Q4 2024 Coty Inc Earnings Call - Pre-Recorded

August 20, 2024

Sue Nabi: are performing as a beauty leader and more and more as a beauty trendsetter, which we believe is an opening for a new era for Coty as a beauty powerhouse.

Unknown Executive: are performing as a beauty leader and more and more as a beauty trendsetter, which we believe is an opening for a new era for Coty as a beauty powerhouse.

Sue Nabi: for performing as a beauty leader and more and more as a beauty transitor, which we believe is an opening for a new era for Coty as a beauty powerhouse. Importantly, a key element of this outperformers has been our unwavering strong investment into our marketing, regardless of the microeconomic volatility, because we believe that this is what will create value for our brands for the long term. Since we began our transformation, we have maintained our ANCP levels in the high 20s percentage, and going forward, we will make use of the levers at our disposal to allow us to maintain this level of support at the minimum, even as we expand our profitability.

Sue Y. Nabi: performing as a beauty leader and more and more as a beauty trendsetter, which we believe is an opening for a new era for Coty as a beauty powerhouse. Importantly, a key element of this outperformance has been our unwavering, strong investment into our marketing, regardless of the microeconomic volatility, because we believe that this is what will create value for our brands for the long term. Since we began our transformation, we have maintained our ANCP levels in the high 20s%, and going forward, we'll make use of the levers at our disposal to allow us to maintain this level of support at a minimum, even as we expand our profitability. In a year filled with many milestones for Coty, let me summarize the four key achievements of fiscal 2024.

Sue Nabi: performing as a beauty leader and more and more as a beauty trendsetter, which we believe is an opening for a new era for Coty as a beauty powerhouse. Importantly, a key element of this outperformance has been our unwavering, strong investment into our marketing, regardless of the microeconomic volatility, because we believe that this is what will create value for our brands for the long term. Since we began our transformation, we have maintained our ANCP levels in the high 20s%, and going forward, we'll make use of the levers at our disposal to allow us to maintain this level of support at a minimum, even as we expand our profitability. In a year filled with many milestones for Coty, let me summarize the four key achievements of fiscal 2024.

And more and more as the beauty trend sector, which we believe is an opening for a new era for Coty as a beauty powerhouse importantly, a key element of this outperformance has been our unwavering strunk investment into our marketing regardless of the.

Sue Nabi: Importantly, a key element of this outperformance has been our unwavering, strong investment into our marketing, regardless of the microeconomic volatility, because we believe that this is what will create value for our brand for the long term.

Unknown Executive: Importantly, a key element of this outperformance has been our unwavering, strong investment, into our marketing, regardless of the microeconomic volatility, because we believe that this is what will create value for our brands for the long term.

Can I make volatility because we believe that this is what we can create value for our brands for the long term.

Sue Nabi: Since we began our transformation, we have maintained our ANCP levels in the high 20s percentage, and going forward, we will make use of the levers at our disposal to allow us to maintain this level of support at the minimum, even as we expand our profitability.

Unknown Executive: Since we began our transformation, we have maintained our ANCP levels in the high 20s, percentage, and going forward, we will make use of the levers at our disposal to allow us to maintain this level of support at the minimum, even as we expand our profitability.

Speaker Change: Since we began our transformation we have maintained our ANC P levels in the high <unk> percentage and going forward, we'll make use of the levers at our disposal to allow us to maintain this level of support at the minimum even as we expand our profitability.

Sue Nabi: In a year filled with many milestones for Coty, let me summarize the four key achievements of fiscal 24. First, we once again grew ahead of the underlying beauty market, fueled by our leadership in fragrances, stranded performance in our core cosmetics business, and over-driving our growth channels, growth markets, and growth categories. Second, we are building unique and hopefully best in class expertise in each of our core categories. For example, our unrivaled expertise in fragrances was exemplified by the Blackbuster launch of Burberry Goddess, which was not only the biggest fragrance launch in Coty's history, but also the number one female fragrance launch for the industry.

Sue Nabi: In a year filled with many milestones for Coty, let me summarize the four key achievements of Fiscal 24. First, we once again grew ahead of the underlying beauty market, fueled by our leadership in fragrances, strengthened performance in our core cosmetics business, and overdriving our growth channels, growth markets, and growth categories.

Unknown Executive: In a year filled with many milestones for Coty, let me summarize the four key achievements, of Fiscal 24. First, we once again grew ahead of the underlying beauty market, fueled by our leadership in, fragrances, strengthened performance in our core cosmetics business, and overdriving our growth channels, growth markets, and growth categories.

Cookie: In a year filled with many milestones for Cookie, let me summarize the four key achievements of fiscal 'twenty four.

