We really did own that pink carpet, and the engagement that we had was quite incredible. This year, we did something quite special, where we really also catalog the making of the dresses, and that enabled us to have a huge engagement through the social media channels that we work on. We had 100 million views organically through our own Instagram channel on those dresses and everything that we went about. We've got 185 new followers to Instagram and Facebook, and we had a reach -- the total reach of 75 million with 6 million interactions. So it's a great platform for us to just communicate with the brand and work with incredible celebrities that we've always done throughout the years.




我很幸运拥有当今行业中最令人难以置信的女性之一。她的声誉现在已成为一个标志性的地位。她深受业界喜爱。显然,每个人都知道面孔,知道名字并知道Donatella代表什么。我认为我所拥有的幸运之一就是我们的社交媒体的力量也显示出Donatella实际上是非常令人惊讶的。她是一个不可思议的女人。她非常强壮。她非常有能力,但她也非常非常温暖。而且大多数 - 自从我加入以来,对我来说最大的惊喜可能就是她的思维方式和想法的多么年轻,以及希望能够更有活力地改变事物和移动事物的灵活性 - 更多动态的方式。对于我和约翰来说,她也是如此强大的合作伙伴,也是我们也有很多乐趣的人。

我认为同样重要的是要强调多纳泰拉如何提及年轻人,因为她确实在她的设计团队中拥抱青年和才华,我认为这给她所做的事情以及我们通过收藏品所做的一切带来了极大的新鲜感。那里的发展。只是为了触及Met Gala,我的意思是每个人都知道Met Gala,但我认为Met Gala的重要性是我们在过去3年里真正认识到的,并且真正开始几乎拥有。去年,我们赞助了Met Gala,我们对我们如何管理它做出了巨大反响。今年,我们没有赞助它,但实际上我们在那里取得了更好的成就。我们真的拥有粉红色的地毯,我们的订婚非常不可思议。今年,我们做了一件非常特别的事情,我们真正编写了连衣裙的制作目录,这使我们能够通过我们工作的社交媒体渠道进行大量参与。通过我们自己的Instagram频道,我们有1亿次有机观看这些连衣裙和我们所做的一切。我们在Instagram和Facebook上有185位新粉丝,我们有一个覆盖面 - 总计达到7500万,有600万次互动。因此,这是一个很好的平台,让我们与品牌沟通,并与我们多年来一直做的令人难以置信的名人合作。

We also have very strong celebrity relationships. And I'm -- obviously, this is important to market the brand and show the new collections and great for product placement as well. But the thing to note here is that these celebrities that we engage with from J. Lo to Dua Lipa to, in the past, people like Elton John, these people have very much authentic, genuine relationships with Donatella. And this really shows through, just anecdotally, when we do our runway shows, where we have the best models of any brand in our runway shows, they all come to us, and they all want to work with us, and they're extremely proud to work with us. And this is again something that is completely unique for us, and it really doesn't happen with any other brand and something that we can get further leverage on as we start to push through our product messaging that I'll explain we have a strategy to do later.
One area that I've been working on and we just launched it really into this year is to be honest with you, in the past, our marketing was very much a little bit old-school, classical way to work in terms of pushing an Italian luxury house. It was really driven by show 4 times a year, and it was driven by advertising campaigns with top photography talent, and that was basically the key focus of how we would promote and market the brand. We've now restructured our marketing team totally with a view to having a much stronger 360-degree approach to connect with everything that we're doing, starting with, obviously, with the shows and the campaigns that we have, but then drilling that right down into how we can then touch that through in terms of product placement, product marketing and then working that through to our in-store experience as well. And this has been a significant change that you will start to see coming through in the coming months before the end of the year.
We're also really going to be talking more about this Versace first and the storytelling that we have. It's something that we need to do a lot more and unlock the secrets of really what the brand is today.
This is our ad campaign for fall 2019. You are the first people to see it. This really is based around our show that was shown in February that was really linking in luxury and the theme of grunge in the 1990s. It's a strong campaign, again, shot by one of the best, Steven Meisel. We feel very strongly about how this will -- it's a shift on from what we've been doing to more -- it's a little bit a lot more lifestyle. But the important thing to note here, and this is something that we've never done before, we've created a huge asset suite around that, which is basically based on products before we would shoot and probably get about 10 looks from this. We've now got 100 extra assets focusing on key product, accessories, footwear. And we can really push this through to create a much more product-focused marketing campaign across social and also with directly linking it in with our in-store experience.

我们也有非常强大的名人关系。而且我 - 显然,这对推广品牌和展示新系列非常重要,同时也非常适合产品展示。但这里要注意的是,我们从J. Lo到Dua Lipa,以及像Elton John这样的人,这些人与Donatella有着非常真实,真实的关系。这真是透露,只是有趣的是,当我们进行时装秀时,我们在时装秀中有任何品牌的最佳模特,他们都来找我们,他们都希望与我们合作,他们非常很自豪能与我们合作。对于我们来说,这又是一个完全独特的东西,而且当我们开始推动我们的产品信息时,我们可以进一步利用其他任何品牌和事情,我会解释说我们有一个策略以后做。



这是我们2019年秋季的广告系列。您是第一个看到它的人。这真的是基于我们在二月份展示的节目,它在20世纪90年代真正与奢侈品和摇滚主题相关联。这是一场强有力的竞选活动,再次由最优秀的Steven Meisel拍摄。我们非常强烈地意识到这将如何 - 这是从我们一直在做的事情转变为更多 - 这是一种更多的生活方式。但重要的是要注意这一点,这是我们以前从未做过的事情,我们已经创建了一个巨大的资产套件,基本上是在我们拍摄之前的产品,并且可能从中获得大约10个外观。我们现在有100个额外的资产专注于关键产品,配件,鞋类。我们可以真正推动这一过程,在社交网络上创建更加以产品为中心的营销活动,并将其直接与我们的店内体验联系起来。

Backing and coming on to that, the first kind of big launch that we're about to embark on in September is a new bag, a new logo bag, working with the Virtus, it's called the Virtus bag. We're working on the baroque v, so this hardware will come across all of our -- all of this bag offer, including our small leather goods. We believe it's got a very strong signature, easily identifiable. And the fact that it has this baroque element to it as well is very much identifiable to us in the house rather than just adding just a straightforward logo hardware on top of it.
We also now have a three way of strategy to promote that. Again, something that is completely new to us and a lot more efficient in the way that we can push it and extend it out in more of a accelerated way in terms of full execution. We will launch it with a campaign, where we'll launch it on digital and through our normal channels. And then the next wave down, we'll be localizing it, taking it to the regions, working with specialists, magazines around the world, particularly in Asia, where we see the biggest uplift to come relatively quickly. And we'll start that through 1 month after the campaign in October, and it will really echo what we're doing in Milan with the corporate marketing campaign.
And then finally into the gifting period, we'll have much more product placement with the celebrities that are proud to work with us so that they allot more product placement through the gifting that we've done with them and also working that into a much clearer and defined holiday program. We've already started it. We've tested it in the spring. Our marketing department was really set up in the spring, but we wanted to test it and see how it will work with our existing categories, the handbags and the sneakers that we have, again pushing it a little bit more from ready-to-wear, where we've got huge exposure already.
I mentioned earlier to some people that we've got a very, very strong momentum in our sneaker business. We launched a sneaker, the Chain Reaction, only 12 months ago, and it's already recognized as being one of the key sneaker trend -- sneaker designs in the market. It's already our best-selling SKU, and we're now drilling that down. We purposely started that at very high level with a high level price point of around about €1,000. We've now introduced the next level down from that, a hybrid version called the Cross Chainer. And now we're starting to push it, not just in terms of a collaboration with a very strong music artist called 2 Chainz, but we're also now pushing that and rolling that out through our social channels in a much more directed way and also now having it in most of our store windows. Now we have a very strong presence of this category. So we're starting to drill it down in a much more clearer and efficient way.
John mentioned earlier that our social media strength is incredible, to be honest. It's something that we really only started to focus on about 3 or 4 years ago and again something that Donatella embraced very, very quickly. We are the #6 brand in our market, which I think is incredible for a brand our size. We know and we expect this to grow at a much faster rate. So we expect this to move up very, very quickly there, and it genuinely does. I think the most important thing for this is how to change the perception of the brand and show us to be a much more younger, fashion-forward brand rather than probably sometimes people saw us as a little bit more of a traditional Italian fashion house. You must add onto this as well, Donetella's following, which is now well over 4 million. So we're now already, probably the fifth most-followed brand on Instagram, which is a huge achievement.

支持和实现这一点,我们即将在9月开始的第一种大型发布是一个新的包,一个新的徽标包,与Virtus合作,它被称为Virtus包。我们正在研究巴洛克风格的v,因此这款硬件将会遇到我们所有的产品 - 包括我们的小型皮具。我们相信它有一个非常强大的签名,易于识别。它拥有这种巴洛克元素的事实对我们来说非常容易识别,而不仅仅是在它上面添加一个简单的标识硬件。



我早些时候曾向一些人提到,我们的运动鞋业务势头非常强劲。我们在12个月前推出了一款名为Chain Reaction的运动鞋,它已被公认为是市场上关键的运动鞋潮流设计之一。它已经是我们最畅销的SKU了,我们现在正在努力钻研它。我们故意以非常高的水平开始,价格高达约1,000欧元。我们现在已经推出了另一个级别,一个名为Cross Chainer的混合版本。而现在我们开始推动它,不仅仅是与一个名叫2 Chainz的非常强大的音乐艺术家合作,但我们现在也在推动这一点,并通过我们的社交渠道以更加直接的方式推动它现在也在我们的大多数商店橱窗里都有它。现在我们在这一类别中拥有非常强大的影响力。所以我们开始以更加清晰和有效的方式深入研究它。


We have a very strong social media following across all platforms. We're now going to focus a lot more on Asia. And we've launched this year as well and again had some good response there, and we're getting a 28% growth last year. And again, we expect that to accelerate. And you can see that with this strong engagement. We can really surpass our competitors, and this was really evident in what we achieved in the Met Gala.
So now onto our growth initiatives. I think before I go on to that, just to reinforce, as John mentioned, through this elevation refocusing of what our brand is and our brand values and our brand codes, we also decided we needed to exit from some of the lines that we had. We had 2 lines, Versace Collection and Versus, that were important to us from a wholesale perspective. But again, they were quite confusing for the market. And we made a quick decision to exit from those lines to enable us to focus even more on the first line, which is really where the growth will be and for sure where the opportunity will be, and it will also help us on this elevation journey that we have already embarked on. So this is really important for us, and it also enables the business to focus on what we're doing as well as making sure that also our industrial operation is much more efficient in terms of sampling and all of the SKUs that are being produced previously. So we've exited those lines now. It was the last season for both of them in the spring, and it will enable us to get much leaner and cleaner going forward.
So the real priorities. The first one is obviously, to build on the luxury momentum that we have, and we really do have that. We have that, not just through the social media evidence that I've shown you there, but we also have it in terms of engagement with the key editorial press. They're really, really behind us. Last year, the covers that we got as a brand were far, far better than any years. And again, the engagement from them, not just in the brand, but also with what we're doing in terms of trends and what we're doing in terms of products.
Two critical ones for us now that we've already started on are obviously to extend and expand our business into accessories. This will be really the game changer as far as I'm concerned. We plan to move our revenues from 35% to 60% in relatively short term, and we have the ability and the brand and everything that we have to be able to achieve that.
We need to enhance and still work further on our powerful iconic marketing, and the key to that again will be to drill that down and focus and communicate on the incredible product offer that we have beneath what the brand is in terms of out brand image.
We have currently today about 188 stores. We have the ability when we benchmark against our other brand to extend on that and extend on that very quickly. So we plan to move to 300 stores within the next 3 years.
And again, e-commerce is an area where we feel that we can very, very quickly get to where we need to be in terms of a much more enhanced sight, shopping experience and working towards omnichannel.

我们在所有平台上都有非常强大的社交媒体。我们现在将更多地关注亚洲。我们今年也推出了,并且在那里再次做出了一些良好的反应,去年我们的增长率为28%。而且,我们希望加速。你可以通过这种强烈的参与来看到这一点。我们可以超越我们的竞争对手,这在我们在Met Gala中取得的成就中非常明显。

所以现在我们的增长计划。我想在接下来之前,只是为了强化,正如约翰所说,通过这个高度重新调整我们的品牌,我们的品牌价值和我们的品牌代码,我们还决定我们需要退出我们拥有的一些生产线。 。我们有两条线,Versace Collection和Versus,从批发的角度来看对我们很重要。但同样,他们对市场非常困惑。我们迅速做出决定退出这些路线,使我们能够更加专注于第一线,这真的是增长的地方,也确定机会将在何处,并且它也将帮助我们在这个高程旅程中我们已经开始了。因此,这对我们来说非常重要,它还使企业能够专注于我们正在做的事情,同时确保我们的工业运营在采样和以前生产的所有SKU方面更加高效。 。所以我们现在退出了这些台词。这是他们两个人在春季的最后一个季节,它将使我们能够更加精简和清洁。






So starting on women's ready-to-wear. Our red carpet is very clear. It's very important for us. We get huge exposure from it. We now will dilute that down and make sure that when you come into our stores, there's a much stronger collection in our stores and in our product from the red carpet to people coming into the stores and being able to buy into that Versace glamor in a clearer way that was probably missing in the previous years. We have strong house codes. We have a strong logo. We have a lot of prints, I mentioned earlier. We'll go bold with that. We'll continue to work with that. We're not a minimalist brand. And it's something that's important and people expect to see from us, to be strong.
And then we'll also, in terms of merchandising, I'll come onto some of the changes that we made in terms of merchandising, we need to also expand our offer. We have that Versace Fanatic. It's a big strength of ours. But we now need to make sure that when people come into our stores, the offer is a little bit more democratic, and we see a big opportunity in categories such as denim and dresses in particular in our women's offer.
Men's, again, big surprise for me. Men's is -- 50% of our ready-to-wear business is actually men's ready-to-wear. This is a real position of strength. We're seen to be and known to be a very strong menswear offer, and I believe this is something that we can really continue to grow on and develop at the rate it is today. We'll continue to capitalize on that, and also the same with women's. We're going to open that up a lot more in terms of key categories. We need to be developing a much more stronger denim business now. We've closed the other collections, and again, working into a bigger offer in terms of outwear and some of the sports categories as well, we see as a big opportunity for us.
And then just touching on men's underwear. We have a very strong men's underwear business that's actually driving us very good volumes through e-commerce and through our wholesale business, and we are going to relaunch that next year. And there's is a very big opportunity to do that both in terms of packaging and in the supply chain as well, and we think that we can become one of the market leaders in men's underwear. And we'll be kicking that off next year.
Looking into expanding the accessories offer, we have completely changed our -- both our management teams in merchandising. We brought in 2 top-level merchandisers. One will be focusing on the product side. And John mentioned this, a gentleman has joined us from Dior. And before that, he was at CHANEL. And he is an expert in this category, and we're very excited that he joined us only 1 month ago. We have also now split our merchandising department for -- to enable us to have a stronger merchandising focus on the buying and the buying that goes into the stores and really working collaborating on a much clearer merchandising journey through our stores. And again, a top talent has joined us there. And then more importantly, it all starts with design and product and product. And Donatella and myself have hired, again, joined only a month ago, an exceptional talent to lead our leather goods department in terms of design for both men's and women's. So we're confident with this team that we have the right team to be able to focus to accelerate our growth in accessories, and I think more importantly, help support the change in culture and focus within the company from being a ready-to-wear culture to also being -- to complement that an accessory culture.


然后我们还会在商品销售方面对我们在商品销售方面做出的一些改变,我们也需要扩大我们的报价。我们有Versace Fanatic。这是我们的一大优势。但我们现在需要确保当人们进入我们的商店时,报价更加民主,我们看到牛仔布和连衣裙等类别的大好机会,特别是我们女性的报价。

对我来说,男人们再次感到惊讶。男士 - 我们成衣业务的50%实际上是男士成衣。这是一个真正的实力。我们被认为是一个非常强大的男装品牌,我相信这是我们可以继续发展并以今天的速度发展的事情。我们将继续利用这一点,也与女性一样。我们将在关键类别方面打开更多。我们现在需要开发一个更强大的牛仔布业务。我们关闭了其他系列,再次,在外衣和一些体育类别方面提出了更大的优惠,我们认为这是一个很大的机会。


为了扩大配件产品,我们彻底改变了我们 - 我们的管理团队都在推销。我们带来了2个顶级经销商。一个将专注于产品方面。约翰提到了这一点,一位绅士从迪奥那里加入了我们。在那之前,他在CHANEL。他是这一类别的专家,我们非常高兴他一个月前加入我们。我们现在还将我们的销售部门分开 - 使我们能够更加强烈地关注商店的购买和购买,并通过我们的商店真正合作进行更清晰的商品推销之旅。再一次,顶尖人才加入了我们的行列。然后更重要的是,这一切都始于设计,产品和产品。多纳泰拉和我自己一个月前再次加入,这是一个非凡的人才,在男装和女装设计方面领导我们的皮具部门。因此,我们对这个团队充满信心,我们拥有合适的团队,能够专注于加速我们的配件增长,更重要的是,帮助支持文化的变革,并将重点放在公司内部,从而做好准备 - 穿文化也是 - 补充一种配饰文化。

We're going to increase the SKU presence in our accessories offers in our SKUs. We've already started that journey. We have now -- you saw it in the store earlier in New York. That before was predominantly ready-to-wear on the ground floor. We quickly changed that, and now it's all accessories. You'll see our new store concept shortly. That is very much geared around a higher penetration of accessories in our stores as well as making sure that it's having a great journey into the ready-to-wear presence.
We are going towards the support that we're marketing. I mentioned that earlier. We have many initiatives. The launch for Virtus will be far stronger than we ever had for any bag offer, and we've invested more marketing dollars to make sure that we have a high level of impact when this offer launches in September. And then we're going to be focusing more in terms of management of it to making sure that we have a high level of carryover in the business to support the profitability and grow our margins as we do that in the coming years.
As far as going back to the house codes that we have, we're going to really -- starting with this v baroque logo, we feel that this will give us a huge impact on the market. We're going to then extend that through to other key category trends that we have, that we're under potentializing in terms of backpacks, handbags. You started to see them in the stores already. And again, we're getting a good traction on those already, and we'll develop that even further.
And then in terms of small leather goods, something that is again a huge opportunity for us. Because right now, it's a relatively small part of our offer, and we're already working to increase that SKU count. So in SKU count, both in terms of the offer but also in terms of the presence in our new store network.
And again, not to forget the men's business, which women's will be clearly the biggest show of the business in accessories. But the men's, I think, is also a huge opportunity for us, considering our strength in ready-to-wear. In terms of footwear, we're going to leverage on the house codes that we have. We've already -- I think the important thing to see is we've very, very quickly been able to establish a strong, active footwear business in a very short space of time through a very well-executed 360-degree strategy there. We'll continue to grow our active business. It's definitely a key trend in the market. It's here to stay. And we'll build on that, as we are already. And now we'll work on the core share for both in men's and women's, where we have, again, brand codes that we can really use throughout our formal shoe offer probably in a much more clearer, elevated way.
Licenses. I'm pleased to say that our licenses are very clean, and we have 3 core licenses. We have fragrance, where we're very strong, we are very well positioned even in the -- our men's Eros fragrance. It is the 5 best-selling fragrance in the U.S. We also have a very strong women's wear fragrance business. So it's good. It's well positioned. What we'd be doing there is bringing -- making sure all of the marketing initiatives that we're doing in the core brands, in the core lines will be following in our licensing to elevate our licensing positioning.

