Capri Holdings Limited

Good day, everyone, and welcome to this conference. If you would like to ask a question on today's conference, please press star 1 on your telephone keypad. You may withdraw yourself from the queue by pressing star 2. Today's call is being recorded. Please note, I'll be standing by if you should need any assistance. At this time, for opening remarks and introductions, I'd like to turn the call over to Tapestry's Global Head of Investor Relations, Christina Colon.

Good morning. Thank you for joining us to hear about the definitive agreement we announced this morning related to Tapestry Inc's acquisition of Capri Holdings Limited. We'll begin today's call with comments from Joanne Prevoisorat, Tapestry's Chief Executive Officer, Scott Rowe, Tapestry's Chief Financial Officer and Chief Operating Officer, and John Idle, Chairman and Chief Executive Officer of Capri Holdings Limited. At the end of our prepared remarks, both Joanne and Scott will be available to answer your questions. We expect to end our call at approximately 8.45. Before we begin, I would like to note that today's discussion contains forward-looking statements that are subject to the risks identified in both companies' SEC filings and other written communications related to the announcement. Please refer to the information on slide two of this presentation posted to our website, as well as the additional information contained in the SEC filings of both Tapestry, Inc. and Capri Holdings Limited. With that, I am pleased to turn the call over to Joanne Corvoisarat, Tapestry's CEO.

Good morning and welcome, everyone. Thank you for joining us on short notice. Today is an exciting day, and I'm very pleased to speak with you about Tapestry's acquisition of Capri Holdings. By uniting six iconic brands and our exceptional teams, we are creating a powerful new house of global luxury and fashion brands. This combination represents a unique and significant opportunity to drive superior value for our people, consumers, communities, and shareholders around the world. To begin, as many of you know, Tapestry is at its core a people-centered, purpose-led organization with a passion for brand building, an unwavering focus on consumers, and a commitment to being disciplined financial operators and stewards of capital. We've successfully transformed our company to power our iconic brands, Coach, Kate Spade, and Stuart Weitzman, to move at the speed of the consumer in an ever-changing environment. Importantly, our investments to create a robust data-driven consumer engagement platform have fueled our success, fostering innovation, agility, and strong financial results. This foundation positions us to leverage our competitive advantages across a broader portfolio of brands. The acquisition of Capri marks an incredible milestone in our evolution as a company and accelerates our strategic agenda. First, this combination expands our global reach. The combined company generates over $12 billion in revenue with a presence in over 75 countries and a portfolio serving unique customer segments within the global luxury market for handbags, accessories, footwear, and apparel. a market that is over $200 billion today and growing. At the same time, we're broadening and diversifying our customer base through highly differentiated brands that deepen our access to luxury consumers and market segments, which are attractive and resilient. Second, together, we enhance our global footprint and geographic diversification with our complementary positions in Asia and Europe. Third, with this acquisition, we're broadening our product offering and capabilities through an increased penetration of lifestyle categories where Capri brings expertise and there is further opportunity for growth across each of our brands. Fourth, this combination further leverages Tapestry's consumer engagement platform and data analytics capabilities built on a modern technology infrastructure to drive deeper consumer connections. Specifically, we believe our proven and profitable direct-to-consumer first model can drive an increase in Capri's direct-to-consumer penetration over time. This exceptional strategic fit provides a meaningful value creation opportunity. accelerating our earnings potential and generating significant cash flow, which will support continued reinvestment in brand building, as well as in our digital and data analytics capabilities that drive consumer insights and connectivity. Importantly, I have great conviction in our ability to deliver on the tremendous potential of this combination, given the strength of our teams and the alignment of our values. At Tapestry, we invite each employee to contribute their unique perspective to create a culture that's growing, dynamic, and diverse, a commitment that is deeply shared with Capri. Uniting the diversity and passion of the more than 33,000 people across these two companies will ensure that we will consistently deliver on the opportunity ahead across each of our six iconic brands for years to come. With that, it's my pleasure to turn the call over to John to share a few words.