Sue Nabi: Third, we are becoming an advocacy-led company, reaching our consumers through the platforms where they discover newness and build connection with our brands. With the earned media value for both Remel and CoverGirl, over 400% higher than a year ago and closing the gap with leading peers, we are seeing the strong results from this transformation. The next step is co-creating the trends that will shape the global beauty industry in the coming quarters and years.

Sue Y. Nabi: First, we once again grew ahead of the underlying beauty market, fueled by our leadership in fragrances, strengthened performance in our core cosmetics business, and over-driving our growth channels, growth markets, and growth categories. Second, we are building unique and hopefully best-in-class expertise in each of our core categories. For example, our unrivaled expertise in fragrances was exemplified by the blockbuster launch of Burberry Goddess, which was not only the biggest fragrance launch in Coty's history, but also the number one female fragrance launch for the industry. Third, we are becoming an advocacy-led company, reaching our consumers through the platforms where they discover newness and build connection with our brands. With the earned media value for both Rimmel and CoverGirl over 400% higher than a year ago, and closing the gap with leading peers, we are seeing the strong results from this transformation.

Sue Nabi: First, we once again grew ahead of the underlying beauty market, fueled by our leadership in fragrances, strengthened performance in our core cosmetics business, and over-driving our growth channels, growth markets, and growth categories. Second, we are building unique and hopefully best-in-class expertise in each of our core categories. For example, our unrivaled expertise in fragrances was exemplified by the blockbuster launch of Burberry Goddess, which was not only the biggest fragrance launch in Coty's history, but also the number one female fragrance launch for the industry.

Speaker Change: First we once again grew ahead of the underlying beauty market fueled by our leadership in fragrances strengthen performance in our core cosmetics business and over driving our growth channels growth markets and growth categories. Second we are building unique and hopefully.

Sue Nabi: Second, we are building unique and hopefully best-in-class expertise in each of our core categories. For example, our unrivaled expertise in fragrances was exemplified by the blockbuster launch of Burberry Goddess, which was not only the biggest fragrance launch in Coty's history, but also the number one female fragrance launch for the industry.

Unknown Executive: Second, we are building unique and hopefully best-in-class expertise in each of our core, categories.

Speaker Change: <unk> best in class expertise in each of our core categories.

Unknown Executive: For example, our unrivaled expertise in fragrances was exemplified by the blockbuster launch, of Burberry Goddess, which was not only the biggest fragrance launch in Coty's history, but also the number one female fragrance launch for the industry.

Speaker Change: For example, our unrivaled expertise in fragrances was exemplified by the blockbuster launch of Burberry goddess, which was not only the biggest fragrance launch in <unk> history, but also the number one female fragrance launch for the industry.

Unknown Executive: Third, we are becoming an advocacy-led company, reaching our consumers through the platforms, where they discover newness and build connection with our brands. With the earned media value for both Rimmel and CoverGirl over 400% higher than a year, ago, and closing the gap with leading peers, we are seeing the strong results from this transformation.

Sue Nabi: Third, we are becoming an advocacy-led company, reaching our consumers through the platforms where they discover newness and build connections with our brand. With the earned media value for both Remail and CoverGirl over 400% higher than a year ago and closing the gap with leading peers, we are seeing the strong results from this transformation.

Sue Nabi: Third, we are becoming an advocacy-led company, reaching our consumers through the platforms where they discover newness and build connection with our brands. With the earned media value for both Rimmel and CoverGirl over 400% higher than a year ago, and closing the gap with leading peers, we are seeing the strong results from this transformation.

Speaker Change: Third we are becoming an advocacy led company, reaching our consumers through the platforms, where they discover newness and built connection with our brands.

Speaker Change: The earned media value for both <unk> and covergirl over 400% higher than a year ago and closing the gap with leading peers. We are seeing the strong results from this transformation. The next step is co creating the trends that will shape the global beauty industry in the coming.

Sue Nabi: The next step is co-creating the trends that will shape the global beauty industry in the coming quarters and years.

Sue Y. Nabi: The next step is co-creating the trends that will shape the global beauty industry in the coming quarters and years. Fourth, we have once again delivered double-digit growth in our like-for-like sales, adjusted EBITDA, and adjusted EPS, excluding the swap impact. This marks the third consecutive year of double-digit growth in like-for-like sales and EPS. The power of our financial algorithm has been on full display in recent years and reflected in our outlook, anchored on a 6 to 8% like-for-like revenue growth, 9 to 11% adjusted EBITDA growth, and close to 20% adjusted EPS growth. This is building on the exceptional delivery in fiscal 2024 of 11% like-for-like revenue growth, 12% adjusted EBITDA growth, and 26% adjusted EPS growth, excluding the equity swap.