我们将在SKU的配件中增加SKU的存在。我们已经开始了这个旅程。我们现在 - 你在纽约早些时候在商店里看过它。以前主要是在一楼准备好。我们很快改变了,现在它是所有配件。您很快就会看到我们的新店概念。这非常适合我们商店中更高的配件渗透率,以及确保它在成衣领域有一个很好的旅程。

我们正在寻求我们营销的支持。我之前提过过。我们有很多举措。 Virtus的推出将远远超过我们对任何包包产品的推出,我们投入了更多的营销资金,以确保我们在9月推出此优惠时具有高度的影响力。然后我们将更多地关注它的管理,以确保我们在业务中具有高水平的结转,以支持盈利能力并在未来几年中增加我们的利润。

至于回到我们的房屋代码,我们真的会 - 从这个v巴洛克标志开始,我们觉得这会给我们带来巨大的市场影响。我们将把它延伸到我们拥有的其他关键类别趋势,我们在背包,手提包方面具有潜力。你已经开始在商店里看到它们了。而且,我们已经对那些已经有了很好的牵引力,我们将进一步发展。


再说一遍,不要忘记男士的生意,女装将成为配饰业最大的展示。但我认为,考虑到我们在成衣方面的优势,男士们对我们来说也是一个巨大的机会。在鞋类方面,我们将利用我们的房屋代码。我们已经 - 我认为重要的是我们很快就能够通过一个非常好的360度策略在很短的时间内建立一个强大,活跃的鞋类业务。我们将继续发展我们的活跃业务。这绝对是市场的主要趋势。它就在这里。我们将以此为基础,正如我们已经做到的那样。现在,我们将在男士和女士的工作中共同开发核心份额,我们再次拥有我们可以在整个正式鞋类产品中使用的品牌代码,这些代码可能更加清晰,高效。

许可证。我很高兴地说我们的许可证非常干净,我们有3个核心许可证。我们有香味,我们非常强大,即使在我们男士的爱神香水中,我们也非常适合。它是美国最畅销的5种香水。我们也有一个非常强大的女性香水业务。所以这很好。它的位置很好。我们在那里做的是带来 - 确保我们在核心品牌中所做的所有营销活动都将遵循我们的许可,以提升我们的许可定位。

And the same with eyewear, where we have a very strong partner in Luxottica, who really believe in the potential of the brand as well. And we're working with this to actually develop a stronger men's eyewear business, where right now, our eyewear business is more skewed towards women's. So then now seeing on the back of our business the strength of the men's business.
And again, we have watch business, where we've been working on stronger price points as well. We also just finally have a jeans license that we have, and we'll be managing that to make sure that it complements everything that we're doing, complements but doesn't conflict with everything that we're doing with the first-line priorities.
So going on to our retail network. We're going to be -- obviously, as I mentioned earlier, this is all going to be focused on developing our lifestyle and our first line across all categories. We feel there is a potential to grow across all regions. We have a strong footprint in Asia already. We have 40 stores in Greater China. I'm pleased to say, I'm sure a lot of you are aware, our positioning in Asia is very, very strong. We're next -- we're best luxury brands. We're in the best malls. And we have some high-volume stores, particularly in Macau and in Hong Kong. And we'll continue to grow on that. We're going to be opening in -- tomorrow our biggest store in China, in Beijing, in China world, again, with the new concept that I'll share with you shortly. We're now looking at further store openings in Europe. We see opportunities for second stores in Paris, second stores in London. And again, we'll also be opening new stores as well as a full refurbishment program in the U.S. as well. So we aim to take these stores, probably opening between 30 and 40 stores each year in the next three years to take us up to that 300 mark.
I would say our biggest opportunity is to really -- it's very clear, the productivity in our stores is not what it should be. We need to rapidly increase the productivity, and this will really be the real driver of -- to reach us to our $2 billion that we are targeting. We would do that through, clearly, the store renovations. Up until now, our stores were primarily ready-to-wear stores. And obviously, you're all aware of the challenges to develop strong productivity with stores only selling ready-to-wear. So accessories will be the key to this. We've also changed our buying model, and we're also working on a systems upgrade to ensure that we get better efficiencies with our buyers, stronger level of replenishment and developing more our carryover business.
Just to show you our store concept. Again, coming from the New York store that you just recently visited, this was our store in Florence. It's a brand-new store, so it's a new store to the city. It opened 3 months ago. And you can see what I'm talking about here in terms of very much more of a luxury presence. People have been -- the feedback has been incredible. The results have exceeded our expectations. And again, very much focusing on ready-to-wear. But on the entrance to the store, it's around about 30% to 40% of the space is allocated to accessories. And we've seen, compared to our other stores that haven't been refurbished, this is showing a great uplift in sales in our accessories categories.



所以继续我们的零售网络。我们将会 - 显然,正如我之前提到的,这一切都将集中在发展我们的生活方式和所有类别的第一线。我们认为所有地区都有可能增长。我们已经在亚洲拥有强大的足迹。我们在大中华区拥有40家门店。我很高兴地说,我相信很多人都知道,我们在亚洲的定位非常非常强大。我们是下一个 - 我们是最好的奢侈品牌。我们是最好的购物中心。我们有一些大批量的商店,特别是在澳门和香港。而且我们会继续增长。我们即将开业 - 明天我们在中国最大的商店,在北京,在中国的世界,再次,我将与您分享的新概念。我们现在正在考虑在欧洲开设更多店铺。我们看到巴黎第二家商店的机会,伦敦的第二家商店。此外,我们还将在美国开设新店以及全面翻新计划。因此,我们的目标是在未来三年内开设这些商店,每年可能会开设30到40家商店,将我们带到300大关。

我想说我们最大的机会就是 - 非常清楚,我们商店的生产力并不是应有的。我们需要迅速提高生产力,这真的是真正的驱动力 - 让我们达到我们目标的20亿美元。我们会通过商店装修明确地做到这一点。到目前为止,我们的商店主要是成衣店。很明显,你们都知道,只有销售成衣的商店才能提高生产力。所以配件将是关键。我们也改变了我们的购买模式,我们还在进行系统升级,以确保我们的买家能够获得更高的效率,更强的补货水平以及开发更多的结转业务。

只是为了向您展示我们的商店概念。再次,来自您刚刚访问的纽约商店,这是我们在佛罗伦萨的商店。这是一家全新的商店,所以这是一个新的商店。它在3个月前开放。你可以在更多的奢侈品展示方面看到我在这里谈论的内容。人们一直 - 反馈令人难以置信。结果超出了我们的预期。而且,非常关注成衣。但是在商店的入口处,约有30%到40%的空间被分配给配件。我们已经看到,与我们未经翻新的其他商店相比,这显示我们的配件类别的销售额大幅提升。

The first store that opened was Munich. Again, great response there. This was an existing store, just to highlight there. That's the ground floor that you're seeing. And that again was previously ready-to-wear, a much stronger presence in accessories. And we've also generated a high level of traffic into these stores as they're being transferred into something much more modern, contemporary and indeed accessible even the way that we're now treating the windows as you enter the store.
And the first one was Miami at Bal Harbour. We relocated this store. We relocated it because we needed more space. And again, the reaction has been incredible and completely surprising for Miami, where we have a lot of history. And this store was well over jewelry fit. And again, it's beating our U.S. stores performance very handsomely, and it has a very much strong luxury feeling to it as well. And the interesting thing is the time spent in the stores is far greater than it was previously.
So as far as our network is concerned, weighted towards Asia, we have 107 stores in Asia across the regions, 40 in Greater China as I mentioned, 53 stores in EMEA and 28 in America. We will now open the stores across all 3 regions. In terms of e-commerce is concerned, we also opened our first e-commerce trading channel in China late last year, and that's performing to our expectations. And a very strongly e-commerce in America as well.
John mentioned earlier, and I agree, our digital is an incredible opportunity for us. We get 800,000 visits a week to our website. And it's giving us growth, it's giving us very strong growth already. We have good performance, but we are really targeting as soon as possible to reach $100 million terms of sales with our e-commerce business. How we will do this? First and foremost, we need to have a new site design. I think this is important. The site currently is now -- it's good, it's functional, but it needs to give more life and really show the brand, where the brand is today. So we'll be refreshing our site towards the end of next year, which will also be coupled with the launch of our omnichannel business for the first time in the EMEA at the end of this year, and then we'll follow with omnichannel in the U.S. in 2020. We're also now working on a tactical plan to increase our database with such huge traffic into our site and getting a much better quality and a high level of engagement there. And again, offering a global delivery will happen at the same time that we launch our omnichannel business in EMEA.
As far as the business is concerned by region, not too much of a shift from now to 2022. We expect double-digit growth across all of our network as we'd roll out the refitting as we build our accessories getting stronger. We feel there is more opportunity to accelerate the densities in America and also in EMEA as well. We'll be bringing in a much more elevated business in terms of the service that we offer. We also have -- late last year did a full new retail program in terms of retail excellence, and this is proved to also be a bit contributed towards the current growth that we've been having in our stores right now.


第一个是在Bal Harbour的迈阿密。我们搬迁了这家商店。我们重新定位它因为我们需要更多的空间。再一次,迈阿密的反应令人难以置信,令人惊讶,我们有很多历史。而这家商店完全适合珠宝。再一次,它打败了我们美国商店的表现非常漂亮,并且它也有非常强烈的奢侈感。有趣的是,在商店里度过的时间远远超过以前。


约翰先前提到,我同意,我们的数字化对我们来说是一个难以置信的机会。我们每周有80万次访问我们的网站。它给了我们增长,它已经给我们带来了非常强劲的增长。我们有良好的表现,但我们的目标是尽快通过我们的电子商务业务达到1亿美元的销售条款。我们将如何做到这一点?首先,我们需要有一个新的网站设计。我认为这很重要。该网站目前是现在 - 它很好,它的功能,但它需要提供更多的生活,并真正展示品牌,今天的品牌。因此,我们将在明年年底之前更新我们的网站,这也将与今年年底首次在EMEA推出我们的全渠道业务相结合,然后我们将跟随全渠道美国在2020年。我们现在正在制定一项战术计划,以增加我们的数据库,如此巨大的流量进入我们的网站,并获得更好的质量和高水平的参与。再次提供全球交付将在我们在EMEA启动全渠道业务的同时进行。

就业务而言,从现在到2022年并没有太大的转变。我们预计,随着我们的配件越来越强大,我们推出了改装,我们所有的网络都实现了两位数的增长。我们觉得有更多机会加速美国和欧洲,中东和非洲地区的密度。在我们提供的服务方面,我们将带来更高层次的业务。我们也有 - 去年年底在卓越零售方面做了一个全新的零售计划,事实证明这也有助于我们目前在我们的商店中所拥有的当前增长。

In terms of product mix, the key change will be that shift towards accessories and footwear. Our accessory business will grow from 25% to 30%, and our footwear business will grow to 17%. We're very confident that we can make that happen, and we can make it happen with a double-digit growth and don't really see anything affecting in terms of the menswear and the women's ready-to-wear momentum that we have as well.
And then in terms of the overall financial outlook, as Tom highlighted, we're looking at mid-single-digit growth between now and full-year '22. We're confident that we can achieve that. That's where we are now. We'll build on that and ramp that up as we go into '21 and '22. The investment year has very much been this year, so we're opening stores. We've also invested considerable investment into the people and the organizational changes that I mentioned, strengthen them not just in merchandising, not just in design but also in retail operations as well. And then we've also invested considerably more in marketing to ensure that the launches of the accessories that I mentioned earlier will have a high level of impact than they would have had previously.
As far as the operating margin is concerned, obviously, that will be relatively stable this year. But we'll see that grow, and we're targeting mid-teen digits into 2022. The bridge to achieving that, first and foremost, it will really be the top 2 growing accessories, is really going to be the key to making that happen. The actions that we put in place in terms of retail, in terms of product will be the key enablers to make that happen. Improved productivity is obvious. I've gone through that before, but this will surely be one of the biggest drivers in terms of making that happen. And the leverage on sales growth will really be down to the volume effect that we put in place and the stabilizing of the cost as the volume drives up.
And then in terms of normalizing the investments, we also see that there are some synergies that we'll really be able to build on both in terms of shared synergies within the group as across certain functions, HR and the industrial chain particularly. And we're also now working very quickly on making sure that as we go into becoming more of an accessories brand, we're using the expertise of Capri and also in Jimmy Choo to support us in having better margins across our product and a more skilled industrial focus in the accessories category.
Thank you very much.




然后,在规范投资方面,我们也看到,在集团内部的共同协同效应方面,我们实际上可以建立一些协同效应,特别是在某些职能,人力资源和产业链方面。我们现在也正在努力确保随着我们逐渐成为一个配件品牌,我们正在利用Capri和Jimmy Choo的专业知识来支持我们在我们的产品中获得更好的利润以及更多熟练的工业重点在配件类别。



All right. Okay. I go here for a change. So Jimmy Choo for us, it's actually -- yes, there we go. Now we're in the world of Jimmy Choo. Jimmy Choo, it's a very exciting moment for us. Because today, when we're out together in the showroom, you could see the changes that we have been implementing in the last 1.5 years and how all the investments that have been put forward in the brand are starting to pay off in terms of marketing, in terms of collections and also the efficiency of the new team, which we have been putting in place, largely keeping the existing team of Jimmy Choo. So for us, we are ready to embark a new journey, and I'm going to take you to this new journey.
Of course, it starts by the brand. I think as for Versace and obviously Michael Kors, brand is everything. So I'll start with the brand. Okay. The brand, okay. So the brand. What I was saying in the showroom, which was very important is at Jimmy Choo, we tend to pride ourselves to be a 21st century accessory brand, not anymore a shoe brand, a global accessory brand. And in that, we also define that what we want to achieve is to inspire our customer to dare to stand out. That's what the Jimmy Choo woman has always been doing. For us, we are about confidence, glamor, seduction, being daring, playful. That are the core values which we are trying to translate into the marketing as well as we are to translate them into the products.
So now first, at the inception of all that, it starts with Sandra Choi. Sandra Choi is our Creative Director. She has been in the company since the inception of the company. It is now 23 years ago. By the way, Jimmy Choo is probably one of the biggest recent luxury success. With 23 years only, we are now at USD 650 million of turnover. We are also the second largest brand of luxury in U.K. So Sandra's vision is what is driving Jimmy Choo. She is the niece of Mr. Jimmy Choo. And let's discover the vision of Sandra and how she takes that into the world of Jimmy Choo.
So Jimmy Choo. What I was trying to explain in the showroom is that from those DNA, which you could see the values of Jimmy Choo, we had really structured the shoe collection. The shoe collection is divided in 4 categories that we could see in the showroom. The core of the business, 24:7, which we'll present, about 40% of our business. I was saying fashion is only 15% of the business. And then you have the boots, the sneakers, which is about 25% of the business. And finally, the weekend, which we'll show, is the crocs. These are the strong families and the pillar on which we have been building the brand, the brand in terms of shoes.
Obviously, Sandra was saying it, we are born on the red carpet. Clearly, Jimmy Choo as a strong point, the evening shoes, the red carpet shoes, and that has been making our DNA in the U.S. and, by the way, very much now as well in Asia.
But beyond the red carpet, I think what's interesting and what we have realized is that Jimmy Choo gives the confidence for a lot of our clients, woman, to wear shoes in really different moments. And we have the pleasure to see really a strong flowing of Jimmy Choo by very influential celebrities but also important personalities that are in the brand.

行。好的。我去这里换个地方。所以Jimmy Choo对我们来说,实际上是 - 是的,我们去了。现在我们在Jimmy Choo的世界里。 Jimmy Choo,对我们来说这是一个非常激动人心的时刻。因为今天,当我们在展厅里一起出去时,您可以看到我们在过去1。5年中所实施的变化,以及在品牌营销方面所提出的所有投资如何开始在营销方面获得回报在收藏方面以及我们一直在实施的新团队的效率方面,基本上保留了Jimmy Choo的现有团队。所以对我们来说,我们已经准备好开始一段新的旅程了,我将带你踏上这个新的旅程。

当然,它始于品牌。我认为至于范思哲,显然迈克尔科尔斯,品牌就是一切。所以我将从品牌开始。好的。品牌,好的。所以这个品牌。我在陈列室里说的非常重要的是Jimmy Choo,我们为成为21世纪的配饰品牌感到自豪,而不再是鞋品牌,全球配饰品牌。在这方面,我们还定义了我们想要实现的目标是激励我们的客户敢于脱颖而出。这就是Jimmy Choo女士一直在做的事情。对我们来说,我们是关于自信,魅力,诱惑,大胆,好玩。这是我们努力转化为营销的核心价值观,也是我们将其转化为产品的核心价值观。

所以现在首先,在所有这一切的开始,它从Sandra Choi开始。 Sandra Choi是我们的创意总监。自公司成立以来,她一直在公司工作。现在是23年前。顺便说一句,Jimmy Choo可能是近期最大的奢侈品之一。仅23年,我们现在的营业额为6.5亿美元。我们也是英国第二大奢侈品牌。所以桑德拉的愿景是推动Jimmy Choo。她是Jimmy Choo先生的侄女。让我们发现桑德拉的愿景,以及她如何将其带入Jimmy Choo的世界。

Jimmy Choo。我试图在陈列室中解释的是,从那些你可以看到Jimmy Choo的价值观的DNA,我们真正构建了鞋子系列。鞋子系列分为4个类别,我们可以在陈列室中看到。业务的核心,24:7,我们将提供,约占我们业务的40%。我说时尚只占业务的15%。然后你有靴子,运动鞋,约占业务的25%。最后,我们将展示的周末是鳄鱼。这些是强大的家庭和我们一直在建立品牌的支柱,鞋子的品牌。

显然,桑德拉说,我们出生在红地毯上。显然,Jimmy Choo是一个强项,晚上的鞋子,红地毯鞋,这已经在美国制造我们的DNA,顺便说一下,现在在亚洲也是如此。

但是,除了红地毯,我认为有趣的是,我们已经意识到,Jimmy Choo让很多客户(女士)在非常不同的时刻穿上鞋子。而且我们很高兴看到Jimmy Choo非常有影响力的名人,以及品牌中的重要人物。

So once I've said that, it triggered the question, after Michael Kors purchased Jimmy Choo, where are we going to take the brand? What kind of work are we going to do to go one step further? And this is this journey, which we are going to embark now together.
I think first part is that Jimmy Choo has always been, since the beginning, a very integrated company in terms of marketing, has done the most portraying it from e-commerce to a new channel to a strength in all the possible assets that we've already been developing. But now we are going much faster with definitely a stronger investment.
The first part of it is about the launch of this new logo, which we widely discussed in the showroom. Logo first moving to afterwards the addition of logos, the Kendalls, the repeat partner of the logo. That is going to be a key point, which is transforming a shoe brand for us into an identity of an accessory brand.
Here now you can discover the advertising. You have seen Kaia being a spokesperson for the Spring/Summer collection. You now see Kaia again for the Fall/Winter, and you will see Kaia again for the next campaign. So really, she is our ambassador that shows one of the strengths and investments which we have been putting in the brand. Here it's all about the launch of the JC. She's in a '70s background, which is right now where the trend is. And she's very assertive, and you can see the product's addition of this time, not only the shoes but also the bags.
Then another big thing, which for us was very, very important, is we started to think what kind of message are we going to deliver on the social network beyond the advertising. And here, the point was, let's give a purpose to the brand, Jimmy Choo, and that's what we have been working on.
On this purpose of the brand, what do we stand for? And here, we realize that quite many celebrities precisely have been wearing the brands in different moments, as I was saying. And we decided to make a program, a program of inspiration, which we called In My Choos, and it's about all the celebrities which are going to be witnesses and be in our campaigns to demonstrate what they have been doing, daring to stand out and inspiring others. That will be the program which we are going to embark in the social network. That will be the main theme of our communication, and that's how we are going to give the purpose to the brand, Jimmy Choo. And I will show you a quick video with Sienna Miller, starting the program right now in [indiscernible].
So yes. So here, there will be a full message, which is going to continue, and that will be a key theme of the marketing campaign, aside of the big campaigns. Another element was all about getting the sneaker business. And as you could see, I showed you and I discussed the success of the DIAMOND. I discussed also the success of all the other sneakers we're having in Jimmy Choo. That is linked to also a strong marketing program, which is -- you will see featuring Kaia in some positions as well as some full integrated digital assets.

