Coty Inc. Class A

My name is Ashley and I will be your conference operator today. At this time, I would like to welcome everyone to Cody's fourth quarter fiscal 2024 question and answer conference call. As a reminder, this conference call is being recorded today, August 21st, 2024 at 815 a.m. Eastern Time or 215 p.m. Central European Time. Please note that on August 20th at approximately 4.30 p.m. Eastern Time or 10.30 p.m. Central European Time, Cody issued a press release and prepared remarks webcast, which can be found on its investor website. On today's call are Sue Nobby, Chief Executive Officer, and Laurent Messer, Chief Financial Officer. I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Cody's earnings release and the reports filed today with the SEC with the company list factors that could cause actual results to differ materially from the forward-looking statements. In addition, except where noted, the discussion of Cody's financial results and Cody's expectations reflected certain adjustments as specified in the non-GAAP financial measures section of the company's release. With that, I will now open the line for questions. At this time, if you would like to ask a question, please press star 1 on your telephone keypad. You may withdraw your question at any time by pressing star 2. Once again, that is star and 1. We'll take our first question from Oliver Chin with TD Cohen. Please go ahead. Oliver, your line is open. Please check your mute function. Okay, we will take our next question from Susan Anderson with Canaccord Genuity. Please go ahead.

Hi, good morning. Thanks for taking my question. Nice job on the quarter and the year. I guess maybe just to start out, I'm curious about the global distribution expansion for Aveda, I guess, this year. I'm curious just, you know, the timeline, what countries do you expect to expand into first, and is this going to roll out pretty quickly, or should we kind of expect a slow rollout throughout the year and into next? And then also, I'm curious if you already have retail distribution in place. Thanks.

Good morning, Susan. Thank you for your question. This is Sue speaking. So regarding our skincare ambition and indeed the ultra-premium brand Orveda, the idea is that we've been readying the brand with a year and a half whisper strategy. This brand got, I think, probably one of the highest number of awards, specifically behind its Omnipotent Serum, which is a first of this kind of serums using senolytic technologies inspired by, I would say, pharmaceutical technologies. And this allowed the brand to have the highest number of awards. We've also been having the brand present in some department stores, such as Harrods in London, such as Saks Fifth Avenue in New York, several Saks locations in the US, and an own store in China, which is the Maison Orveda in Shanghai. Now is the right moment to accelerate the expansion of the brand. The brand is going to open a lot of doors in the coming fiscal, starting in the first half. This is, of course, high-end doors, niche doors. We are not talking about specialty stores. We are not even talking about classical department stores. We are talking about high-end doors where we believe the consumers who are able and ready and willing to shop a $400 serum and a $300 moisturizer are shopping more and more. And this is really what is going to happen behind the brand. So we are talking about an acceleration of the expansion of the brand. in this fiscal 25, which was really something that was long awaited.