Sue Nabi: The next step is co-creating the trends that will shape the global beauty industry in the coming quarters and years. Fourth, we have once again delivered double-digit growth in our like-for-like sales, adjusted EBITDA, and adjusted EPS, excluding the swap impact. This marks the third consecutive year of double-digit growth in like-for-like sales and EPS. The power of our financial algorithm has been on full display in recent years and reflected in our outlook, anchored on a 6 to 8% like-for-like revenue growth, 9 to 11% adjusted EBITDA growth, and close to 20% adjusted EPS growth. This is building on the exceptional delivery in fiscal 2024 of 11% like-for-like revenue growth, 12% adjusted EBITDA growth, and 26% adjusted EPS growth, excluding the equity swap.

Unknown Executive: The next step is co-creating the trends that will shape the global beauty industry in the, coming quarters and years.

Speaker Change: Quarters and years.

Sue Nabi: And fourth, we have once again delivered double-digit growth in our life-or-life sales, adjusted EBITDA and adjusted EPS, excluding the swap impact. This marks the third consecutive year of double-digit growth in Life-for-Life sales and EPS.

Sue Nabi: And fourth, we have once again delivered double digit growth in our life-or-like sales, adjusted EBITDA and adjusted EPS, excluding the swap impact. This marks the third consecutive year of double digit growth in life-or-like sales and EPS. The power of our financial algorithm has been on full display in recent years and reflected in our outlook on more than a six to eight percent life-or-like revenue growth, 9 to 11 percent adjusted EBITDA growth and close to 20 percent adjusted EPS growth.

Unknown Executive: And fourth, we have once again delivered double-digit growth in our like-for-like sales, adjusted, EBITDA, and adjusted EPS, excluding the swap impact. This marks the third consecutive year of double-digit growth in like-for-like sales and EPS. The power of our financial algorithm has been on full display in recent years and reflected, in our outlook, anchored on a 6% to 8% like-for-like revenue growth, 9% to 11% adjusted EBITDA growth, and close to 20% adjusted EPS growth.

Speaker Change: Fourth we have once again delivered double digit growth in our like for like sales adjusted EBITDA and adjusted EPS, excluding the swap impact this.

Speaker Change: This marks the third consecutive year of double digit growth in like for like sales and EPS.

Sue Nabi: The power of our financial algorithm has been on full display in recent years and reflected in our outlook, anchored on a 6% to 8% like-for-like revenue growth, 9% to 11% adjusted EBITDA growth, and close to 20% adjusted EPS growth. And this is building on the exceptional delivery in fiscal 24 of 11% like-for-like revenue growth, 12% adjusted EBITDA growth, and 26% adjusted EPS growth, excluding the equity swap.

Speaker Change: Power of our financial algorithm has been on full display in recent years and reflected in our outlook anchored on a 6% to 8% like for like revenue growth, 9% to 11% adjusted EBITDA growth and close to 20% adjusted EPS growth and this is building on.

Sue Nabi: And this is building on the exceptional delivery in fiscal 24 of 11 percent life-or-like revenue growth, 12 percent adjusted EBITDA growth and 26 percent adjusted EPS growth, excluding the equity swap. We grew our fiscal 24 life-or-like revenue by 11 percent, once again, outperforming the beauty market, which grew approximately 9 percent. Our fiscal 24 sales were also in the high end of guidance reinforcing Scottie's balanced growth agenda. In eight out of the last 12 quarters, we have delivered light-or-like growth, which is ahead of or in line with the leading global beauty companies, including Rural, Estiloda, Shiseido, and LVMH perfumes and cosmetics division.

Speaker Change: The exceptional delivery in fiscal 'twenty four of 11% like for like revenue growth, 12% adjusted EBITDA growth and 26% adjusted EPS growth, excluding the equity swap.

Unknown Executive: And this is building on the exceptional delivery in fiscal 24 of 11% like-for-like revenue, growth, 12% adjusted EBITDA growth, and 26% adjusted EPS growth, excluding the equity swap. We grew our fiscal 24 like-for-like revenues by 11%, once again outperforming the beauty, market, which grew approximately 9%.

Sue Nabi: We grew our Fiscal 24 Life for Life revenues by 11%, once again outperforming the beauty market, which grew approximately 9%.