所以,一旦我说过,它引发了一个问题,在Michael Kors购买Jimmy Choo之后,我们将把这个品牌带到哪里?我们要做些什么工作才能更进一步?这就是这次旅程,我们现在将共同开始。

我认为第一部分是Jimmy Choo从一开始就一直是一个在市场营销方面非常融合的公司,从电子商务到新渠道,以及我们所有可能资产的优势,已经做了最多的描述。我们一直在发展。但现在我们的投资肯定更快,我们的速度要快得多。



然后另一个重要的事情,对我们来说非常非常重要的是,我们开始思考我们将在广告之外的社交网络上传达什么样的信息。在这里,重点是,让我们给品牌一个目的,Jimmy Choo,这就是我们一直在努力的目标。

在这个品牌的目的,我们代表什么?在这里,我们意识到,正如我所说,很多名人正在不同时刻穿着这些品牌。我们决定制作一个节目,一个灵感的节目,我们称之为“我的选择”,它是关于所有将成为证人的名人,并参与我们的活动,展示他们一直在做的事情,敢于脱颖而出,激励他人。那将是我们将要进入​​社交网络的计划。这将是我们沟通的主题,而这就是我们如何为品牌提供目标,Jimmy Choo。我将向您展示一个与Sienna Miller合作的快速视频,现在正在[音频不清晰]启动该计划。

是的所以在这里,将会有一个完整的信息,这将继续,这将是营销活动的一个关键主题,除了大型活动。另一个因素是关于获得运动鞋业务。正如您所看到的,我向您展示并讨论了DIAMOND的成功。我还讨论了Jimmy Choo所有其他运动鞋的成功。这也与一个强大的营销计划有关 - 你会看到Kaia在某些职位上以及一些完整的综合数字资产。

And here, this is also transitioning to the next step of what I'm going to discuss, which is Jimmy Choo. There is another big component, which we feel is driving our strengths of the brand and the momentum for now in sales that is the fact that now we're having a full well-integrated Asian campaign and Asian marketing, which we feel is what is needed right now for luxury brands. We have a brand ambassador, Victoria Song. We have a specific dedicated animations and events in Asia. With Asia is for us now a priority with the totally integrated and dedicated marketing.
Now these are the strong elements, which we have been working on in the last years. But of course, we continue to capitalize on the strengths and the natural strengths of Jimmy Choo as Versace and as Michael Kors. We definitely have a strong following on Instagram. We definitely, by the way, punch far above our reach because we're a company of USD 600 million. And when you look at the number of followers on Instagram, we are really above our reach in terms of brand strength. And the good news is that the engagement continues. The development and of the following in all the channels are moving on. The next challenge for us now to take the Asian networks. And that's what we are really working on with this specific dedicated marketing for Asia.
Now moving around and going to the business. First of all, in terms of business, Jimmy Choo, we have 208 stores. I think that the key driver is going to be Asia because we really developed Asia as of 2012. So for us, Asia is totally recent, and we'll continue to be the area of growth. We have 95 stores in Asia, which includes a lot of them in Japan, and clearly, the expansion will be particularly in Southeast Asia on the road map to the 300 doors. Europe will be another area of expansion, because within Europe, there are countries which we still need to grow. Typically, they are part of Europe, but the Middle East region will be an area of growth on our road map to 300 doors. I think one of the key points of Jimmy Choo is that we are a very strongly integrated company in terms of e-commerce and omnichannel. That is one of the key strengths of the company and that we're going to nurture that strength.
So going forward, the next point is all about the customer. Because having driven older brand into omnichannel, our next journey in our investment right now is all about the systems to drive the customer engagement. Customer engagements coming from CRM, the database, that's one part. But also moving forward, Jimmy Choo, we are able to work now on personalization of shoes, that's going to be something very important, and we feel that stores have to obviously become a moment of experience which we are, for example, letting the customers have the stores for any events at night or a party or different things. We feel that stores can be used in a different model and in a different way. That strategy of putting the customer first is another way for which we are going to develop the brand.

在这里,这也将转移到我将要讨论的下一步,即Jimmy Choo。还有另一个重要组成部分,我们认为这正在推动我们的品牌优势和现在销售的势头,现在我们正在进行完全整合的亚洲市场活动和亚洲营销,我们认为这是什么现在需要奢侈品牌。我们有品牌形象大使Victoria Song。我们在亚洲有专门的动画和活动。亚洲对我们来说是一个优先考虑的完全整合和专注的营销。

现在这些是我们在过去几年一直在努力的强大元素。但当然,我们继续利用Jimmy Choo作为Versace和Michael Kors的优势和自然优势。我们肯定在Instagram上有很强的追随者。顺便说一下,我们肯定会远远超出我们的影响力,因为我们是一家6亿美元的公司。当你看看Instagram上关注者的数量时,我们在品牌实力方面的确超出了我们的范围。好消息是,参与仍在继续。所有渠道的发展和后续工作都在继续。我们现在面临的挑战是亚洲网络。这就是我们真正致力于亚洲这一特定的专门营销。

现在四处走动,开始做生意。首先,在商业方面,Jimmy Choo,我们有208家商店。我认为关键的驱动因素将是亚洲,因为我们真的在2012年开发了亚洲。所以对我们来说,亚洲是最近的,我们将继续成为增长的领域。我们在亚洲有95家门店,其中很多都是在日本,显然,扩展将特别在东南亚的300门路线图上。欧洲将是另一个扩张领域,因为在欧洲,有些国家我们仍需要发展。通常情况下,他们是欧洲的一部分,但中东地区将成为我们通往300门的路线图上的一个增长区域。我认为Jimmy Choo的一个关键点是我们在电子商务和全渠道方面是一个非常强大的整合公司。这是公司的主要优势之一,我们将培养这种力量。

所以,未来,下一点是关于客户的。因为将旧品牌推向全渠道,我们现在的下一个投资之旅就是推动客户参与的系统。客户参与来自CRM,数据库,这是其中的一部分。但是也向前迈进,Jimmy Choo,我们现在能够在鞋子的个性化方面工作,这将是非常重要的事情,我们觉得商店必须显然成为我们的经验时刻,例如,让顾客在晚上或派对或不同的事情有任何活动的商店。我们认为商店可以以不同的模式和不同的方式使用。将客户放在第一位的策略是我们开发品牌的另一种方式。

E-commerce, I was talking about that. We continue to improve our site. We are going to risk in our site in September. Obviously, with the arrival of the new GC logo, it will be making their platform even more interesting. Lot of developments, but mostly, I think this year, the big year is, we are, again, one of the few companies to have launched now, 1 month ago, pure e-commerce site, Jimmy Choo, in China. We had the one in Japan, which is now very successful. And we are integrating all that with omnichannel, both in China as well as in Japan. And in Japan, we are integrating a communication network, which is called line, for the marketing, which is a kind of Instagram for Japan. And same thing we adding WeChat in China, which is going to be also integrated to our stores. So it's all about driving media channels on the online dedicated to the different regions, which leads us to the future growth initiatives.
Well, first of all, we have been historically, since 2012, growing double-digit growth at Jimmy Choo. Last year, we continued with double-digit growth, and this is the way we are planning the business forward. So the key elements of that includes: first of all, a goal of USD 1 billion in reach. How to do that? We want to continue to accelerate the footwear. We definitely want to grow the accessories to be 15% of our business in time. Men, as I showed in the showroom, is a way of expansion. And finally, we will discuss how we move the retail from 200 to 300 doors.
So the initiatives to drive the footwear. We saw the logo. We saw the logo in bag. We saw the logo on some key categories in shoes. We feel that, that is a moment where a brand of a shoe specialist becomes a really accessory brand. This logo will be featured in our collections not in all the shoes because some fashion shoes don't need the logo. They have a statement, but logo will be a driver.
Sneakers. The goal is to do 20% of our business in sneakers. We're not doing half of that for the moment. So this will be a way of expansion, and we are confident with the collection you saw in the showroom and the success of diamond that we can achieve that goal. And something which we feel is extremely important and the new strategy for Jimmy Choo is that, thanks to now the investment, which we're having, we are starting to buy shoe factories in Italy. That will give us many things, mostly for us, number one, will be the capacity to do those personalization I was discussing; accelerate the speed to market, which is now the key to the battle; and arguably, the cost of goods. But this key point for me is all about speed to market which is really what is gearing the fashion world for the moment. Secondly, if I go to the accessories, accessories, first it's about a team. And as we were saying in the showroom, the team is not a matter only of designer, we recruited a great designer, she came from Miu Miu before, head designer, but it's also the full integration. We had people in the factories to be better buying the leather, a full team of integration to create a full division to develop accessories in Jimmy Choo. We add a business of accessories. It's -- as you can see in 2019, 22% of our business was done with accessories. It was all about evenings largely. And our goal is now to move on to day bags as you saw in the showroom as well as small leather goods, developing those franchise in many ways.

电子商务,我在谈论这个。我们继续改进我们的网站。我们将在9月份在我们的网站上冒险。显然,随着新GC标志的到来,它将使他们的平台更加有趣。很多开发项目,但主要是,我认为今年重要的一年,我们再次成为现在,1个月前,纯电子商务网站Jimmy Choo在中国推出的为数不多的公司之一。我们在日本有一个,现在非常成功。我们正在将所有这些与全渠道相结合,无论是在中国还是在日本。在日本,我们正在整合一个名为line的通信网络,用于营销,这是一种日本的Instagram。同样我们在中国添加微信,这也将与我们的商店整合。因此,所有这些都是关于推动在线专用于不同地区的媒体渠道,这将引领我们实现未来的增长计划。

嗯,首先,自2012年以来,我们一直在Jimmy Choo的两位数增长。去年,我们继续保持两位数增长,这是我们规划业务的方式。因此,其中的关键要素包括:首先,达到10亿美元的目标。怎么做?我们希望继续加速鞋类。我们绝对希望将配件增长到我们业务的15%。正如我在展厅中展示的那样,男人是一种扩张的方式。最后,我们将讨论如何将零售从200门移至300门。


球鞋。我们的目标是在运动鞋中完成20%的业务。我们暂时没有做到这一半。所以这将是一种扩展方式,我们对您在展厅中看到的系列和钻石的成功充满信心,我们可以实现这一目标。我们认为非常重要的事情和Jimmy Choo的新战略是,由于我们现在正在进行的投资,我们开始在意大利购买鞋厂。这将给我们许多事情,主要是对我们来说,第一,将是我正在讨论的那些个性化的能力

How to do that? The offering is one. You saw the Madeline bag. You saw the Varian bag. We will continue to work on that, the logo, obviously. And what we intend to do is put a bigger and much stronger visibility of these collections now into the stores. Obviously, marketing. You saw KR. We will also have dedicated campaigns in Asia, and we'll have a full program of celebrities, ambassadors, 360 program to launch the bags.
Now moving along, I would say as well that men is another factor of growth for Jimmy Choo. Men is 9% of our business, very strong in Japan. We will drive the men, and men is about sneakers. It's about evening, as we were saying in the showroom. And as long as we have a shape like diamond, which translates into women, I think there is definitely a business to develop. Men will be the focus of next year for Jimmy Choo. The relaunch will be for next year.
Now hold that category expansion. Translates into the distribution and what we intend to do. I think one of the things which we are very proud at Jimmy Choo is, within our 208 stores, right now, the productivity by square foot is 2,200, which is about 20,000 -- a bit more than €20,000 by square meter. That is actually on the high side or on the very good side, strong side of the luxury industry. When you achieve that, you're actually able to make your stores very profitable.
Now the growth of Jimmy Choo is going, therefore, to go in all regions but it's going to come massively from Asia. As I'm saying, we will see that we have renovated largely our network and this investment is behind us. And expansion, we discussed, will be Southeast Asia and Middle East, for example. But I think the key is that we strongly believe by being more efficient in the management of our omnichannel as well as the collection that we can largely put the new collections, the bags, into the existing stores. And that is going to drive the productivity of the business from Jimmy Choo from 2,200 to 2,700, that's the goal that we are fixed ourselves in terms of productivity and in terms of drive of the profit.
So the network is largely completed. In Jimmy Choo, we have now revenue of 80, 70, 7% of the stores. And when you do this, it means that you have renovated also most of the flagship, the key cities, the big cities. We are even now starting to embrace the second round of renovation. We are opening in Hong Kong, what's going to be our biggest flagships in terms of turnover. It's going to be a 3-floor shop in Harbor city. That is going to happen in March next year. So we are also moving into a flagship in Dubai Mall. So Jimmy Choo, we are now having a distribution which is largely renovated and fit for the growth, which we are anticipating.
So how does this translate into business? Europe for now is bigger. For the record, it's also a fact that because of legal constraints, the EMEA report some of the American wholesale into the number, in reality, the geography is more balanced in between Europe, America and Asia. This one is actually the one. Okay. And then, it says that the growth of Jimmy Choo forward is for us, first and foremost, as I was discussing, Asia, which we believe we can achieve, because as I said, we are a young brand there and this is where the market is growing.


现在,我想说男人是Jimmy Choo的另一个成长因素。男性占我们业务的9%,在日本非常强大。我们会驾驶男人,而男人则是运动鞋。就像我们在陈列室里说的那样,这是晚上。只要我们有像钻石一样的形状,可以转化为女性,我认为肯定有一项业务需要发展。 Jimmy Choo将成为明年的焦点。重新启动将在明年。

现在举行类别扩展。转化为分布和我们打算做的事情。我认为我们为Jimmy Choo感到非常自豪的事情之一是,在我们的208家商店中,现在,平方英尺的生产力为2,200,约为20,000,比平方米多出20,000欧元。这实际上是高端或非常好的一面,是奢侈品行业的强势一面。当你实现这一目标时,你实际上能够使你的商店非常有利可图。

因此,Jimmy Choo的成长将会在所有地区进行,但它将大量来自亚洲。正如我所说,我们将看到我们在很大程度上对我们的网络进行了翻新,这项投资已经落后于我们。我们讨论过,扩展将是东南亚和中东。但我认为关键是我们坚信通过更有效地管理我们的全渠道以及我们可以在很大程度上将新系列包装袋放入现有商店的系列。这将把Jimmy Choo的业务生产力从2,200提高到2,700,这就是我们在生产力和利润驱动方面的目标。

因此网络基本完成。在Jimmy Choo,我们现在的收入分别为80%,70%,7%。当你这样做时,这意味着你已经修复了大部分旗舰,主要城市和大城市。我们现在甚至开始接受第二轮翻新。我们正在香港开业,这将是我们在营业额方面最大的旗舰。这将是海港城的一个3层楼的商店。这将在明年3月发生。因此,我们也将成为迪拜购物中心的旗舰店。所以Jimmy Choo,我们现在正在进行大规模翻新,适合我们期待的增长。

那么这如何转化为业务?欧洲现在更大。为了记录,这也是一个事实,由于法律限制,EMEA报告了一些美国批发数量,实际上,欧洲,美国和亚洲之间的地理位置更加平衡。这个实际上就是那个。好的。然后,它说Jimmy Choo前锋的成长对我们来说是首要的,正如我所讨论的那样,亚洲,我们相信我们可以实现,因为正如我所说,我们在那里是一个年轻的品牌,这就是市场正在增长。

In terms of growth potential, we said that we will have double-digit growth in terms of sales. And this chart shows that by doing that, we are still able to grow the momentum on shoes, so there will be still growth on shoes, which is what I said. But of course the goal is to move the accessories. Accessories grows from 18% to 30%, and in time, to 50%; men, from 9% to 10%. And finally, as we were discussing, and I will discuss that only now, but we had a focus in the showroom, we also enjoyed at Jimmy Choo a very strong license revenue, demonstrating the strengths of the brand and the fact that we are already considered as a real accessory brand and not as a pure shoe company.
So how does this equation translate into profitability? Just like that. Last year, the revenue was almost USD 600 million, as I said, double-digit growth. You have the budget, which is here, explain $350 million.
Where do we see the development forward in terms of operating profits? First of all, accessories. Because usually, accessories are having a better margin than shoes. Although we pride ourselves to probably be one of the most profitable companies in terms of shoes. So accessories will give us some leverage. That's one part. Secondly, as we have said that we are growing the business largely was the existing store network. It means that you will drive naturally and the expansion of the productivity of the stores plus this productivity will be further enhanced with the omnichannel capacity and e-commerce. As -- and exactly the same for Versace, we'll get some momentum on the SG&A. We'll bring together on the back office on the broad sense. And then finally, you have seen from old initiatives, we are discussing that we are really putting a very strong investment in marketing for the moment. We are putting some fuel in the machine to launch the bags and launch those new categories. And in time, we are going back to a more normalized investment in marketing. That also is going to drive the profitability of Jimmy Choo. The goal being that we should reach mid-teen as being discussed.
So that shows the vision of Jimmy Choo. And I think where we are a bit more advanced because we are now 1.5 year down the road in the journey. A lot of the elements I'm presenting today are not actions to come, but they are real. You saw them in the showroom and in our advertising. So with that in mind, we have this confidence to achieve the plan, and I want to thank you for your attention. Thank you.



Thank you, Pierre. Now we are going to turn to Michael Kors. And obviously, Michael Kors is a very successful brand today. It's approximately $4.5 billion revenues. And we built this company on Michael's vision: an exciting innovative fashion product. And one of the things that we're going to be doing is really talking to our consumer about what the new Jet Set is. And I told you before, speed, energy and optimism. And those are really easy words for me to talk about. But I think it's a much better visual for you, and ultimately, for the customer to hear it from Michael's words directly.
Michael's vision is part of the cornerstone, which you're going to be seeing coming from our marketing on a forward basis. You saw that already with Bella Hadid, and I'm going to be talking to you more about that in a minute. But millennials and also Generation Z customers are clearly consuming products in a different way. And we've always been a company that's been modern and young, and we're going to be in their vision, and we're going to be there with product for them to excite them and engage them. We have 3 brands in the company, which is first led by our Michael Kors Collection brand, which you've seen in Michael's runway shows. It happened twice a year here in New York. And when I talked about it later, we were the most engaged fashion brand in New York fashion week.
Secondly, we have our MICHAEL Michael Kors brand, which you can see the new face, which is Bella Hadid, quite excited about her leading our vision, again, for the millennial and Gen Z customer and the customer who really is about fun and she totally embraces that. And then of course, our men's business, which we're very excited about the growth that we're seeing in that business, and we're going to be putting our foot on the accelerator to make that a bigger part of the Michael Kors brand.
Three corners of our pillars are product innovation, brand engagement and customer experience, and I'll be talking about each of those. But of course, in brand engagement, we have one of the most powerful tools and that's with Michael and his vision and how he communicates with our customers. Brand awareness. 360-degree marketing, that is what you've heard Pierre talk about, you've heard Jonathan talk about. And it is critical that we communicate with our consumers today in global campaigns and then we take the assets from those campaigns, and we drive them through all the different elements whether that's social media, whether that's through targeted marketing in our own e-mail communications. And we're clearly engaging with the customer on many different forms of communication. We, at Michael Kors, believe that we're one of the leaders in the fashion industry in 360-degree marketing. These are some of our recent campaigns. This is Michael's collection campaign from spring. Our woman is much more relaxed. She is much more empowered, and she's the one who's making the decisions in the household and she is the one who's saying, I want to live my life the way I see it.

谢谢你,皮埃尔。现在我们要转向Michael Kors。显然,Michael Kors今天是一个非常成功的品牌。它的收入约为45亿美元。我们根据迈克尔的愿景建立了这家公司:一个令人兴奋的创新时尚产品。我们要做的其中一件事就是与消费者讨论新款Jet Set的用途。我之前告诉过你,速度,精力和乐观。这些对我来说真的很容易说。但我认为这对你来说是一个更好的视觉,最终,客户可以直接从迈克尔的话中听到它。

迈克尔的愿景是基石的一部分,您将看到我们的前瞻性营销。你已经和Bella Hadid见过了,我将在一分钟内与你谈论更多。但千禧一代和Z世代的客户显然以不同的方式消费产品。而且我们一直是一家现代化和年轻的公司,我们将成为他们的愿景,我们将在那里为他们提供产品,让他们激动并吸引他们。我们公司有3个品牌,首先由Michael Kors Collection品牌领导,您在迈克尔的时装秀中看到过。它在纽约每年发生两次。当我后来谈到它时,我们是纽约时装周最具吸引力的时尚品牌。

其次,我们拥有迈克尔·科尔斯的迈克尔·科尔斯品牌,你们可以看到贝拉·哈迪德的新面孔,她对于千禧一代和Z世代客户以及真正有趣的顾客,再次引领我们的愿景感到非常兴奋。完全接受这一点。然后,当然,我们的业务,我们对我们在该业务中看到的增长感到非常兴奋,我们将把我们的脚放在加速器上,使其成为Michael Kors的更大部分牌。

我们支柱的三个角落是产品创新,品牌参与和客户体验,我将谈论其中的每一个。但当然,在品牌参与方面,我们拥有最强大的工具之一,这与Michael和他的愿景以及他与客户的沟通方式有关。品牌意识。 360度营销,就是你听到皮埃尔谈到的,你听过乔纳森谈到的。至关重要的是,我们今天在全球活动中与消费者进行沟通,然后我们从这些活动中获取资产,并通过所有不同的元素驱动他们,无论是社交媒体,还是通过我们自己的电子邮件通信中的有针对性的营销。我们清楚地与客户进行了许多不同形式的沟通。我们Michael Kors认为,我们是时尚行业360度营销领域的领导者之一。这些是我们最近的一些活动。这是迈克尔春季的收藏活动。我们的女人更放松。她更有权力,而且她就是那个在家里做出决定的人,而她就是那个说话的人,我希望以我看待它的方式过自己的生活。

In the MICHAEL Michael Kors brand, she is having fun. She is showing that speed, energy and optimism. And as you can see with Bella Hadid, she really embraces that. And her resonance in our campaign has actually started to change the inflection in store traffic. We've seen it in North America, we've seen it in Europe and we've seen it in Asia as well. And in fact, in Europe, our North American store traffic -- our European store traffic turned positive when the campaign started to hit inside of our stores, and we've really seen an inflection from marketing in a way that is a bit more exciting and talking to a millennial and the Gen Z customer. This is our summer campaign for MICHAEL Michael Kors. Again, Bella focused as the face of the campaign. Also, you can see logo. Both our spring campaign and our summer campaigns have been heavily focused on our logo business, which in the prepared remarks that I made during our earnings release, we had said that this category is the highest sell-through category in the company. And in fact, we're still not in the inventory position that we wanted to be. And while that's something that we'd rather be in a better position in, I'm very pleased to see that the marketing initiatives that we put forth are resonating with a customer, and we're having the sell-through to compare with the marketing campaigns.
In men's, we're making a definitive focus on our leather goods business in this category. You'll be seeing a lot of emphasis inside of our stores. We'll be doing some significant investment in repositioning inside of our existing lifestyle stores to add the men's category. We think we have the right balance. I told you 2 years ago, we wanted to find out where we are going to after the men's business. We've now decided that we will go more heavily into the men's accessories and leather goods business. We'll still be prominent in the men's ready-to-wear business. But we view in our own stores the leather goods business and the outerwear business as a significant driver of growth of this category. And that's going to be important when we talk later on about returning to stabilized our comparable store growth.
In terms of social media following, Michael Kors has 45 million engaged social media followers around the world. And that's on all platforms, everything from Instagram, Facebook to Snapchat, to Weibo, WeChat. We really are one of the leaders in social media around the world. And that's powerful for us because that gives us an incredible marketing tool to talk to our customers with, and we are getting better and better at monetizing that communication on those platforms, in particular on our website. And we're seeing a higher growth rates, driven through social media on our website and the sales related to that.
We had a 9% increase in total social media following. And on a 45 million base, that's still a very large number in terms of growth. Both Jonathan and Pierre mentioned earlier about brand ambassadors. Again, we think we're one of the leaders in this category. Yang Mi was the brand ambassador for us in China, our first. Yang Mi has a 100 million followers on Weibo. And there is no question that when Yang Mi has a bag on, Yang Mi powers sales for our customers not only in China but in North America and in Europe. So she has been a huge, huge asset for us.

在MICHAEL Michael Kors品牌中,她很开心。她表现出速度,活力和乐观。正如你在贝拉哈迪德看到的那样,她真的拥抱了这一点。她在我们的竞选活动中的共鸣实际上已经开始改变商店流量的变化。我们在北美见过它,我们在欧洲见过它,我们也在亚洲见过它。事实上,在欧洲,我们的北美商店流量 - 当我们的商店开始进入我们的商店时,我们的欧洲商店流量转为正面,我们真的看到市场营销的变化更加令人兴奋并与千禧一代和Z世代客户交谈。这是迈克尔·迈克尔·科尔斯的夏季运动。贝拉再一次专注于竞选活动。此外,你可以看到徽标。我们的春季活动和夏季活动都非常关注我们的徽标业务,在我们的收益发布期间准备的评论中,我们曾说过这个类别是公司中销售额最高的类别。事实上,我们仍未处于我们想要的库存状态。虽然这是我们宁愿处于更有利位置的事情,但我很高兴看到我们提出的营销举措与客户产生共鸣,而我们正在通过销售来与客户进行比较。营销活动。


在社交媒体方面,Michael Kors在全球拥有4500万名社交媒体粉丝。这是所有平台上的所有内容,从Instagram,Facebook到Snapchat,到微博,微信。我们确实是全球社交媒体的领导者之一。这对我们来说是强大的,因为这为我们提供了一个令人难以置信的营销工具,可以与我们的客户交流,并且我们在这些平台上,特别是在我们的网站上通过这种通信获利更好。我们看到了更高的增长率,这是通过我们网站上的社交媒体以及与之相关的销售来实现的。


Secondly, we've just recently signed Tsubasa Honda. And again, her regional campaign had incredible results for us and actually helps turn store sales in Japan comp store sales positive with the launch of her ad campaign. Very, very pleased with the resonation and also this was a new bag called Manhattan that we exclusively launched in Japan. So you'll be seeing more individualized exclusive launches in countries from us to be tailored to the different marketplaces and the different brand ambassadors. And our first ambassador, UA in Korea, has 9.5 million Instagram followers. And once again, with the implementation of her presence, our comp store sales went positive in Korea as well. So very, very strong regionalized efforts to go with our overall global efforts as well.
Red carpet leader, as in our other 2 brands, clearly, Michael Kors is addressing some of the most incredible Hollywood stars and influential people in the industry. In terms of philanthropy, I'm super proud about this. We will, this year, reach donating over 20 million meals around the world, and that's through the World Food Program. And we started that with our Watch Hunger Stop initiatives, which has been a huge success for us. We continue that program. It happens every October, and we donate our percentage of the watch sales to the World Food Program. And they are one of the most incredible organizations who are on the ground, in the countries, where this nourishment is needed. And we have been very, very successful with them. We're also very proud of our initiatives right here in New York with God’s Love We Deliver. We've raised over $24 million for God’s Love We Deliver.
Michael made a very significant personal donation. I have also made very significant personal donations. And in fact, Michael, the name of the God’s Love We Deliver building in New York, it's named after Michael, and that's where the meals are prepared. We serve over 1 million meals a year to those in need in the New York area who cannot feed themselves. So we're very proud of our philanthropic efforts in Michael Kors. And at some of our upcoming calls, we'll be talking about what we're going to be doing at Versace and Jimmy Choo also to take on philanthropy as a cornerstone of those 2 houses. Our e-commerce and retail network, we have approximately 850 stores worldwide. The network is roughly going to remain the same. It will grow 30 or 40 stores a year primarily in Asia. But our network size is about where we wanted. We are going to have some further reductions in North America, some further growth in Asia. But the network size will remain roughly the same. And that's a good thing for us because we can really focus on productivity, both from a sales per square foot and also from a profitability standpoint.
As you know, we have been in a rationalization program, particularly in North America where we've been closing stores that have become unprofitable. And really that volume moves from our store base into our e-commerce base. So the revenues are there. It's just in a different place. And we think that's been a very effective program for us. And as Tom talked about, again, in our prepared remarks, you're going to start to see some of that leverage show up towards the tail end of this year and really out into the next 2 fiscal years as those stores are kind of pruned out of the network.

其次,我们刚刚签署了Tsubasa Honda。同样,她的区域活动给我们带来了令人难以置信的结果,实际上有助于通过推广她的广告活动,使日本商店销售的商店销售变得积极。非常,非常高兴的共鸣,这也是一个名为曼哈顿的新包,我们在日本独家推出。因此,您将在我们的国家看到更多个性化的独家发布,以适应不同的市场和不同的品牌大使。而我们在韩国的第一位大使UA拥有950万Instagram粉丝。再一次,随着她的出现,我们的综合商店销售在韩国也是积极的。非常,非常强大的区域化努力,以及我们的全球整体努力。

像我们的其他两个品牌一样,红毯领导者显然,Michael Kors正在向一些最令人难以置信的好莱坞明星和业内有影响力的人士致辞。在慈善事业方面,我为此感到非常自豪。今年,我们将通过世界粮食计划署捐赠超过2000万份美食。我们从我们的Watch Hunger Stop计划开始,这对我们来说是一个巨大的成功。我们继续该计划。它发生在每年十月,我们将手表销售的百分比捐赠给世界粮食计划署。而且他们是需要这种营养的国家中最令人难以置信的组织之一。我们一直非常非常成功。我们也非常自豪我们在纽约的这一举措与上帝的爱我们交付。我们为上帝的爱我们提供了超过2400万美元。

迈克尔做了非常重要的个人捐款。我也做了非常重要的个人捐款。事实上,迈克尔,上帝的爱我们在纽约建造的名字,它以迈克尔命名,这就是准备饭菜的地方。我们每年为纽约地区有需要的人提供超过100万份膳食,他们无法自给自足。所以我们为Michael Kors的慈善事业感到自豪。在我们即将召开的一些电话会议上,我们将谈论我们将在范思哲和Jimmy Choo做的事情,并将慈善事业作为这两座房子的基石。我们的电子商务和零售网络遍布全球约850家商店。网络大致保持不变。它每年将增长30或40家商店,主要在亚洲。但我们的网络规模大约是我们想要的。我们将在北美进一步减产,在亚洲进一步增长。但网络规模将保持大致相同。这对我们来说是件好事,因为我们可以真正关注生产力,无论是从每平方英尺的销售额还是从盈利能力的角度来看。


Key digital initiatives. The most surprising thing that happened to us this year is our loyalty program. The -- we started that out, we had a goal to reach 1 million customers in the database. And in fact, we're going to grow that over $2 million -- over 2 million people in that database this year. We've said in previous calls that those customers are actually showing a higher level of engagement. And actually their transactions online are significantly higher than our non-VIP customers. So that's been super successful for us. Clienteling has been another area both in Versace and in Jimmy Choo and Michael Kors. We're seeing strong initiatives and results around direct clienteling. The store you're in earlier today, the Versace store, does approximately 30% to 40% of its business outside the store. That's us sending products to people's homes, that's us engaging with the customer on a one-on-one basis. And you're going to see that happening more and more. We've seen great success in that in Jimmy Choo, and of course, Michael Kors is seeing the same levels of success. So as we kind of rightsize our store network, we're able to focus on VIP. We'll be able to focus on clienteling. And we're also providing our sales associate with more tools to create personalization with those customers. So we're really elevating the staff levels. We're changing the commission levels in our stores to actually pay our store employees more money and get better qualified individuals inside the store. And we're seeing that really pay dividends for us. Again, as I mentioned earlier on this slide, you can see that we grew our VIP base, we will grow this year to approximately 2.3 million people. And the other thing that's been very, very successful for us is growing our database, which I'll talk to you about in a moment.
Retail network and animation. Bella Hadid really inspired us to change our window setup in our stores. And you can see one of the first animations that happened, and it was Bella in our spring campaign being very, very, very active. And what that did was quite interesting. As I said, we went positive in Europe in our traffic. We also saw a North American traffic not return to positive, but we saw a significant inflection when we change the store windows and some animations inside the stores. And this really showed us that customers want to be entertained and, of course, they want services on a different level than they've seen in the past.
So these next few slides are some windows that happened during the spring season. This happens to be our collection store in Palm Beach, and you can see some of the interior animation. This is our windows in Regent Street. This is more Bella Hadid in our window activations. And then you're going to see things like unique, bespoke experiences of a store that you just saw in Bond Street, which we opened a few weeks ago, this is our collection store. Very, very unique design, not only on the outside but on the inside, this is a townhouse and really we've created a personalized customer experience with 2 VIP floors inside the store. So people can come in and have a very intimate experience either by themselves or with their family or with their friend shopping.

关键数字举措。今年发生在我们身上的最令人惊讶的事情是我们的忠诚度计划。 - 我们从那开始,我们的目标是在数据库中达到100万客户。事实上,我们将增加超过200万美元 - 今年该数据库中有超过200万人。我们在之前的调用中已经说过,这些客户实际上表现出更高的参与度。实际上,他们的在线交易明显高于我们的非VIP客户。所以这对我们来说非常成功。 Clienteling是范思哲,Jimmy Choo和Michael Kors的另一个领域。我们看到围绕直接客户的强有力的举措和结果。您今天早些时候在Versace商店出售的商店大约占商店外30%到40%的商店。那就是我们将产品送到人们的家中,这就是我们一对一地与客户交流。而且你会越来越多地看到这种情况发生。我们在Jimmy Choo看到了很大的成功,当然,Michael Kors也看到了同样的成功。因此,当我们对我们的商店网络进行调整时,我们能够专注于VIP。我们将能够专注于客户群。我们还为销售人员提供了更多工具,以便与这些客户建立个性化。所以我们真的提升了员工水平。我们正在改变我们商店的佣金水平,实际上为我们的商店员工支付更多的钱,并在商店内获得更好的合格人员。我们看到这真的为我们带来了红利。再次,正如我之前在本幻灯片中提到的那样,你可以看到我们增加了我们的VIP基础,今年我们将增长到大约230万人。对我们来说非常非常成功的另一件事就是发展我们的数据库,我马上就会跟你谈谈。

零售网络和动画。 Bella Hadid真的激励我们改变我们商店的橱窗设置。你可以看到发生的第一个动画之一,而我们春季活动中的贝拉非常,非常非常活跃。这样做非常有趣。正如我所说,我们在交通方面在欧洲取得了积极成果。我们还看到北美的交通没有恢复正面,但是当我们改变商店橱窗和商店内的一些动画时,我们看到了一个显着的变化。这真的向我们展示了客户希望得到娱乐,当然,他们希望服务的水平与过去不同。


Additionally, we just opened our new prototype in SoHo, which I hope you get a chance to go down and see it opened about 2 weeks ago. And this is a new store concept for us that we're going to be using in more urban locations. And it's a bit more of an active format. We've launched some products, I mentioned in our previous calls called MKGO. So it's much more street meets fashion and in the way that we're presenting that in a store format. So these are some pictures of the new presentation. And we're very, very pleased with the results of the store.
So future growth initiatives. As we said earlier, the #1 growth initiative for Michael Kors will be in Asia. And that is going to be what we're going to -- approximately double the size of our business in Asia, many of our competitors are at or exceeding this goal of $1 billion in Asia. So we know that it is absolutely possible for us to achieve. We know that the business has been strong in this marketplace, and we know that if we continue to stay focused and spend our time, energy and effort in this region, that we will continue to be successful. And that's everything from unique product that we'll introduce to the region to our ambassador program, 2 additional store locations that we will open. And lastly, we are seeing great success in our e-commerce business in both Japan and in China. Again, while they are not significant numbers from an inflection standpoint yet, you can see it growing, it's starting to develop. And I think when we sit down in 2 to 3 years from now, the e-commerce market in China and Japan will be in the double-digit range in terms of revenues for our different entities there. So we're making the investments, and we're making the commitment to be a leader in e-commerce and omnichannel in both China and Japan.
So as I said before, we're looking to double our revenues in the Asia market and part of that will be led by store expansion. We ended the fiscal year with approximately 277 stores. And we'll open around 75 stores over the next 2 to 3 years in the marketplace, ultimately ending up at 450 stores. And again, our competition in many, many cases has this amount or more. Again, we're doing this at a paced rollout. And the great news for us is that all the new stores that we opened in Asia are all profitable from the day that we opened them. So again, this has been a very strong platform for growth for us. As I mentioned to you before, regional marketing campaigns are very important for us, and WeChat and WeChat commerce is now coming and we think that's going to be very important platform for us. And of course earlier, Pierre mentioned the line, but we were one of the original companies in Japan to launch online, and it's been huge success for us. And we'll continue to power not only brand awareness and customer engagement with this but also ultimately commerce as well.
The men's business, we ended the fiscal year at approximately $200 million. We think that in a very rapid period of time, we can turn this to about $300 billion to $400 billion business. The majority of this increase will come from our own stores. The majority of that will come from refitting existing stores. So we will not be upsizing stores. We'll be taking existing stores, reallocating space to the men's category. You'll start to see that happen in really January, February, March of next year, predominantly focused on men's accessories.