Sue Y. Nabi: We grew our fiscal 2024 like-for-like revenues by 11%, once again outperforming the beauty market, which grew approximately 9%. Our fiscal 2024 sales were also in the high end of guidance, reinforcing Coty's balanced growth agenda. In 8 out of the last 12 quarters, we have delivered like-for-like growth, which is ahead of or in line with the leading global beauty companies, including L'Oréal, Estée Lauder, Shiseido, and LVMH Perfumes and Cosmetics division. Our best-in-class performance is evident on the slide shown here. While each of our peers have their own strengths and weaknesses when it comes to category, geographic, and channel exposure, Coty's consistent outperformance confirms that our top-notch growth is a result of our strategic vision, strong execution, and our ability to not only seize, but create big and fundamental beauty trends that are here to stay.

Sue Nabi: We grew our fiscal 2024 like-for-like revenues by 11%, once again outperforming the beauty market, which grew approximately 9%. Our fiscal 2024 sales were also in the high end of guidance, reinforcing Coty's balanced growth agenda. In 8 out of the last 12 quarters, we have delivered like-for-like growth, which is ahead of or in line with the leading global beauty companies, including L'Oréal, Estée Lauder, Shiseido, and LVMH Perfumes and Cosmetics division. Our best-in-class performance is evident on the slide shown here. While each of our peers have their own strengths and weaknesses when it comes to category, geographic, and channel exposure, Coty's consistent outperformance confirms that our top-notch growth is a result of our strategic vision, strong execution, and our ability to not only seize, but create big and fundamental beauty trends that are here to stay.

We grew our fiscal 2000 and for like for like revenues by 11% once again outperforming the beauty market, which grew approximately 9%.

Sue Nabi: Our Fiscal 24 sales were also in the high end of guidance, reinforcing Coty's balanced growth agenda.

Unknown Executive: Our fiscal 24 sales were also in the high end of guidance, reinforcing Scottie's balanced, growth agenda.

Our fiscal 2000 and for sales. We're also in the high end of guidance reinforcing skirt is balanced growth agenda in eight out of the last 12 quarters. We have delivered like for like growth, which is ahead of or in line with the leading global beauty companies, including the IL Este Lauder.

Sue Nabi: In 8 out of the last 12 quarters, we have delivered Life for Life growth, which is ahead of or in line with the leading global beauty companies, including L'Oréal, Estée Lauder, Shiseido, and LVMH perfumes and cosmetics division.

Unknown Executive: In eight out of the last 12 quarters, we have delivered like-for-like growth, which is ahead, of or in line with the leading global beauty companies, including L'Oreal, Estée Lauder, Shiseido, and LVMH perfumes and cosmetics division.

She said, though and Lv image perfumes and cosmetics division.

Unknown Executive: Our best-in-class performance is evident on the slide shown here.

Sue Nabi: Our best-in-class performance is evident on the slide shown here. While each of our peers have their own strengths and weaknesses when it comes to category, geographic and channel exposure, Coty's consistent out-performance conforms, that our top-notch growth is a result of our strategic vision, strong execution and our ability to not only see but create big and fundamental beauty trends that are here to stay. As we compete in an offered-driven industry, it's our responsibility to create beauty products which surprise and delight our consumers which have them look and see better shaping the beauty of tomorrow.

Sue Nabi: Our best-in-class performance is evident on the slide shown here.

Speaker Change: Our best in class performance is evident on this slide shown here, while each of our peers have their own strengths and weaknesses. When it comes to category geographic and channel exposure Curtis consistent outperformance confirms that our top notch growth is a result of our strategic.

Sue Nabi: While each of our peers have their own strengths and weaknesses when it comes to category, geographic and channel exposure, Coty's consistent outperformance confirms that our top-notch growth is a result of our strategic vision, strong execution and our ability to not only seize but create big and fundamental beauty trends that are here to stay.

Unknown Executive: While each of our peers, have their own strengths and weaknesses when it comes to category, geographic, and channel exposure, Coty's consistent outperformance confirms that our top-notch growth is a result of our strategic vision, strong execution, and our ability to not only seize but create big and fundamental beauty trends that are here to stay.

Speaker Change: <unk> vision strong execution, and our ability to not only see let's create big and fundamental beauty trends that are here to stay.

Sue Y. Nabi: As we compete in an offer-driven industry, it's our responsibility to create beauty products which surprise and delight our consumers, which help them look and feel better, shaping the beauty of tomorrow. Let me now hand the call over to Laurent to take you through our financial results and, of course, fiscal 2025 guidance.

Sue Nabi: As we compete in an offer-driven industry, it's our responsibility to create beauty products which surprise and delight our consumers, which help them look and feel better, shaping the beauty of tomorrow. Let me now hand the call over to Laurent to take you through our financial results and, of course, fiscal 2025 guidance.

Speaker Change: As we compete in and offer driven industry, it's our responsibility to create beauty products, which surprise and delight, our consumers, which had them look and feel better shaping the beauty of tomorrow let.