所以未来的增长举措。正如我们之前所说,Michael Kors的第一增长计划将在亚洲。这将是我们要做的事情 - 我们在亚洲的业务规模几乎翻了一番,我们的许多竞争对手都达到或超过了亚洲10亿美元的目标。所以我们知道我们绝对有可能实现。我们知道这个市场的业务一直很强大,我们知道如果我们继续保持专注并在这个地区花费我们的时间,精力和精力,我们将继续取得成功。这就是我们将引入该地区的独特产品到我们的大使计划,以及我们将开设的另外2个商店位置。最后,我们在日本和中国的电子商务业务中取得了巨大成功。同样,虽然它们从拐点的角度来看并不是很重要,但你可以看到它在增长,它正在开始发展。而且我认为,当我们从现在起2到3年内坐下来时,中国和日本的电子商务市场在我们不同实体的收入方面将达到两位数的范围。所以我们正在进行投资,我们承诺在中国和日本成为电子商务和全渠道的领导者。



Now coming towards the end of the presentation. Clearly, one of the most important things that we want to do for the Michael Kors brand is to stabilize our comparable store sales growth. We know we'll be able to grow the brand. We know that we'll be able to double our business in Asia over the next few years. We know that we'll be able to increase the men's business. So first and foremost, we need to stabilize our accessories business. We've been seeing progress there. We've been seeing progress certainly with the development of a much greater penetration of our signature product. And that is resonating with our customers. So we're driving that with our marketing campaigns. We're driving that with in-store product presentation. And we anticipate by the fall season to have this running closer to the 30% goal rate, which is what we had intended on getting to rapidly. We just have not been able to catch up in terms of the demand and what we thought was the needed supply at the time. Tom mentioned in his prepared remarks during our conference call, you'll see inventories actually increase in the company over the next few quarters. And then it will start to decelerate, and this is going to be primarily driven around our increase in the excess -- the signature programs and some of our core programs where we had really deemphasize that and put much more emphasis on fashion and quite frankly too much emphasis. And we are moving that back to where we think it's a more appropriate balance inside the company.
Our footwear business continues to be the strongest business in the company growing at high double-digit growth rates. Our women's ready-to-wear business is also growing in the high single digits. So again, we think this is another category that we will continue to develop. Remember, we're a lifestyle brand. We're not a singular company focused -- a singular product-focused company. And then we believe we'll grow our menswear business, again, primarily around the accessories category.
Our watch business will continue to decline. We do not know when that will -- that drop will end. But what we have been doing is we've been launching a new fine jewelry collection inside of our stores. You can see it, it's there today. We have exited the fashion jewelry business that was a significant drop in volume for us in our stores. And we knew that going into this. We want to be in a higher average AUR price point. And we think this is a category long term we can compete in, and we think it's a category that we will not get disintermediated in the same way that has happened in the watch business. So ultimately, if we're able to stabilize the accessories business, grow our footwear business, grow our women's ready-to-wear business and add the men's category to our stores, we believe that we will not only ultimately stabilize our comparable store growth at Michael Kors, but we believe we will be able to return to low single-digit comp store growth.
I also want to add that whether we're up 1% or down 1%, that will not make a difference to the profitability of Michael Kors, and we've mentioned that on a number of occasions. But I think it's an important note to make in today's presentation.

现在即将结束演示。显然,我们想要为Michael Kors品牌做的最重要的事情之一是稳定我们的可比店面销售增长。我们知道我们将能够发展这个品牌。我们知道,未来几年我们将能够在亚洲开展业务翻番。我们知道,我们将能够增加男性的业务。首先,我们需要稳定我们的配件业务。我们一直在那里看到进展。我们已经看到了我们的标志性产品的更大渗透的发展。这与我们的客户产生共鸣。所以我们通过营销活动来推动这一点。我们通过店内产品展示来推动这一点。而且我们预计到秋季会有更接近30%的目标率,这是我们想要迅速实现的目标。我们只是无法满足需求和我们认为当时所需供应的需求。汤姆在电话会议期间准备的讲话中提到,你会发现公司未来几个季度的库存实际增加。然后它将开始减速,这主要是由于我们的超额增加 - 签名计划和我们的一些核心计划,我们真的非常强调这一点,并更加重视时尚,坦率地说也是如此非常重视。而且我们正在将其转移到我们认为公司内部更合适的平衡点。

我们的鞋类业务继续成为公司最强劲的业务,以两位数的高增长率增长。我们女性的成衣业务也在以高个位数增长。因此,我们再次认为这是我们将继续发展的另一个类别。请记住,我们是一个生活方式品牌。我们不是一家专注于公司的公司 - 一家专注于产品的公司。然后我们相信我们将再次发展我们的男装业务,主要是围绕配饰类别。

我们的手表业务将继续下滑。我们不知道什么时候会这样 - 这种下降将会结束。但我们一直在做的是我们已经在我们的商店内推出了一个新的高级珠宝系列。你可以看到它,今天就在那里。我们退出了时尚珠宝业务,这对我们商店的销量大幅下降。我们知道进入这个。我们想要在更高的平均AUR价格点。我们认为这是一个我们可以竞争的长期类别,我们认为这是一个我们不会以与手表业务相同的方式进行脱媒的类别。因此,最终,如果我们能够稳定配件业务,发展我们的鞋类业务,发展我们女性的成衣业务并将男士类别添加到我们的商店,我们相信我们不仅会最终稳定我们的同店增长迈克尔科尔斯,但我们相信我们将能够恢复低单位数的综合商店增长。

我还想补充一点,无论我们上涨1%还是下跌1%,这对Michael Kors的盈利能力都没有影响,我们已经多次提到过这一点。但我认为这是今天演讲中的一个重要说明。

In terms of the future business by geography. You can see like in our other presentations, Asia will grow to approximately 20% of our business. 20% of the business will be EMEA, so while that will be a stable percentage, it will mean EMEA will grow and Americas will decline. Americas will decline for, number one, because overall pie will grow larger, in particular in Asia; and number two, as we've said in the prepared remarks, previously, that North American wholesale will decline this year approximately 50 million and then globally, approximately 100 million. And that's really the addition of 50 million is driven by currency.
Product mix progression. This is a very important slide. We do want to become less dependent on women's accessories. I've said on a global basis, while we think the accessories business is growing and in particular it's growing in the luxury market place. We think that in the accessible marketplace in North America, we think it's declining slightly. We think that it is in Europe, it's roughly about flat, and we think that there is growth in Asia. But overall, we need to be in other categories to get growth for the Michael Kors brand beyond accessories. So while we hope accessories return to roughly a flat basis for the company, we do not think that, that is the only opportunity that we have to be able to return the stores to flat or growth in comparable store volume. We can do this with other categories. And you can see how that inflection is reflected here.
And lastly, as Tom mentioned before, we think that Michael Kors this year will be approximately flat in terms of revenues. We think that the operating margins will be approximately flat, as you saw last year. And we think that we will return to low single-digit growth in '21 and '22, predominantly based on our overgrowth in Asia and in menswear.
In terms of operating margin growth or stability, Asia has higher operating margins for us. So we think that as the influx of growth happens in Asia, they'll be about 100 basis points increase.
Gross margins in accessories will actually increase as we've been moving production to different countries around the world, and we actually think that we will see an inflection, partially based on that and an inflection based upon our more stabilized business in the signature and core products. We believe we'll lose about 100 basis points because of lower sales from licensing, which has a high gross margin to the total company, and to some degree, a lower wholesale mix. And then we also think because the footwear and ready-to-wear men's businesses have slightly lower margins than in our women's accessories business that will be a negative headwind for us. Overall, we believe that these will have offsetting balances to each other.
So before I turn it over to our Q&A session, I just want to conclude with the following statement: Number one, I think that you have had an opportunity today to spend time at the Versace store and meet Jonathan Akeroyd, the leader of that business, and under his leadership, the company has seen double-digit top line growth and double-digit comp growth. I think that says a lot for the management team, and they've done that without accessories, and quite frankly, without a strong women's footwear business. I think that's quite extraordinary. And you can see that they -- that the brand awareness and engagement is climbing dramatically. So we feel very, very strong that we're going to be able to execute against our growth initiatives for Versace. Number two, you've met Pierre Denis. And Pierre has led this company for well over 4 years. He has ran it as a public company. Jimmy Choo has grown every single year that it has been in business. That's a really incredible thing to see happen for over 20 years. And I think what's also amazing is the team behind Pierre is really extraordinary. It's the same team that's been there in certain cases.

就地理未来业务而言。您可以在我们的其他演示文稿中看到,亚洲将增长到我们业务的约20%。 20%的业务将是EMEA,因此虽然这将是一个稳定的百分比,但这将意味着EMEA将增长,美洲将下降。美国将排名第一,因为整体馅饼将变得更大,特别是在亚洲

One of the employees was leaving our EMEA business who, I believe, is the second or third oldest employee in the company. She's actually quite young. So we have dedicated people who know how to do this, who know how to execute and also I would ask you to go and see some of our renovated stores because they look amazing. And you'll already see the balance change in terms of the accessories component, probably 30% of the floor space is now dedicated to the stores in Jimmy Choo. And we've been able to do that without upsizing the stores. So Pierre talked about productivity, and as we continue to drive the productivity in these stores with higher margin accessories business, this business will also see some very nice leverage in terms of operating margin.
Remember, when we bought the company, it was around 11% or 12% operating margin. We purposely took it down. So getting back to the mid-teens should be a relatively easy thing for us to achieve. And then lastly, with Michael Kors, I think that we've shown that we've been able to stabilize the business. We've been able to run operating margins at a stable basis inside the company, and we think that we're going to be able to continue to do that. So if we can keep Michael Kors as a steady foundation for this company, grow it ever so slightly and take Jimmy Choo to $1 billion, take Versace to $2 billion, take those to mid-teens operating margins, which today for all intents and purposes, they're very, very low operating margins that could add between $300 million and $400 million of operating margin to the company. So we believe there are 2 acquisitions really position us for a real -- a very exciting future and also to generate some incredible profitability for our shareholders long term.
With that, I'd like to open up to question and answer. I think we're going to take just one second to bring some chairs up there.

其中一名员工离开了我们的EMEA业务,我相信他是该公司第二或第三老员工。她其实很年轻。因此,我们有专门的人知道如何做到这一点,谁知道如何执行,我会要求你去看看我们的一些翻新商店,因为他们看起来很棒。而且你已经看到了配件组件的平衡变化,现在可能有30%的占地空间用于Jimmy Choo的商店。而且我们已经能够在不增加商店规模的情况下做到这一点。所以皮埃尔谈到了生产力,而且随着我们继续提高这些商店的生产率和利润率更高的配件业务,这项业务也将在运营利润方面看到一些非常好的杠杆。

请记住,当我们收购该公司时,它的营业利润率约为11%或12%。我们故意把它拿下来。因此,回到十几岁中期对我们来说应该是一件相对容易的事情。最后,迈克尔科尔斯认为,我们已经证明我们已经能够稳定业务。我们已经能够稳定地在公司内部运营营业利润,我们认为我们将能够继续这样做。因此,如果我们能够让迈克尔·科尔斯成为这家公司的稳定基础,那么将其略微增长并将Jimmy Choo带到10亿美元,将范思哲带到20亿美元,将这些带到中期的营业利润率,这对于所有意图和目的来说都是如此,它们的营业利润非常非常低,可为公司增加3亿至4亿美元的营业利润。所以我们相信有2次收购确实让我们真正做到了 - 一个非常令人兴奋的未来,也为我们的股东长期创造了一些令人难以置信的盈利能力。



I think you guys can come on up. Okay. Jean. We'll start with Matthew on the front row.

我想你们可以提出来。 好的。让。 我们将从前排的马修开始。


Great. Matt Boss, JPMorgan. I guess a key initiative at both Versace and Jimmy Choo that you spoke to was accessories expansion, maybe what provide you confidence that each of these brands can have sustainable credibility in that category over time?

非常好。 Matt Boss,摩根大通。 我想Versace和Jimmy Choo的一个关键举措是配件扩展,也许是什么让你相信这些品牌随着时间的推移可以在这个类别中具有可持续的可信度?


I'm going to take a first bit of that and then I'm to turn it over to my two partners. I think that when you look at Versace, which as Jonathan showed you today, the codes in the house are really extraordinary. Of the library that we have is incredible and one of the greatest assets that we purchased was our archives, and it is literally breathtaking. When you go back 40-plus years in history and see what Gianni and Donatello created. So we have not only archives, but we have a powerful leader in Donatello who created the Barocco V that you saw literally was in two weeks' time, I believe, if I remember it correctly. So we have the ability to create excitement with the customer. And I think the power of excitement, the power of codes of a luxury house are, I think, would give us great, great encouragement to be able to do that.
Look at how quickly we've been able to be a powerhouse, quite frankly, in the active footwear business in Versace in both men's and women's. Quite frankly, we're not very good in the regular shoe lines in there. So that's another category there. If we get the accessories right, we think we'll have a powerful statement there. In Jimmy Choo, Jimmy Choo had an accessories business that was actually much larger than it was than it is today. And I think with Pierre's leadership and the teams involvement, we're kind of reigniting a little bit of a right to be there beforehand. And the last thing I'll say before I turn it over to Jonathan, Pierre is we're in a woman's wardrobe today. So I think in most of the women that are in this room would probably can find a pair of Jimmy Choo shoes in your assortment somewhere.
And we tend to find that it's anywhere between 1% and as high as 25% of a woman's footwear, luxury wardrobe is Jimmy Choo. She likes us, she wants to engage with us. And I think that, that gives us the right in terms of coming from a luxury background of Versace, house codes, Italy which has always signified leather and luxury. And then with Jimmy Choo, we're in her closet, we're a part of her life, and we've had an accessories business before. I think we go into this saying, it's not a matter of whether we can be successful, it's whether we will be successful. And when I say the will, it's how we're going to execute. Are we going to have the right logo? Are we going to have the right styles? Are we going to have the right marketing campaigns? Are we going to have the right influencers backing it behind us? And Matt, I don't want to sit up here and sound brazen. There's a big competitive world out there. And we're not the only luxury company who is trying to be successful in this category. I think we go into it saying, wow, we're kind of a part of this with her. We're not just ready-to-wear companies coming out and saying, we want to do bags now. So -- but let me turn it over to Jonathan and Pierre.

我将采取第一点,然后我将把它转交给我的两个伙伴。我想,当你看到范思哲,正如乔纳森今天向你展示的那样,房子里的代码真是非凡。我们拥有的图书馆令人难以置信,我们购买的最大资产之一就是我们的档案,它实在令人叹为观止。当你回顾40多年的历史,看看Gianni和Donatello创造了什么。因此,我们不仅有档案,而且我们在Donatello有一位强大的领导者,他创造了Barocco V,你相信,如果我没记错的话,你会在两周内看到它。因此,我们有能力为客户创造兴奋。而且我认为,兴奋的力量,豪宅的代码的力量,我认为,会给我们很大的鼓励,能够做到这一点。

看看我们在范思哲的男女运动鞋业务中,我们能够多快成为一个强者。坦率地说,我们在那里的常规鞋线上并不是很好。那是另一个类别。如果我们得到正确的配件,我们认为我们将在那里有一个强有力的声明。在Jimmy Choo,Jimmy Choo的配饰业务实际上比现在大得多。而且我认为在皮埃尔的领导和团队的参与下,我们有点重新点燃了事先在那里的权利。在我把它交给乔纳森之前我会说的最后一件事,皮埃尔今天我们正处在一个女人的衣橱里。所以我认为在这个房间里的大多数女性可能会在你的分类中找到一双Jimmy Choo鞋子。

我们倾向于发现,女士鞋子的价格在1%到高达25%之间,豪华衣柜是Jimmy Choo。她喜欢我们,她想和我们订婚。而且我认为,这给了我们来自范思哲的豪华背景,房屋代码,意大利的权利,这一直意味着皮革和奢侈品。然后和Jimmy Choo一起,我们就在她的衣橱里,我们是她生活的一部分,我们以前有过配件业务。我想我们会谈到这个问题,这不是我们能否成功的关键,而是我们是否会成功。当我说出意愿时,就是我们要执行的方式。我们会有合适的标识吗?我们会有合适的款式吗?我们是否会进行正确的营销活动?我们是否会有合适的影响力支持我们?而马特,我不想坐在这里听起来很无耻。那里有一个竞争激烈的世界。而且我们并不是唯一一个试图在这一类别中取得成功的奢侈品公司。我想我们会说,哇,我们和她一起参与其中。我们不仅仅是成衣公司出来说,我们现在想要做包包。所以 - 但让我把它交给乔纳森和皮埃尔。

Jonathan Akeroyd

No. I agree. I mean I think we'll know -- I mean I have -- I've actually worked in a group where they've transformed from a ready-to-wear business into an accessory business then we will say know, a couple of other brands have done that relatively quickly. I mentioned earlier about the culture. And I think the important thing for me is, we have already -- actually, since working with John, we have already significantly invested in people to make this happen. And they're not just extra designers, extra merchandisers, they are the top merchandisers from some brands, and they are the top designers. So we've got the people already in place. And for sure, we've got the brand codes. And I think now it's all about the execution. So I am actually very, very excited about it. And I think -- and again, just to echo what John said. Donatello also is very aware now that she is going to support this, back this. And we'll just see this cultural change and the focus within the business will shift. Pierre?

不,我同意。我的意思是我认为我们会知道 - 我的意思是我 - 我实际上是在一个他们已经从成衣业务转变为配件业务的团队中工作然后我们会说知道,几个其他品牌相对较快地做到了这一点。我之前提到过文化。而且我认为对我来说重要的是,我们已经 - 实际上,自从与约翰合作以来,我们已经为人们做出了巨大的贡献来实现这一目标。而且他们不仅仅是额外的设计师,额外的经销商,他们是一些品牌的顶级经销商,他们是顶级设计师。所以我们已经有人了。当然,我们有品牌代码。而且我认为现在一切都与执行有关。所以我其实非常非常兴奋。而且我想 - 再次,只是为了回应约翰所说的话。 Donatello现在也非常清楚她会支持这个,支持这一点。我们只会看到这种文化变革,业务重点将转移。皮埃尔?


Yes, the other question is. If you saw the presentation of Jimmy Choo, we are also confident in our members adding on to what is being said. We are not saying tomorrow morning, Jimmy Choo is 50% bags or accessories, 50% shoes. We are saying that for now, thanks to the fact that we already had a business of evening, which was an accessories around 20%, their planning the next couple of years is to grow to it to 30% and then 50%. I think the last big iteration that is not being mentioned so far is this notion of time. I believe that the plans which we have put in Jimmy Choo is not a timing, which we cannot be uncomfortable with. We have other opportunities of growth from demand to China, to et cetera. So I think the objective is, yes, we believe we can do the accessories for sure. We -- definitely gives us the means to do so afterwards this is and how long can we do it?. And we believe that the time frame we have put is reasonable.

是的,另一个问题是。 如果您看到Jimmy Choo的演示文稿,我们也有信心我们的会员增加了所说的内容。 我们不是说明天早上,Jimmy Choo是50%的包包或配件,50%的鞋子。 我们现在说,由于我们已经有一个晚上的业务,这是一个约20%的配件,他们的计划在未来几年将增长到30%,然后50%。 我认为到目前为止还没有提到的最后一次重大迭代就是时间观念。 我相信我们在Jimmy Choo中提出的计划并不是时机,我们不能对此感到不舒服。 从需求到中国,我们还有其他增长机会。 所以我认为目标是,是的,我们相信我们可以肯定地做配件。 我们 - 确实为我们提供了这样做的方法,之后我们可以做多久? 我们相信我们提出的时间框架是合理的。


I also have one funny thing to add. I don't know if any of you saw Kaia Gerber in our spring camping which was kind of exciting, I think people were a little bit, wow, what is Jimmy Choo doing? And she had a Choo sweater on, and we had Choo t-shirt, we almost sold out 100% on that product. We didn't even use the word Choo in a significant way inside the company. So we have the JC logo, we have Choo that you've seen on our rain sneaker. So we have a lot of things that are going to percolate with the customer, and I'm also extremely excited not even to have a logo bag out that's already in our stores and starting to retail. So I think we'll find our way. Is it -- are we going to get it right out of the box? The answer is no. But I think we will have the right to be there. And it's going to -- as Jonathan said, it's going to come down on both companies parts on an execution point. All right. We're going to go male, female. Okay. Okay.

我还有一件有趣的事情要补充。 我不知道你们有没有看到Kaia Gerber在我们的春季露营活动中有点令人兴奋,我觉得人们有点哇,哇,Jimmy Choo在做什么? 她穿着Choo毛衣,我们穿着Choo T恤,我们差不多100%就卖掉了。 我们甚至没有在公司内部使用Choo这个词。 所以我们有JC标志,我们有你在雨鞋上看过的Choo。 因此,我们有很多东西要与顾客一起渗透,我也非常兴奋,甚至没有一个标志袋,已经在我们的商店已开始零售。 所以我想我们会找到自己的方式。 是 - 我们是否可以开箱即用? 答案是不。 但我认为我们有权在那里。 正如Jonathan所说的那样,它会在执行点上降低两个公司的部分。 行。 我们要去男性,女性。 好的。 好的。


John, right at the beginning of your prepared remarks, you talked about the resilience of the accessories category over a long period of time. Within that, there have been some moving parts by category, by geography and certainly by price point. I wonder if you could share your outlook for -- maybe break down that outlook for the accessories category a little bit more granularly. I'd be particularly interested in your views on the accessible handbags piece of the market. And then perhaps summarize the strategy for how the Capri Group is likely to be more exposed to those pieces of the accessories market that are already growing?

约翰,在你准备好的评论开始时,你谈到了配件类别在很长一段时间内的弹性。 其中,按类别划分,按地理位置,当然还有价格点,有一些活动部分。 我想知道你是否可以分享你的展望 - 可能会更细致地分析配件类别的前景。 我对你对无障碍手袋市场的看法特别感兴趣。 然后可能总结一下卡普里集团如何更多地接触已经增长的配件市场的战略?


So you're right, the accessories market has changed dramatically in the past 4 to 5 years. And again, if you see 3 gentlemen walking through a store on a regular basis, it's usually myself, Jonathan, Pierre, you can find us hanging around in most handbags departments on Monday through Friday in some part of the world. The accessories business, as we all know, went from a trend of large bags that was probably 5 years ago to that it went to medium-size bags that many people thought were driven just because of Asian consumers and it ended up not being true, ended up being that was a broader base consumer wanted. Then it ended up going to smaller bags whether we refer to it many times as bag on a chain or cross-body or whatever you want to call it. Also, what shifted at that time was two backpacks.
And then as Jonathan termed it earlier, bumbags. So the business is changing, and it's evolving, and it's moving. And I think in both men's and women's, because when we talk accessories, we have to remember, in particular Versace, and then I'd say, Michael Kors, and Next [ph] and Jimmy Choo. We all have an opportunity to grow our men's accessories business. And so you're seeing many trends that are the same. Guys are wearing backpacks. Girls are wearing backpacks. Guys are wearing bumbags. Girls are wearing bumbags. So we think that as a group, one of the great things is we're going to see those trends together. We're going to be able to move quickly. We're going to understand a lot of what needs to happen from marketing standpoint because we're one of the great things as we're sharing different learnings like the things that you're seeing that are happening in ambassador programs. We're all learning from that. And when this Manhattan bag that I pointed to, with Tsubasa Honda with Michael Kors, is not only one of the best-selling bags -- well, the best-selling bag in Japan. It's not one of our best-selling bags globally.
And that's happened in literally 60 days, 60 days. And so we think we might even tie it back to a launch of a bag in Japan. So I think what we have to be open to in the accessories business is that it's moving, it's changing and that -- it's still a growing business because it's still a product of interest to the end consumer. It's just in a different form in terms of how she or he wants to digest it. And I think that we're not afraid of the exposure of that in the company because obviously it's high margin, no matter which area of the business it's in. In Michael Kors, we'd like to have a little less exposure. And in Versace and Jimmy Choo, we'd like to have more exposure. And quite frankly, the luxury piece of the market, as I've said a few different times, is growing faster than the accessible part of the luxury market. And part of that is a dollar growth story in the accessible piece, I've mentioned, I think over the past 3 or 4 calls, and we're actually selling more units than we are even in dollars. So that -- just like our social media, we're selling more bags to people. The average transaction price has gone down for -- in the Michael Kors brand. Two reasons: Number one, it's been -- because of the shift to smaller bags; and number two, there's no question that some of the discounting, in particular in North America, over the last 6 months, has also led to lower average unit transaction inside the stores. You'll find that less to be an issue when you leave -- when you leave North America.


然后正如乔纳森早些时候所说的那样。因此,业务正在发生变化,而且它正在不断发展,并且正在发生变化。而且我认为在男士和女士都有,因为当我们谈论配饰时,我们必须记住,特别是Versace,然后我会说,Michael Kors,Next [ph]和Jimmy Choo。我们都有机会发展我们的男士配饰业务。因此,您会看到许多相同的趋势。伙计们背着背包。女孩们都穿着背包。伙计们穿着小玩意儿。女孩们穿着小孩子。所以我们认为,作为一个群体,我们将共同看到这些趋势。我们将能够快速行动。我们将从市场营销的角度理解许多需要发生的事情,因为我们正在分享不同的知识,例如您在大使计划中发现的事情。我们都是从中学习的。当我用Tsubasa Honda和Michael Kors指出的这款曼哈顿包时,不仅是最畅销的包包之一 - 而且是日本最畅销的包包。它不是我们全球最畅销的包包之一。

这种情况发生在60天,60天。所以我们认为我们甚至可以将其重新绑定到日本的一个包。因此,我认为我们在配件业务中必须接受的是它正在发生变化,它正在发生变化,而且它仍然是一个不断发展的业务,因为它仍然是最终消费者感兴趣的产品。就她或他想要消化它的方式而言,它只是一种不同的形式。而且我认为我们并不担心公司的风险敞口,因为无论业务涉及哪个领域,这显然都是高利润率。在Michael Kors,我们希望减少曝光率。在Versace和Jimmy Choo,我们希望有更多曝光。坦率地说,正如我所说的那样,市场上的奢侈品比奢侈品市场的可接触部分增长得更快。其中一部分是可访问部分中的美元增长故事,我已经提到过,我认为在过去的3到4个电话中,我们实际上销售的单位比我们甚至用美元还多。所以 - 就像我们的社交媒体一样,我们向人们销售更多的包包。 Michael Kors品牌的平均交易价格已经下降。有两个原因:第一,它是 - 因为转向更小的袋子


Okay. We'll go to a man. Right there. This gentleman right here.

好的。 我们会去找一个男人。 在那里。 这位先生就在这里。

Rakesh Patel

Rick Patel from Needham & Company. I was hoping you can provide some context on your digital channel by brand. Just curious how big that segment is right now? And how big it could grow over the next few years in longer term? It sounds like there's a lot of opportunity across Jimmy Choo and Versace, but just curious if you still see a lot of upside potential for Michael Kors? And if you can tie that into your longer-term thinking about where margins go?

来自Needham&Company的Rick Patel。 我希望你能按品牌提供数字频道的上下文。 只是好奇这个细分市场现在有多大? 从长远来看,未来几年它会增长多少? 听起来Jimmy Choo和范思哲有很多机会,但是如果你仍然看到迈克尔科尔斯有很多上升潜力,那就好奇了? 如果你可以将这一点与长期思考利润率的方法联系起来呢?


Sure. I'm going to talk to the group and a little bit Michael Kors, and then I'll turn it over to my partners. Number one, on a group level, there's nothing more important to us in terms of channel than e-commerce. It is -- years ago, you heard me, again, in our prepared statements, I used to talk about our digital flagship and many people said that we didn't understand what that is. And then in our mind, there's nothing more important than what you have on your website. Because that is the place that 90% of our customers start their shopping journey. And they're doing research, they're just having fun with it. So if we can't animate, we can't excite, we can't engage right from the get-go on e-commerce, no matter which of our 3 houses it is, we will not be successful.
We believe that the technology that supports that and the service that supports that is 1, 2 and 3. Having fun, showing them assortment, we've got -- you've got to have a really quick experience in terms of the digital experience. And then last, we've got to be able to service you. And part of service is also AI. We're getting -- we're starting to get some new technology that will be launching, I think, in about a month or so in Michael Kors, which is really AI-driven, where we're going to have much more bespoke communication with each of our customers based around your preferences, your shopping history, some of the ways that we think that we can engage with you. And people find it as a service quite frankly that you don't want to keep getting hit with an e-mail or something you're not interested in our product category, you're not interested in. Tell me about something that I need or that's exciting or unique for us. We've seen the growth, all 3 of our companies are growing at double digit on e-commerce. So with that, we don't believe that, that's going to stop. On a Michael Kors basis, it is -- again, we're not going to break down percentages, but I'll just talk in generalities. In the more accessible categories, it's a much higher penetration, obviously, North America, that are less so in Europe, and Asia is not -- still not developed yet. So that's a critical part to our comp store growth is our e-commerce business. It's less so in the luxury categories but starting to grow.
It's starting to become important, and we're not the only luxury company discussing it. It's becoming now a reality that it is, in most cases, it's our largest single door or single point of "distribution" for all of our brands. But I'll let Jonathan go first and then Pierre.

当然。我要和小组和Michael Kors谈谈,然后我会把它转交给我的合作伙伴。在集团层面上,第一,在渠道方面对我们来说没有什么比电子商务更重要了。几年前,你再次在我们准备好的陈述中听到了我,我曾经谈过我们的数字旗舰,许多人说我们不明白那是什么。然后在我们看来,没有比你在网站上更重要的了。因为这是90%的客户开始购物之旅的地方。他们正在做研究,他们只是玩得开心。因此,如果我们不能激活,我们就无法激动,我们就无法从电子商务的一切开始,无论我们的三个房子中的哪一个,我们都不会成功。

我们相信支持它的技术和支持它的服务是1,2和3.开心,展示它们的分类,我们已经 - 你必须在数字体验方面有一个非常快速的经验。最后,我们必须能够为您服务。部分服务也是人工智能。我们已经开始 - 我们开始尝试推出一些新技术,我认为,大约一个月左右的时间迈克尔科尔斯,这是真正的人工智能驱动,我们将有更多的定制根据您的偏好,您的购物历史以及我们认为可以与您互动的一些方式与我们的每位客户进行沟通。人们非常坦率地发现它是一种服务,你不想继续用电子邮件或你对我们产品类别不感兴趣的东西,你不感兴趣。告诉我一些我需要的东西或者这对我们来说是令人兴奋或独特的。我们看到了增长,我们所有三家公司的电子商务都在增长两位数。因此,我们不相信,那将会停止。在迈克尔科尔的基础上,它是 - 再次,我们不会打破百分比,但我只是谈论一般性。在更容易获得的类别中,它显然是更高的渗透率,显然是北美,在欧洲则更少,而亚洲则没有 - 仍然尚未开发。因此,我们的电子商务增长是我们电子商务业务的关键部分。在奢侈品类别中却不那么开始增长。


Jonathan Akeroyd

I mean for us it's probably been more about the model that we're using. We've been using third-party logistics, suppliers and the same with the platform provider. We're not global in terms of our reach as well. So that means that, also in terms of the efficiency of the stock operation as well, we're working as a separate business channel.
So as I mentioned, within the next 12 months, we'll have -- we'll be using all of our inventory through an omnichannel stock business, which will mean, first and foremost, a much broader offer online, which will, obviously, give us an uplift in sales.
We're also, very interestingly, I mean the average sale of our customer online is far younger. So the beauty of Versace is, as a brand, I hope I highlight it, is that we're really engaging with the millennial customer and younger. They know the brand, they're excited about the brand, they're buying into it online. We just need to offer more and we need to execute it in a much more sharper way, and the same with our average order value online is -- there's upside to grow there. So I mentioned, we're getting the traffic, we're getting the interest, we don't have the offer, and now we're investing in how we operate that business.


正如我所提到的,在未来12个月内,我们将拥有 - 我们将通过全渠道股票业务使用我们的所有库存,这首先意味着更广泛的在线报价,这显然会,让我们的销售额提升。

我们非常有趣的是,我的意思是我们在线客户的平均销售年龄要小得多。因此,范思哲的美丽,作为一个品牌,我希望我强调它,是我们真正与千禧一代的客户和更年轻的客户。他们了解品牌,他们对品牌感到兴奋,他们在网上购买。我们只需要提供更多,我们需要以更加清晰的方式执行它,与我们在线的平均订单价值相同 - 在那里增长是有好处的。所以我提到,我们得到了流量,我们得到了兴趣,我们没有报价,现在我们正在投资我们如何经营这项业务。





Yes. We started the journey at Jimmy Choo, very much driven by the online. So the idea that in 2012 already, we were not able to, in the store, meet the perfect assortment in shoes in between the depth of the collection and the sizing. We were incapable to resolve that equation for whatever we were doing. And so we have been really working strongly on integrating online with the store in something which we call omnichannel, which you all know.
And that meets the success of shoes. Because if you are delivering a consistent sizing in shoes, honestly, this has been proving like one of our key growth area. That in Asia has been really amazing in all the ways. So we are strong believers in online sales. But it goes beyond that. I'm not even now thinking on license. I'm thinking as one network, and I think the online is definitely the extension of the stores or both ways, and it does work.

是。 我们开始了Jimmy Choo的旅程,非常受在线的推动。 所以我们认为,在2012年,我们无法在商店中,在收藏深度和尺寸之间达到完美的鞋子品种。 无论我们做什么,我们都无法解决这个等式。 所以我们一直非常努力地将在线与商店整合在一起我们称之为omnichannel的东西,你们都知道。

这符合鞋子的成功。 因为如果你在鞋子上提供一致的尺码,老实说,这已被证明是我们的关键增长领域之一。 在亚洲,这在所有方面都非常惊人。 因此,我们坚信在线销售。 但它超越了这一点。 我现在甚至都没想过许可证。 我正在考虑作为一个网络,我认为在线肯定是商店或两种方式的扩展,它确实有效。


And just one addition on to that. All of us share the same vision, that as we incentive our sales associates to sell in the store or online. So they get their commission on either place, and we're giving them the tools. Both Jimmy Choo and Michael Kors have it today, Versace's going to be there shortly. They can access everything online. They can offer it up to their customer. So none of us can ever have a store, maybe our largest flagship can show the whole assortments, but most of the stores can.
And so to be able to show the customer other offerings, and then be able to send it to their home, and quite frankly, try it on and keep it if you like, if not, send it back to us. And we're finding more of that experience we can create for the store in terms of clienteling matched with e-commerce, is really turning into some very, very nice uplift in productivity for the individual sales associates and for the stores themselves. Yes, go ahead.

还有一个补充。 我们所有人都有相同的愿景,因为我们鼓励销售人员在商店或网上销售。 所以他们在任何一个地方获得佣金,我们给他们提供工具。 Jimmy Choo和Michael Kors今天都有,Versace很快就会在那里。 他们可以在线访问所有内容 他们可以提供给客户。 因此,我们没有人可以拥有商店,也许我们最大的旗舰店可以展示整个商品,但大多数商店都可以。

因此,为了能够向客户展示其他产品,然后能够将其发送到他们的家中,坦率地说,如果您愿意,可以尝试并保留它,如果没有,请将其发回给我们。 我们在与电子商务相匹配的客户方面发现了我们可以为商店创造的更多经验,真正为个人销售人员和商店本身提供了非常非常好的生产力提升。 好,去吧。


Your move into accessories is such as huge part of the story from here, and I know Matt asked the question before. I just wanted to follow up by asking, either both Jonathan and Pierre, is there anything you can share with us in terms of showing the customer the logoed products, research around their willingness or interest in buying handbags or other accessories from your brands that can help us all get a little more confident around the pretty intense growth that you've forecasted for accessories?

你搬进配件就像这里的故事一样,我知道Matt之前问过这个问题。 我只是想跟进一下,无论是乔纳森还是皮埃尔,都有什么可以与我们分享,向客户展示标识产品,研究他们是否愿意或有兴趣从您的品牌购买手袋或其他配件 帮助我们对您预测的配件的强劲增长有一点自信吗?


Let me take the first part of that. I'm going to hand it off to my partners again. I want to reiterate that not only does Jimmy Choo had -- do about 20% of its business in handbags today, it actually, content-wise, if you go back 5 years ago, was really handbags. Today, it's mostly evening. But we had a very strong handbag business, and there were some iconic Jimmy Choo bags back in the It Bag day. So we feel, Pierre, myself and Sandra, there's already a customer who says yes. And interestingly enough, our sales associates, who now have the new bags in the store, are going, thank God. We actually have a bag that functions. We have a bag that's beautiful. We have a bag that our customer wants. And now we've got some pretty powerful people in the stores, these sales associates, who are talking one-on-one with the customer.
So again, I'll let Pierre kind of go deeper into that. I think marketing is going to have a very large part to do with this. And it's, who endorses the bag? What influencers do we have? Because that's going to -- that's going to create part of the heat that goes around this. And then Versace, it's interesting, Jonathan mentioned in our store visit that they really purposely had kind of changed this overt, huge Medusa on the bags, which, by the way, was selling incredibly well for the company.
If we go back 2 years ago, the handbag business was on a trajectory of double-digit growth. And then they kind of decided, rightfully so, that let's take it down a little bit, let's make it a little less in-your-face. But I think the problem with Versace was, that couldn't have been sustainable because as we know today, it's typically companies that have an iconic lettering that drive that engagement with the customer, because they're very proud to show it when they arrive. And in the case of Versace also, I think we need to be a little bit more democratic in terms of how we're offering the consumer choice. I'm going to let Jonathan start, because he won't mention the companies, but he was part of a group that did exactly this, that's roughly $2 billion today, that started out not being in the accessories business at all, and to the complete conversion and is one of the leading accessories companies out of France today.
I won't say who it is, but did it in a very short period of time, but had that brand power, had a very strong beauty business, had a very strong fragrance business, had a very strong ready-to-wear business and entered in with accessories. But I'll let Jonathan lead off.