Unknown Executive: As we compete in an offer-driven industry, it's our responsibility to create beauty products which surprise and delight our consumers, which help them look and feel better, shaping the beauty of tomorrow.

Sue Nabi: Let me now hand the call over to Laurent to take you through our financial results and of course fiscal 25 guidance.

Laurent Mercier: Let me now hand the call over to Laurent to take you through our financial results and of course fiscal 25 guidance. Thank you, Sue. Our fiscal year 24 net revenue grew a very strong 11% like for like coming as the operand of our fiscal 24 guidance of 9, 2, 11%. These growth included approximately 1% contribution from the hyper-inflationary environment in Argentina. In the second half, with which largely balances out the difficult comparisons in Q4, our like for like revenue grew 8%.

Unknown Executive: Let me now hand the call over to Laurent to take you through our financial results and, of course, fiscal 25 guidance.

Speaker Change: Let me now hand, the call over to Laura to take you through our financial results and of course fiscal 'twenty five the guidance.

Unknown Executive: Thank you, Soup.

Unknown Executive: Thank you, Sue.

Laurent Mercier: Thank you, Su. Our fiscal year 2024 net revenue grew a very strong 11% like-for-like, coming at the upper end of our fiscal 2024 guidance of 9% to 11%. This growth included approximately 1% contribution from the hyperinflationary environment in Argentina. In the second half, which largely balances out the difficult comparisons in Q4, our like-for-like revenue grew 8%. In Q4, our like-for-like revenue grew 5%, which was at the upper end of our expectations of low- to mid-single-digit percentage growth, and as anticipated, included several points of headwind from prior year comparisons, when our revenue grew 17% like-for-like. These Q4 results reflect a like-for-like CAGR of approximately 10% versus fiscal 2022, largely consistent with the like-for-like CAGR level in Q3, and reaffirming that our underlying sales growth trends remain steady.

Laura: Thank you soup a fiscal year of 24 net revenue grew a very strong 11% like for like come in at the upper end of our fiscal 'twenty guidance of 9% to 11%.

Laurent Mercier: Our fiscal year 24 net revenue grew a very strong 11% like-for-like, coming at the upper end of our fiscal 24 guidance of 9% to 11%. This growth included approximately 1% contribution from the hyperinflationary environment in Argentina.

Laurent Mercier: Our fiscal year 24 net revenue grew a very strong 11% like for like, coming at the upper end of our fiscal 24 guidance of 9 to 11%. This growth included approximately 1% contribution from the hyperinflationary environment in Argentina.

Speaker Change: These growth included approximately 1% contribution from the IPR inflationary environment in Argentina.

Laurent Mercier: In the second half, which largely balances out the difficult comparisons in Q4, our like-for-like revenue grew 8%. And in Q4, our like-for-like revenue grew 5%, which was at the upper end of our expectations of low to mid-single-digit percentage growth, and, as anticipated, included several points of headwind from prior year comparisons when our revenue grew 17% like-for-like.

Laurent Mercier: In the second half, which largely balances out the difficult comparisons in Q4, our like-for-like revenue grew 8%.

Laura: In the second half.

Laura: Which largely balances out the difficult comparisons in Q4, our like for like revenue grew 8%.

Laurent Mercier: And in Q4, our like for like revenue grew 5%, which was at the operand of our expectations of low to meet single digit percentage growth and as anticipated, included several points of headwind from prior your comparisons when our revenue grew 17% like for like. These Q4 results reflect a like for like a care over approximately 10% versus fiscal 22 largely consistent with a life for like a care level in Q3 and reaffirming that our underlying sex growth trends remain steady.

Laurent Mercier: And in Q4, our like-for-like revenue grew 5%, which was at the upper end of our expectations of low to mid-single-digit percentage growth and, as anticipated, included several points of headwind from prior year comparisons when our revenue grew 17% like-for-like.

Laura: And in Q4, our like for like revenue grew 5%, which was at the upper end of our expectations of low to mid single digit percentage growth and as anticipated included several points of headwind from prior year on year compare regions, where no revenue grew 17% like for like.

Laurent Mercier: These Q4 results reflect a like-for-like CAGR of approximately 10% versus fiscal 22, largely consistent with the like-for-like CAGR level in Q3 and reaffirming that our underlying sales growth trends remain steady. We have also continued to deliver strong and consistent margin expansion.