让我从第一部分开始。我要再把它交给我的伙伴了。我想重申,Jimmy Choo不仅拥有 - 今天大约20%的手袋业务,实际上,内容方面,如果你回到5年前,真的是手袋。今天,主要是晚上。但我们有一个非常强大的手提包业务,在It Bag日有一些标志性的Jimmy Choo包。所以我们觉得,皮埃尔,我自己和桑德拉,已经有一位客户说是的。有趣的是,感谢上帝,我们的销售人员现在正在商店里购买新包装。我们实际上有一个功能包。我们有一个漂亮的包。我们有一个客户想要的包。现在,我们在商店里有一些非常强大的人,这些销售人员正在与客户进行一对一的谈话。

再说一遍,我会让皮埃尔更深入地了解这一点。我认为营销将与此有很大关系。而且,谁赞同这个包?我们有什么影响力?因为那将会产生 - 这会产生一部分热量。然后是范思哲,有趣的是,Jonathan在我们的商店访问中提到,他们真的故意改变了这个明显的,巨大的美杜莎在袋子上,顺便说一句,这对公司的销售非常好。



Jonathan Akeroyd

Yes, totally agree. I mean, as we've mentioned a lot, it's this whole 360 approach, it can't be just about putting a logo on the bag, you fail on that. And I think, first of all, again, through the strength of the designers we've got, it's about functionality, it's about quality, which we also now have the fortunate benefit of having the expertise to help support that.
And then, more importantly, marketing. And if you look, even at the offer that we've done in the past, there's been some good product in there, but it's not been that 360 approach. And now I'm absolutely confident we've got the right people already in place today to make sure we've got that full execution. And in some ways, and maybe I shouldn't say this, but I think it's better to be in a position where we have come. We've got the brand. We've got the brand recognition. We've got a huge reach. The brand awareness is equal across the globe. And sometimes to have that establishment, Italian house, ready-to-wear, then go in with building this category in the right, professional way and well-executed, I'm absolutely sure we can do a great job.




I just want to add one last point on that as well, is that we have this individual called Donatella Versace. In case any of you in this room haven't heard about her or seen her or met her, I'm going to go on a line. If I was going to bet that there was one person who can get the message out, about an exciting accessories launch and get it on the right, most incredible people in the world, whether it's of music or of fashion or of the film industry, I'm going to bet on Donatella Versace, that she could be able to do that.
And I'd also remind you there's this little company called Michael Kors, that's doing $4.5 billion today, that Michael was really in the women's ready-to-wear business when we started this journey 15 years ago. We -- when we took it over, decided to go after the accessories business. So we have a little history in it. I think also we've got this person called Donatella Versace. We now have a logo that we think that we can develop. Again, is it going to happen tomorrow? Absolutely not. Is it going to take us time? Absolutely. Do we think that we have the tools in place to be able to do that? I think we do. Pierre?

我只想在最后一点上添加一点,就是我们有这个名叫Donatella Versace的人。如果你们这个房间里的任何人都没有听说过她,也没有见过她或遇到过她,我会去排队。如果我打赌有一个人可以把这个消息拿出来,关于一个令人兴奋的配件推出并得到它的正确,世界上最令人难以置信的人,无论是音乐还是时尚或电影业,我打赌Donatella Versace,她能够做到这一点。

而且我还要提醒你,这家名为迈克尔·科尔斯的小公司今天做了45亿美元,当我们15年前开始这个旅程时,迈克尔真正参与了女性的成衣业务。我们 - 当我们接手时,决定去配件业务。所以我们有一点历史。我想我们也有这个名叫Donatella Versace的人。我们现在有一个我们认为可以开发的徽标。再次,它明天会发生吗?绝对不。它会占用我们的时间吗?绝对。我们是否认为我们有适当的工具可以做到这一点?我想我们做到了。皮埃尔?


Yes. I think you already said quite a lot on the bags. The last thing I would add on the subject is another question, which we have not been discussing so far is the price point. In the Jimmy Choo world, we tend to think very much that there is 8 markets, that in between $900 to $1,500, are now, all luxuries driven by a large share of bag above $2,000. It doesn't say that there is not a key markets, which is in between $900 and $1,005. And if you look at the luxury brands competitor and big groups, which are right now at the core of the strategy of expansion of those groups, they are also in that bracket. So I think there is the battle of the bags of $800 to $1,500.

是。 我想你已经在包包上说过很多了。 我要在这个问题上添加的最后一件事是另一个问题,到目前为止我们尚未讨论的是价格点。 在Jimmy Choo的世界里,我们倾向于认为现在有8个市场,现在在900美元到1,500美元之间,所有奢侈品都是由2000美元以上的大包装带来的。 它并没有说没有一个关键市场,在900美元到1,005美元之间。 如果你看看奢侈品牌的竞争对手和大集团,他们现在正处于这些集团扩张战略的核心,他们也处于这个范围。 所以我觉得800美元到1500美元之间的战斗。


And we really weren't in those price points before. And we also told you earlier in Versace and in Jimmy Choo, we weren't in the small leather goods business. I mean for all intents and purposes, you walked into our stores, and we didn't have those categories. So I think we feel very confident we're going to have the pricing. That, we're not worried about. We actually believe, from a manufacturing standpoint, we'll have the margin as well. It's going to take some time to get the belief in the consumer and the support of the 360-degree marketing to make those desirable and have heat behind them. Okay. So right here.

我们之前真的不是那些价格点。 我们早些时候也在Versace和Jimmy Choo告诉过你,我们不是从事小型皮具业务。 我的意思是出于所有意图和目的,你走进我们的商店,我们没有这些类别。 所以我认为我们非常有信心我们会有定价。 那,我们并不担心。 我们实际上相信,从制造业的角度来看,我们也会有利润率。 需要一些时间才能获得对消费者的信任以及360度营销的支持,以使这些产品变得可取并且拥有热量。 好的。 就在这里。


Paul Trussell, Deutsche Bank. A question on margins. John, you ended your prepared remarks speaking to Michael Kors having the ability to have a down 1 comp or a plus 1 comp, and really having no impact to profitability. Maybe just get us a little bit more comfortable with that and the overall projection of stable margins in Michael Kors over the next few years. And then related to margins, just speak maybe a little bit more in detail on how the group, how the brands are going to collaborate, and ultimately whatever color you can share on the synergies potential?

德意志银行Paul Trussell。 关于利润率的问题。 约翰,你结束了准备好的言论,对迈克尔科尔斯说,有能力降低1补偿或加1补偿,并且对盈利能力没有影响。 也许只是让我们对这一点以及未来几年Michael Kors的稳定利润率的整体预测更加满意。 然后与利润相关,就这个群体,品牌如何合作以及最终可以分享协同效应潜力的颜色而言,可能会更详细一点?


Sure. Thanks, Paul. I'll start with the Michael Kors down 1, up 1. We've given projection of flat comps for the year, for fiscal year 2020. And when you look at that, there's obviously movement between quarters. So any time you have normal variation, we're not looking at that as a meaningful determinant of our long-term margin structure, which has much more to do with our building out the accessories margin, building out the product mix in that business, probably in Asia, which is structurally a better margin profile overall in managing the overall.
So it's a really, that's the thought process behind that. And then as we move through with MK and look at that long term, it's really the balancing of what we're looking at as a clear trends. They're already happening. We're already growing in Asia, already growing in those other businesses and see where we can build back the gross margin in accessories, both with the mix as well as the initiatives John mentioned on the product cost side, which has been happening over the past quarters and years as well.




And on that synergies piece, I think I'll start with product and production. Again, we got the facilities that you've, I think, all heard me talked about, in particular, in leather and in footwear, that we're building out in Florence, to not only help kind of be the hub for our factory base, but even in the outsource production that we have. We've got an amazing talent in terms of our companies, with the ability to really take our manufacturing structure and create even more efficiency out of it. We're already seeing leather price reductions because with the quantities that we produce in Michael Kors, and a very significant amount of that leather actually comes from Italy. We're getting incredible benefits by the group purchasing together.
We're looking at other component trees, whether it be in footwear or in active wear, and how and where we produce those components. And so we actually think there's some pretty nice margin upside, particularly for Versace and for Jimmy Choo on that. And then on the warehouse and distribution Tom talked about before, we built our warehouse in Venlo, knowing that we're going to consolidate and do acquisitions inside of there. We're building a new facility here in the United States that actually all 3 of us will be inside of for our Michael Kors collection business, and Jimmy Choo and Versace will all reside in that facility.
The freight rates that we've gotten in terms of that type of movement of our freight around the world, so there's a lot of things in there. And Tom talked about the fact that, ultimately, we think those synergies could be $50 million for us on a run-rate basis once we kind of all get that behind us. We need to get the implementation of SAP in place to help create some of that benefit. But we feel very confident that there's going to be some very nice savings across the group. But at the same point in time, I want to emphasize we're going to invest. It would have been very easy -- we could have bought Versace. We could have not reduced the profitability. We probably quite frankly, could have increased the profitability, stripped cost out of it.
We could done the same with Jimmy Choo. I mean Pierre was already doing a great job. He was raising his margins 1% every year, and he was pulling costs out of it. But we said no. We want to build something for the future. Yes, this is an investment year for us. Our EPS will be about flat, operating margin, totally as a group, is down a little bit because of the impact of Versace. But we're doing that with a conscious initiative to say that, once we're past this year, we're feeling pretty good about our ability to deliver those margin increases. And I think Pierre said something interesting before.
Yes, is our billion-dollar growth for Jimmy Choo and our $2 billion for Versace, a big, audacious goal for us? It is. But if you really look at how we're mapping it, in terms of dollars on a year-by-year basis, they're are not enormous numbers for us to achieve over the next few years. So I think we feel good about -- we're all very clear on what our strategic mission is. We're all also, I think you saw the amount of effort that we're putting into marketing. And I think we're all -- we all feel pretty good about that inside of our company. As a matter of fact, the head of our marketing for Versace now comes from Gucci. And this is an individual who started with us about two months ago, 2, 3 months ago. So we're moving fast in terms of putting the people into place to execute on these initiatives.


我们正在研究其他组件树,无论是鞋类还是活动服装,以及我们如何以及在何处生产这些组件。所以我们实际上认为有一些相当不错的优势,特别是Versace和Jimmy Choo。然后在Tom谈到的仓库和分销中,我们在Venlo建立了仓库,知道我们将在那里整合并进行收购。我们正在美国建立一个新工厂,实际上我们三个人都将进入我们的Michael Kors收集业务,而Jimmy Choo和Versace都将驻留在该工厂。

我们在世界范围内运输货物的运费方面已经得到了运费,所以那里有很多东西。汤姆谈到了这样一个事实,即最终,我们认为,一旦我们所有人都支持我们,那么这些协同效应可能会为我们带来5000万美元的收益率。我们需要实施SAP的实施,以帮助创造一些好处。但我们非常有信心整个集团会有一些非常好的储蓄。但在同一时间点,我想强调我们要投资。这本来很容易 - 我们本可以买到范思哲。我们本可以没有降低盈利能力。坦率地说,我们可能会增加盈利能力,从中剥离成本。

我们可以和Jimmy Choo一样。我的意思是皮埃尔已经做得很好。他每年将利润率提高1%,而且他正在降低成本。但我们说没有。我们想为未来建立一些东西。是的,这对我们来说是投资的一年。由于范思哲的影响,我们的每股收益将持平,作为一个整体,运营利润率略有下降。但我们这样做是有意识地主动说,一旦我们过去了一年,我们对我们实现利润增长的能力感觉非常好。我认为皮埃尔之前说过一些有趣的事情。

是的,我们为Jimmy Choo增加了数十亿美元,为范思哲筹集了20亿美元,这对我们来说是一个大胆的,大胆的目标吗?它是。但是,如果你真的看看我们如何映射它,就每年的美元而言,它们对我们来说在未来几年内并不是一个巨大的数字。所以我觉得我们感觉很好 - 我们都很清楚我们的战略任务是什么。我们都是,我认为你看到了我们投入营销的努力量。而且我认为我们都是 - 我们在公司内部都感觉很好。事实上,我们Versace营销的负责人现在来自Gucci。这是两个月前,2个月,3个月前与我们一起开始的人。因此,我们正在快速推动人员到位执行这些举措。

Okay. Let me go to this side of the -- middle, right there. Sorry. I'll go to the back of the room next. Right there, right in the middle. Right here.

好的。 让我走到中间的那边,就在那里。 抱歉。 我接下来会去房间的后面。 就在那里,就在中间。 就在这儿。


So you guys have talked a lot about growing the millennial customer, attracting the millennial customer. We know that China has more millennials than there is population in North America. So can you speak to how you are specifically targeting them? And even more specifically with things they care about? So customization, sustainability, ethically sourcing, can you talk about that part of your program for these brands?

所以你们已经谈了很多关于发展千禧一代客户的事情,吸引了千禧一代的客户。 我们知道,中国的千禧一代比北美人口更多。 那么你能谈谈你是如何专门针对他们的吗? 甚至更具体地讲他们关心的事情? 那么定制,可持续性,道德采购,您能谈谈这些品牌的计划的那一部分吗?


I'll take the first piece. I'll turn it over to my partners. I would say, actually, in China, we think we're doing a really good job with millennials. So I probably should've been more clear about that. Michael Kors is a millennial brand. We started it out that way, we launched with a younger customer. We're probably a little more focused on starting to look at the Gen Z customer, not only in Asia but in North America, in particular. And I think that Jimmy Choo also -- Jimmy Choo's a hot brand in China. It's young. It's new. It's exciting. And also, Versace has a fairly large young customer in China.
So I would tell you that probably as a group, we're not as concerned about ourselves there. I'm going to come all the way on to home turf, and I'd say that in all 3 brands, we're concerned about to where we are with the millennial in North America today. We're not doing as good enough of a job. And I wouldn't say -- I'd say even more Gen Z in terms of how we're going to bring along that next generation of customer. In Versace, the largest double-digit increase happened in North America for the brand last year. And it's really been us reintroducing the brand to a younger customer. We've kind of gotten a little old with our older customer, and that's where the whole connection to music and to sneakers and to what luxury is today has really worked really well for Versace.
And when Pierre speaks, I know he's going to tell you, this is the marketplace, in Jimmy Choo, we got to work the hardest at to get back to talking to that younger customer. And that was when we went after Kaia Gerber. One of the first things we said is, who's younger? Who's more millennial/Gen Z.? Who's going to make, quite frankly, the older customer a little uncomfortable, when they come by the store and see somebody sitting in the window in a pair of sneakers. From Jimmy Choo, where did that come from?
And I think what we're comfortable doing is being bold and different. On that note, we have the channel to do it. When you look at our social media engagement in terms -- we're one of the -- Versace, top 5, 6 in the world. Michael Kors is 6 or 7 in the world. You have -- Jimmy Choo is in the rankings that. We're 10 million, that's just their U.S. or Instagram. So we can talk to that customer. It's how we're doing it. And I tell you there's a renewed energy in all 3 companies.
If you look at the Michael Kors Bella Hadid campaign, she's jumping. We are no longer on the beach. We're no longer getting off the airplane. We're no longer getting out of the fabulous car. No, she's having fun with all her friends or he's having fun. You'll see this great new campaign coming for the fall season with this guy jumping on a BMX bike with Michael Kors.
And so I think we are all comfortable with letting our brands kind of break out a little bit and be different. And that's how you're going to do it. In terms of engagement with the customer, we're doing everything from -- one of our biggest initiatives online is free monogramming. Customers love that. They love the -- make it personalized for me, or in Jimmy Choo, we're turning the stores over to people to have parties.

我会拿第一件。我会把它转交给我的合作伙伴。我想说,实际上,在中国,我们认为我们在千禧一代方面做得非常好。所以我可能应该更加清楚这一点。 Michael Kors是千禧品牌。我们以这种方式开始,我们与年轻客户一起推出。我们可能更专注于开始关注Z世代的客户,特别是在亚洲,尤其是在北美。而且我认为Jimmy Choo也是 - Jimmy Choo在中国的热门品牌。它很年轻。这是新的。是兴奋的。此外,范思哲在中国拥有相当大的年轻客户。

所以我会告诉你,可能作为一个群体,我们并不关心自己。我将一路走到家乡草坪,我会说在所有3个品牌中,我们都关注我们今天在北美的千禧年。我们做得不够好。而且我不会说 - 就我们将如何带来下一代客户而言,我会说更多的Z世代。在范思哲,该品牌去年在该品牌中实现了最大的两位数增长。我们真的将品牌重新引入年轻客户。对于我们的老客户来说,我们有点老了,这就是与音乐和运动鞋以及今天奢侈品的整体联系对Versace来说真的很有效。

当皮埃尔说话的时候,我知道他会告诉你,这就是市场,在Jimmy Choo,我们必须努力工作才能回到与年轻客户交谈。那是我们追求Kaia Gerber的时候。我们说的第一件事是,谁更年轻?谁更千禧年/ Z世代?坦率地说,当他们来到商店看到有人坐在车窗里穿着一双运动鞋时,谁会打算让老顾客有点不舒服。来自Jimmy Choo,那是从哪里来的?

而且我认为我们所做的就是大胆而不同。在这方面,我们有渠道去做。当你看到我们的社交媒体参与时 - 我们就是其中之一 - 范思哲,世界排名前5位,前6位。 Michael Kors在世界上排名6或7。你有 - Jimmy Choo在排名中。我们有1000万,这只是他们的美国或Instagram。所以我们可以和那个客户谈谈。这就是我们这样做的方式。我告诉你,所有3家公司都有新的活力。

如果你看看Michael Kors Bella Hadid的竞选活动,她就会跳起来。我们不再在沙滩上了。我们不再下飞机了。我们不再走出神话般的汽车了。不,她和她所有的朋友一起玩,或者他很开心。你会看到这个伟大的新活动即将到来的秋季,这个家伙和Michael Kors一起跳上BMX自行车。

所以我认为我们都很乐意让我们的品牌有点突破并且有所不同。这就是你要做的事情。在与客户的互动方面,我们正在做的一切 - 我们在线的最大举措之一是免费的字母组合。顾客喜欢这样。他们喜欢 - 让它为我个性化,或者在Jimmy Choo,我们将商店转向人们聚会。

And we don't care if you're a 17-year-old person or if you're a 50-year-old person, come take our store for the evening. Have fun inside the store. So it's those type of -- and those have to be more localized in terms of the initiatives because of what works in North America doesn't necessarily work in Japan. So I'll turn it over to John.

如果你是一个17岁的人,或者如果你是一个50岁的人,我们不在乎,请来我们的商店过夜。 在商店里玩得开心。 所以它就是那些类型 - 而且由于在北美运作的东西在日本并不一定有效,因此必须更加本地化。 所以我会把它交给约翰。


[Technical Difficulty] customer [indiscernible] more luxury or are they not concerned about sustainability or [indiscernible]?



Sustainability is a very big conversation for us, and you'll be seeing us coming forth with a very large program as Capri Holdings. And so that's -- I'm just going to leave it at that, and you'll see something quite exciting. But remember, sustainability -- and I call it even more, social responsibility, is something, in particular at Michael Kors, we feel incredibly proud of. Tom showed you the largest green distribution center in all of Holland. We have many other initiatives that are going on in terms -- inside the company. And look at what we've done with God's Love We Deliver, with the world food program. So we're going to move a lot harder and a lot faster with Versace and Jimmy Choo as well. But let me let Jonathan talk about millennials and...