Laurent Mercier: These Q4 results reflect a like-for-like CAGR of approximately 10% versus fiscal 2022, largely consistent with the like-for-like CAGR level in Q3, and reaffirming that our underlying sales growth trends remain steady. We have also continued to deliver strong and consistent margin expansion. Our fiscal 24 adjusted gross margin grew strongly by 50 basis points to 64.4% ahead of our guidance of modest expansion in fiscal year 24 and included 140 basis points of adjusted gross margin expansion in Q4.

Laura: These Q4 results reflect a like for like a gap of approximately 10% versus fiscal 'twenty, two largely consistent with the like for like Jaguar level in Q3, and reaffirming our underlying sales growth trends remained steady.

Laurent Mercier: We have also continued to deliver strong and consistent margin expansion. Our fiscal 24 adjusted growth margin grew strongly by 50 basis points to 64.4%. The head of our guidance of modest expansion in fiscal year 24 and included 140 basis points of adjusted growth margin expansion in Q4. Our fiscal 24 and Q4 adjusted growth margin improvement was driven by ongoing criminalization of the portfolio coupled with a benefit from pricing and continuous supply chain productivity partially offset by calls inflation and excess and obsolescence impact at the start of the year.

Laurent Mercier: We have also continued to deliver strong and consistent margin expansion. Our fiscal 2024 adjusted gross margin grew strongly by 50 basis points to 64.4%, ahead of our guidance of modest expansion in fiscal year 2024, and included 140 basis points of adjusted gross margin expansion in Q4. Our fiscal 2024 and Q4 adjusted gross margin improvement was driven by ongoing premiumization of the portfolio, coupled with the benefit from pricing and continuous supply chain productivity, partially offset by cost inflations and excess and obsolescence impact at the start of the year. In fact, with our fiscal year 2024 adjusted gross margins reaching 64.4%, we have reached the mid-sixties gross margin target we had set at our 2021 Investor Day, a full year ahead of schedule.

Laura: We have also continued to deliver strong and consistent margin expansion.

Laura: Our fiscal 'twenty four adjusted gross margin grew strongly by 50 basis points to 64, 4% well ahead of our guidance of modest expansion in fiscal year 'twenty four and included 140 basis points of adjusted gross margin expansion in Q4.

Laurent Mercier: Our fiscal 24 adjusted growth margin grew strongly by 50 basis points to 64.4%, ahead of our guidance of modest expansion in fiscal year 24, and included 140 basis points of adjusted growth margin expansion in Q4. Our fiscal 24 and Q4 adjusted growth margin improvement was driven by ongoing premiumization of the portfolio, coupled with the benefit from pricing and continuous supply chain productivity, partially offset by COGS inflation and excess and obsolescence impact at the start of the year. In fact, with our fiscal year 24 adjusted growth margins reaching 64.4%, we have reached, the mid-60s growth margin target we had set at our 2021 investor day, a full year ahead of schedule.

Laurent Mercier: Our fiscal 24 and Q4 adjusted gross margin improvement was driven by ongoing premiumization of the portfolio, coupled with the benefit from pricing and continuous supply chain productivity, partially offset by COGS inflation and excess and obsolescence impact at the start of the year. In fact, with our fiscal year 24 adjusted gross margins reaching 64.4%, we have reached the mid 60s gross margin target we had set at our 2021 investor day, a full year ahead of schedule.

Laura: Our fiscal 'twenty, four and Q4 adjusted gross margin improvement was driven by ongoing premium amortization of the portfolio coupled with the benefit from pricing and continued supply chain productivity, partially offset by cost inflation and excess and obsolescence impact just.

Laura: Part of the year.

Laurent Mercier: In fact, with our fiscal year 24 adjusted growth margins reaching 64.4%, we have reached the mid-60s growth margin target we had set at our 2021 investor day a full year ahead of schedule. The strong growth margin expansion allowed us to sustain our strong investment behind our brands with our ANC investment remaining at 27% for the year. In total, we expanded our fiscal year 24, adjusted operating margin by 80 basis points to 14.1% and are adjusted a bit margin by 30 basis points to 17.8%, which was also at the upper end of our fiscal year 24 guidance of 10 to 30 basis points or margin groups.

Laura: In fact with our fiscal year 'twenty for adjusted gross margins, reaching 64, 4%. We have reached the mid sixties gross margin target. We had set at our 2021 Investor day with full year ahead of schedule.

Laurent Mercier: The strong growth margin expansion allowed us to sustain our strong investment behind our brands, with our ANCP investment remaining at 27% for the year.

Laurent Mercier: The strong gross margin expansion allowed us to sustain our strong investment behind our brand with our ANCP investment remaining at 27% for the year.

Laurent Mercier: The strong gross margin expansion allowed us to sustain our strong investment behind our brands, with our ANCP investment remaining at 27% for the year. In total, we expanded our fiscal year 2024 adjusted operating margin by 80 basis points to 14.1%, and our adjusted EBITDA margin by 30 basis points to 17.8%, which was also at the upper end of our fiscal year 2024 guidance of 10 to 30 basis points of margin growth. Our strong and consistent margin expansion has been fueled by growing profitability in both of our divisions. The adjusted operating margin in Prestige reached 19% in fiscal year 2024, up 40 basis points year on year, but also close to 600 basis points higher than in fiscal 2021.

Laura: So strong gross margin expansion.

Laura: Low dose to sustain our strong investment behind our brands with our ANC investments remaining at 27% for the year.

Laurent Mercier: In total, we expanded our FY24 adjusted operating margin by 80 basis points to 14.1% and our, adjusted EBITDA margin by 30 basis points to 17.8%, which was also at the upper end of our FY24 guidance of 10 to 30 basis points of margin growth. Our strong and consistent margin expansion has been fueled by growing profitability in, both of our divisions. The adjusted operating margin in Prestige reached 19% in FY24, up 40 basis points year, on year, but also close to 600 basis points higher than in FY21. And in Consumer Beauty, our adjusted operating margin reached 5.7% in FY24, up 80 basis points, year on year, and 170 basis points higher than FY21.

Laurent Mercier: In total, we expanded our fiscal year 2024 adjusted operating margin by 80 basis points to 14.1% and our adjusted EBITDA margin by 30 basis points to 17.8%, which was also at the upper end of our fiscal year 2024 guidance of 10 to 30 basis points of margin growth. Our strong and consistent margin expansion has been fueled by growing profitability in both of our divisions. The adjusted operating margin in Prestige reached 19% in FY24, up 40 basis points year-on-year, but also close to 600 basis points higher than in FY21.

Laura: In total we expanded our fiscal year 'twenty for adjusted operating margin by 80 basis points to 14, 1%.

Adjusted EBITDA margin by 50 basis points to 17, 8%, which was also an upper end of our fiscal year 'twenty guidance of 10 to 30 basis points of margin growth.

Laurent Mercier: Our strong and consistent margin expansion has been fueled by growing profitability in both of our divisions. The adjusted operating margin in prestige reached 19% in fiscal year 24, up 40 basis points year on year, but also close to 600 basis points higher than in fiscal 21. And in consumer beauty, our adjusted operating margin reached 5.7% in fiscal 24, up 80 basis points year on year and 170 basis points higher than fiscal 21.

Laura: Our strong and consistent margin expansion has been fueled by growing profitability in both of our divisions.

Laura: Adjusted operating margin in prestige reached 19% in fiscal year 'twenty four.

Laura: 40 basis points year on year, but also close to 600 basis points higher than in fiscal 'twenty one.

Laurent Mercier: And in Consumer Beauty, our adjusted operating margin reached 5.7% in Fiscal 24, up 80 basis points year-on-year and 170 basis points higher than Fiscal 21.

Laurent Mercier: In Consumer Beauty, our adjusted operating margin reached 5.7% in fiscal 2024, up 80 basis points year-on-year, and 170 basis points higher than fiscal 2021. In the coming years, as we overdrive our consumer beauty profit pools, including mass fragrance and nail, we expect a bigger step change in the profitability of the division. Our fiscal 2024 Adjusted EBITDA grew 12% year-over-year to $1.091 billion, even as we absorb the profit loss from the divestiture of Lacoste. Importantly, we outperformed the midpoint of the fiscal 2024 Adjusted EBITDA guidance we gave at the start of the fiscal year by over $20 million at the midpoint, and also exceeded our recently raised EBITDA guidance of the high end of $1.08 to 1.09 billion.

Laura: And in consumer beauty.

Laura: Adjusted operating margin reached five 7% in fiscal 'twenty four eight.

Laura: 80 basis points year on year, and 170 basis points a year in fiscal 'twenty one.

Laurent Mercier: In the coming years, as we overdrive our consumer beauty profit pools, including mass fragrance and nail, we expect a bigger set change in the profitability of the division. Our fiscal 24 adjusted a bit dark, grew 12% year over year to 1 billion 91, even as we observed the profit loss from the data teacher of la cost. Importantly, without performed the midpoint of the fiscal 24 adjusted a bit of guidance, we gave at the start of the fiscal year by over 20 million at the midpoint and also exceeded or recently raised a bit of guidance of the high end of 1 billion 80 to 1 billion.

Laurent Mercier: In the coming years, as we overdrive our consumer beauty profit pools, including mass fragrance and nail, we expect a bigger step change in the profitability of the job.