可持续发展对我们来说是一次非常重要的对话,你会看到我们以Capri Holdings的方式推出一个非常大的计划。 所以那就是 - 我只是把它留在那里,你会看到一些令人兴奋的东西。 但请记住,可持续性 - 我更称之为社会责任,特别是在Michael Kors,我们感到非常自豪。 汤姆向您展示了荷兰最大的绿色配送中心。 我们还有很多其他的举措 - 公司内部。 通过世界食品计划,看看我们在上帝的爱中实现了什么。 因此,Versace和Jimmy Choo也会更加努力,更快。 但让我让乔纳森谈谈千禧一代......

Jonathan Akeroyd

Yes, the difference for us in the bigger trend, apart from everything that John's mentioned, is as I mentioned, we've got a great retail network there anyway. Very, very well positioned. All the shop fits are relatively new as well. So we're in a very good place. The difference is what we have not done as much is in terms of brand ambassadors, which we've activated now. So they'll be coming through this year. Much more of a localized marketing strategy rather than Milan-centralized marketing strategy. And the other key trend is just the engagement with the customer through local events. We do a lot of those actually already today, but the more of that, that you do, the more personal interaction with local events, and actually most of our event spend is geared towards Asia right now, because it seemed to work. They understand the brand more, and we need to do more storytelling.

是的,除了John提到的所有内容之外,我们在更大趋势中的差异就像我提到的那样,无论如何我们都有一个很棒的零售网络。 非常非常好。 所有商店装修都相对较新。 所以我们处在一个非常好的地方。 不同之处在于我们没有采用的品牌大使,我们现在已经激活了。 所以他们将在今年度过。 更多的是本地化营销策略,而不是米兰集中营销策略。 另一个关键趋势是通过当地活动与客户的互动。 我们今天做了很多实际上已经做过的事情了,但更多的是,你做的事情,与当地事件的个人互动越多,实际上我们的大部分活动花费现在都面向亚洲,因为它似乎有效。 他们更了解品牌,我们需要做更多的故事讲述。


I think many things have been said already. So on the millennial, we'll continue our strategy in China, which for us is definitely driving the base. I think John has expressed largely what we intend to do. Just coming back on the sustainability, let's agree on one thing, luxury is definitely leading the pace on sustainability, because we are not a business of volume. And when it comes to Jimmy Choo, we already know that 98% of what we are producing is anyway recyclable. So luxury will always be there in the forefront of recyclability because that plays totally in our favor, in all the ways.

我想很多事情已经说过了。 所以在千禧一代,我们将继续在中国实施我们的战略,这对我们来说无疑是我们的基础。 我认为约翰已经在很大程度上表达了我们打算做的事情。 回到可持续发展的同时,让我们同意一件事,奢侈品肯定会引领可持续发展的步伐,因为我们不是一个量产业务。 当谈到Jimmy Choo时,我们已经知道我们生产的产品中有98%是可回收的。 因此,奢侈品永远存在于可回收性的最前沿,因为它在所有方面对我们有利。


I'll go pretty -- for all the way in the back. Take it all the way, in the back.

我会很漂亮 - 一直在后面。 一路走到后面。

Simeon Siegel

Simeon Siegel, great day. Can I just -- to Jonathan and Pierre, so really exciting sales per square foot targets that you outlined. Can you talk through -- they're big numbers, so can you talk through where you're maybe most and least comfortable in that goal? And then to the extent, if they're any, it's a multiyear story, so if any of that does not play out, just the levers or guardrails you have to work from there?

Simeon Siegel,美好的一天。 我可以 - 对乔纳森和皮埃尔来说,你所概述的每平方英尺的销售目标非常令人兴奋。 你能谈谈 - 他们是大数字,那么你能谈谈你可能最大的目标和最不舒服的目标吗? 然后在某种程度上,如果它们是任何一个,这是一个多年的故事,所以如果其中任何一个没有发挥出来,那么你只需要在那里工作的杠杆或护栏?

Jonathan Akeroyd

Yes, I mean as I mentioned, from our point of view, we're behind the competitors. And I think the main reason for that has been, first and foremost, the layout of the stores, and how those stores were set up in terms of what product goes where and the adjacencies through -- as the store run through. So we've been already making those changes quite quickly with all of our new store-wide things and the refurbishments we are doing, and we're seeing the upside on that already. And that has already been achieved without the excellence in product in terms of this accessory mix.
So I think those two are going to be the real factors of that. And to be honest, beyond that is the service element as well. We've done some huge upgrades in terms of the quality of our retail teams on the floor, in terms of management as well. So yes, I agree with you, it's an ambitious target, but it's a target that our competitors are really doing already. So it's something that, again, we feel comfortable with. And again, we know that it's going to -- it's not going to happen this year, but you'll see the ramp up next year and the year after.


所以我认为这两者将成为真正的因素。说实话,除此之外,服务元素也是如此。在管理方面,我们在现场零售团队的质量方面做了一些大的升级。所以,是的,我同意你的看法,这是一个雄心勃勃的目标,但它是我们的竞争对手真正做的目标。所以,我们感到很舒服。而且,我们知道它会发生 - 它今年不会发生,但你会看到明年和后年的增长。


Yes. And I'm very comfortable with the target, because first of all, I've been brought up with productivity. So that's really what we think in Jimmy Choo. We are happy with the size of the store. I think the online meets the store size in an omnichannel environment, definitely is focusing on productivity. The exercise, which we are doing right now, if we execute on the bag as we have discussed is our plan, mechanically, you will have that productivity. The plan says from 2002 to 2007, that's 28% of growth in the productivity. If you trace it down to the bags, you can calculate that actually worked out quite efficiently. It's a matter of SKU management afterwards.

是。 而且我对目标很满意,因为首先,我已经提高了工作效率。 所以这就是我们在Jimmy Choo的想法。 我们对商店的规模感到满意。 我认为在线满足全渠道环境中的商店规模,绝对是关注生产力。 我们现在正在进行的练习,如果我们按照我们讨论的那样执行,我们的计划是机械的,您将获得这种生产力。 该计划说,从2002年到2007年,这是生产力增长的28%。 如果你追溯到袋子,你可以非常有效地计算出实际效果。 之后是SKU管理的问题。


Okay. Let's go all the way in the back. Erinn, go ahead.

好的。 让我们一路走到后面。 艾琳,继续吧。

Erinn Murphy

Erinn Murphy, Piper Jaffray. I guess I had a question on the Michael Kors revenue bridge. When you think about going from $4.5 billion to $5 billion, if I look at your kind of two most aggressive goals, it's Asia and men's. Those, combined, seemed like they were like $800 million, roughly. So men's going from $210 million to $500 million and Asia going to $1 billion. So is the offset of, call it, $200 million, $300 million, is that watches, accessories? Or is there -- what are you assuming, kind of offsets to get back to that $500 million bridge?

Erinn Murphy,Piper Jaffray。 我想我对Michael Kors收入桥有疑问。 如果你考虑从45亿美元到50亿美元,如果我看看你的两个最激进的目标,那就是亚洲和男人。 结合起来,这些看起来像8亿美元左右。 所以男性从2.1亿美元增加到5亿美元,亚洲则从10亿美元增加到10亿美元。 那么,它的价值2亿美元3亿美元是手表,配件的补偿吗? 或者在那里 - 你有什么假设,有点抵消才能回到5亿美元的桥梁?


I don't think that's correct. Just if you looked at Asia alone...

我不认为这是正确的。 就在你只看亚洲的时候...

Erinn Murphy

So Asia alone is $500 million?



Is $500 million.


Erinn Murphy

Right. And in men's is...

对。 在男人的...是...


So if we just -- no what I'm saying, if we just did that. So you're asking what the delta and the loss is?

所以如果我们只是 - 没有我说的话,如果我们这样做的话。 所以你问的是三角洲和损失是什么?

Erinn Murphy

Correct. Are you making an assumption, let's say, that watches continues to go down.

正确。 你是否假设手表继续下降。


No. I would make the assumption that wholesale North America would decline.


Erinn Murphy

Okay. And that gets you back to your $500 million? Okay.

好的。 这会让你回到5亿美元? 好的。


Yes. We're assuming that, that is not going to necessarily -- we'd like it to stabilize, but we thought it was going to stabilize this year, and of course, it did not. So when we look at that, we say, maybe that, who knows if that's going to go down a little bit or not? But I think what we feel confident about is, most confident about is the Asia because our competitors are, quite frankly, they're well beyond that number. And then our men's growth is -- we think a fairly -- a big opportunity for us. And again, our competitors are much larger in size than us. And I so I think that both of those areas give us pretty good opportunity to achieve that. Start over here.

是。 我们假设,这不是必然的 - 我们希望它能够稳定下来,但我们认为它今年会稳定下来,当然,事实并非如此。 因此,当我们看到这一点时,我们会说,也许是,谁知道这是否会有所下降? 但我认为我们对此充满信心的是,最有信心的是亚洲,因为坦白说,我们的竞争对手远远超出了这个数字。 然后我们这些人的成长 - 我们认为这是一个相当大的机会 - 对我们来说是个大好机会。 而且,我们的竞争对手规模比我们大得多。 我认为这两个领域都给了我们很好的机会来实现这一目标。 从这里开始。

Mark Altschwager

Great. Mark Altschwager from Baird. Just question on Versace. I think as you look at the mix targets that you have for footwear and accessories, they would imply a fairly modest growth expectation for the core assortment, maybe somewhere in the mid-single-digit range, even with double-digit unit growth plans. So I guess, one, am I thinking about that the right way as I do the back of the envelope math? But then, bigger picture, how do you think about the implications on the core assortment at Versace as you bring the accessories really front and center in the stores?

非常好。 来自Baird的Mark Altschwager。 对范思哲提出质疑。 我认为,当你看到你对鞋类和配饰的混合目标时,它们意味着核心品种的增长预期相当温和,可能在中等个位数范围内,即使有两位数的单位增长计划。 所以,我想,一个,我正在考虑正确的方式,因为我做了信封数学的背面? 但是,更大的图片,您如何看待范思哲对核心品种的影响,因为您将配件真正放在商店的前端和中心位置?


I'll take the first piece, and I'll turn it to Jonathan. Remember, accessories is not going to happen really for almost a year, so we're talking about September of next year, when the collection really, in our mind, hits the floor. Even though we've developed that we, even though there's a new Virtus bag that's coming, I wouldn't tell you that that's our -- we're hanging our hat on that.
We really think in the February show, Donatella will present, what we think is going to be the cornerstone. That's when the new design team will have their product in place. So if that gets to the floor in September, that's going to take almost a year to develop. So same kind of thing you saw us go through with Jimmy Choo. In fact, I would expect women's accessories to decline in the next several quarters at Versace because we're going to exit stuff, we're to start cleansing, we're going to start getting out of things, exactly what we did at Jimmy Choo. And then you'll start to see the inflection point go up.
So what that means is, the ready-to-wear collections, and quite frankly, our active footwear, are going to be drivers for the company. So men's going to be the biggest dollar driver, probably potentially active as the second biggest dollar driver. And then third is going to be women's ready-to-wear. And I kind of don't count on accessories for at least a year, until we start to get the development.
Along with that, we're going to open up 30 stores. So we'll just get by sheer store openings. We'll get velocity. Again, same exact thing that happened at Jimmy Choo.

我会拿第一件,我会把它转给乔纳森。请记住,配件不会真的发生差不多一年,所以我们谈论的是明年9月,当时我们认为这个系列确实在发挥作用。尽管我们已经开发出了我们,即使有一个新的Virtus包即将到来,但我不会告诉你那是我们的 - 我们对此持怀疑态度。

我们真的认为在2月的节目中,Donatella将会呈现,我们认为将成为基石。那时新设计团队将会有他们的产品。因此,如果9月份即将到来,那将需要将近一年的时间来开发。所以你看到我们和Jimmy Choo一起经历了同样的事情。事实上,我希望未来几个季度女装配饰会在范思哲下降,因为我们要退出,我们要开始清洁,我们将开始摆脱困境,这正是我们在吉米所做的周仰杰。然后你会开始看到拐点上升。


与此同时,我们将开设30家商店。因此,我们只需通过纯粹的商店开业。我们会得到速度。再一次,Jimmy Choo发生了同样的事情。

Jonathan Akeroyd

Yes. Exactly. And we've really proven with the active footwear business, we've turned that business on very, very quickly within the space of months, and we anticipate that to accelerate even further. And then on the ready-to-wear side, we've been adding on here a lot more focus in terms of core day product, more accessibility. And again, this has been something that was already been activated seasons back, and we're just building on it even further. But that was a 3-year window on the accessories, and I agree with John it will kind of rampart in that year 2 or 3.

是。 究竟。 我们已经通过积极的鞋类业务证明了这一点,我们已经在几个月的时间内非常迅速地开展业务,我们预计会进一步加速。 然后在成衣方面,我们一直在增加核心日产品,更多可访问性方面的重点。 再说一次,这已经是四季回归已经被激活的东西了,我们正在进一步发展它。 但这是一个3年的配件窗口,我同意约翰在第2年或第3年会有类似的风格。


Yes in both in men's and women's in Versace, I think we can broaden our -- the amount of customers that shop with us we just have a slightly more democratic offering. And again, we need more incredible black dresses in the line, let's give you that as a good example, ranging from $1,500 to $2,500. That's not a -- that's not a monumental thing for us to do. We can do that fast, we can turn that on and we can bring a very interesting segment of customers back to the brand, who might not have been there. So there's some product things we can do, we're even talking in men's, similar type of thing. So we don't want to lose what we built, but we want to add onto that as well. Okay. I'll take one last question. Right here.

在Versace的男士和女士中都是如此,我认为我们可以扩大我们的范围 - 与我们一起购物的顾客数量我们只是稍微提供民主服务。 再一次,我们需要更多令人难以置信的黑色连衣裙,让我们给你一个很好的例子,从1,500美元到2,500美元不等。 那不是 - 这对我们来说不是一件具有纪念意义的事情。 我们可以快速做到这一点,我们可以将其打开,我们可以将一个非常有趣的客户群体带回到可能不在那里的品牌。 所以我们可以做一些产品,我们甚至会谈论男人类似的东西。 所以我们不想失去我们建造的东西,但我们也想加入它。 好的。 我会提出最后一个问题。 就在这儿。

Adrienne Yih

Adrienne Yih from Wolfe Research. John, I was wondering, our perception is that in China, the Michael Kors brand has much more of a luxury appeal, maybe at that kind of entry of $900 level versus the aspirational view point that we have here in the States, if you can talk to that. And then Tom, can you talk to, in each of the slides that was a store count, it looked like that the store count in Asia would be bigger as a percent of the store count than it was as a percent of the sales. So can you just talk to us about the store economic infrastructure in each of the regions?

来自Wolfe Research的Adrienne Yih。 约翰,我想知道,我们认为,在中国,迈克尔科尔斯品牌有更多的奢侈品吸引力,可能是900美元的入门水平,而不是我们在美国这里的理想观点,如果可以的话 跟那个说话。 然后汤姆,你可以和每一张商店统计的幻灯片交谈,看起来亚洲的商店数量会比商店数量的百分比大,而不是销售额的百分比。 那么你能跟我们谈谈每个地区的商店经济基础设施吗?


So I think that the brand's positioning, whether it's in North America or in Asia, is, honestly, quite similar. Obviously, the price structure is much higher in Asia because the cost structure to operate in Asia is, in many ways, actually more expensive than it is in North America. We have clearly positioned the brand, because of the locations in streets and in malls to sit right next to the luxury brands. And so -- and I think some of our competitors have done similar things. And I believe that positions it to the younger customer as an exciting fashion brand, as well as a luxury brand. So I think that's one of the keys for us there.
And I think we've done the same thing in London. So whether it's, we're on Bond Street or Rue Saint-Honoré or whatever the luxury streets are, you see Michael Kors sitting in those locations. And we're obviously in Galeries Lafayette and we're in Harrods and other places as well. So I think the difference in North America is, we have a broader base department store business with Macy's and Dillard's, et cetera, who, by the way, have been terrific partners for us and we've built a very, very large business with them. I'll say a retail multibillion-dollar business with them.
And so it's probably perceived that we're broader distributed in North America than when you look at Europe or in Asia. I'm going to let Tom answer the second question, but just before he does, what I did say earlier was that the stores that we opened in Asia are profitable right from the get-go, but I'll let him talk to economic.

因此,我认为该品牌的定位,无论是在北美还是在亚洲,老实说,非常相似。显然,亚洲的价格结构要高得多,因为在亚洲运营的成本结构在很多方面实际上比在北美更昂贵。我们已明确定位该品牌,因为街道和商场的位置紧邻奢侈品牌。所以 - 我认为我们的一些竞争对手做过类似的事情。我相信,作为一个令人兴奋的时尚品牌,以及一个奢侈品牌,它可以作为年轻客户。所以我认为这是我们的关键之一。

而且我认为我们在伦敦做过同样的事情。无论是,我们都在邦德街或Rue Saint-Honoré或任何豪华街道,你会看到迈克尔科尔斯坐在那些地方。我们显然在Galeries Lafayette,我们也在Harrods和其他地方。所以我认为北美的不同之处在于,我们与梅西百货和迪拉德公司有更广泛的基础百货商店业务,顺便说一句,他们对我们来说是非常好的合作伙伴,我们已经建立了一个非常大的业务他们。我会说与他们零售数十亿美元的业务。



Sure and Adrienne, I think one of the things that doesn't show up is the split between retail and wholesale. Asia doesn't really have too much to speak of a wholesale business. So in the other regions, in the Americas and Europe, there's a wholesale business. And if you just did the math, it would make the revenues per store look a little lower as a result. But as John mentioned, in Asia, in particular, the stores are very profitable.

当然和艾德丽安,我认为没有出现的一件事是零售和批发之间的分歧。 对于批发业务而言,亚洲并没有太多的话题。 所以在其他地区,在美洲和欧洲,都有批发业务。 如果你只是做了数学计算,结果会使每家商店的收入看起来略低一些。 但正如约翰所提到的,特别是在亚洲,这些商店非常有利可图。

Adrienne Yih

Across those business, the same phenomenon for each of the brands?



And that is similar for all. So wholesale exists for all of our brands in the U.S. and in Europe. In Asia, it's a very small, very small percentage.

这对所有人来说都是类似的。 所以我们在美国和欧洲的所有品牌都有批发。 在亚洲,这是一个非常小,非常小的比例。


And I would conclude by saying that wholesale for all of our brands is becoming smaller and smaller. And really, again, especially with omnichannel, especially with e-commerce, it's just easier for the customer. And the customer wants typically to shop at the authentic, authorized location. So again, we're very proud of our relationships with our retail partners, and that's everyone across the globe. But as we open more stores, as we get better at our own e-commerce, it will be slightly less.

最后我要说的是,我们所有品牌的批发越来越小。 而且,真的,特别是对于全渠道,尤其是电子商务,它对客户来说更容易。 客户通常希望在真实的授权地点购物。 同样,我们对与零售合作伙伴的关系感到非常自豪,这也是全球所有人的关系。 但随着我们开设更多商店,随着我们在自己的电子商务方面做得更好,它会略微减少。


I want to thank everyone for joining us today, and I want to thank you for your attention. And we look forward to speaking to you at our next earnings release. In the meantime, I hope you all enjoy your summer. Thank you.

我要感谢大家今天加入我们,我要感谢你的关注。 我们期待在下一次收益发布时与您交谈。 与此同时,我希望你们都享受你们的夏天。 谢谢。


Thank you.



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