Laurent Mercier: In the coming years, as we overdrive our Consumer Beauty profit pools, including mass fragrance, and nail, we expect a bigger step change in the profitability of the division.

Laura: In the coming years, as we are able to derive our consumer beauty profit pools, including mass fragrance in Asia, We expect a bigger step change in the profitability of the division.

Laurent Mercier: Our fiscal 24 adjusted EBITDA grew 12% year-over-year to $1,091,000,000 even as we absorbed the profit loss from the divestiture of La Croix. Importantly, we outperformed the midpoint of the fiscal 24 adjusted EBITDA guidance we gave at the start of the fiscal year by over $20 million at the midpoint and also exceeded or recently raised EBITDA guidance of the high end of $1,080,000 to $1,090,000.

Laurent Mercier: Our FY24 adjusted EBITDA grew 12% year over year to $1,091,000,000, even as we absorbed, the profit loss from the divestiture of Lacoste. Importantly, we outperformed the midpoint of the FY24 adjusted EBITDA guidance we gave, at the start of the fiscal year by over $20 million at the midpoint, and also exceeded or recently raised EBITDA guidance of the high end of $1,080,000,000 to $1,090,000,000.

Laura: Our fiscal 'twenty four adjusted EBITDA grew 12% year over year to $1 billion 91, even as we absorbed the profit loss from the divestiture of Lacoste importantly, we outperformed the midpoint of fiscal 'twenty four adjusted EBITDA guidance, we gave at the start of the fiscal year.

Laura: By over $20 million at the midpoint and also exceeded our recently raised EBITDA guidance of the high end of $1 billion $80 billion to $1 billion 90.

Laurent Mercier: Our fiscal 24 adjusted EPS, excluding the swap total 48 cents, growing a very strong 26% year over year and ahead of guidance for EPS to be at the high end of 44 to 47 cents. The upside in EPS in fiscal 24 was driven by upside in a bit dark and operating income, as well as a 38 million discrete tax benefiting Q4 related to Swiss income tax credits, which more than offset the 24 million discrete tax heard we incurred into one from a change in the Swiss statutory tax rate.

Laurent Mercier: Our fiscal 24 adjusted EPS, excluding the swap, total $0.48, growing a very strong 26% year over year and a head of guidance for EPS to be at the high end of 44 to 47. The upside in EPS in fiscal 24 was driven by upside in EBITDA and operating income, as well as a 38 million discrete tax benefit in Q4 related to Swiss income tax credits, which more than offset the 24 million discrete tax hurt we incurred in Q1 from a change in the Swiss statutory tax. These discrete tax impacts benefited our fiscal year 2024 adjusted EPS by about $0.02 on a net basis.

Laurent Mercier: Our FY24 adjusted EPS, excluding the swap, total $0.48, growing a very strong 26% year, over year, and ahead of guidance for EPS to be at the high end of $0.44 to $0.47. The upside in EPS in FY24 was driven by upside in EBITDA and operating income, as well as, a $38 million discrete tax benefit in Q4 related to Swiss income tax credits, which more than offset the $24 million discrete tax hurt we incurred in Q1 from a change in the Swiss statutory tax rate. These discrete tax impacts benefited our FY24 adjusted EPS by about $0.02 on a net basis.

Laurent Mercier: Our fiscal 2024 adjusted EPS, excluding the swap, totaled $0.48, growing a very strong 26% year-over-year, and ahead of guidance for EPS to be at the high end of $0.44 to $0.47. The upside in EPS in fiscal 2024 was driven by upside in EBITDA and operating income, as well as a $38 million discrete tax benefit in Q4 related to Swiss income tax credits, which more than offset the $24 million discrete tax hurt we incurred in Q1 from a change in the Swiss statutory tax rate. These discrete tax impacts benefited our fiscal year 2024 adjusted EPS by about $0.02 on a net basis. Looking ahead to fiscal year 2025, I would like to outline certain drivers of our adjusted EPS. First, we expect depreciation to be in the mid-$200 million level.

Our fiscal 2000 for adjusted EPS, excluding the swept to total 48 cents growing a very strong 26% year over year and ahead of guidance for EPS to be at the high end of 44 to 47 cents.

Laura: The upside in EPS in fiscal 'twenty four.

Laura: Driven by upside in EBITDA and operating income as.

Laura: As well as the $8 million discrete tax benefit in Q4 related to Swiss income tax credits, which more than offset the 24 million discrete tax hurt win.

Laura: We incurred in Q1 from the change in the Swiss statutory tax rates.

Laurent Mercier: The discrete tax impacts, benefited of fiscal year 24 adjusted EPS by about two cents on a net basis. Looking ahead to fiscal year 25, I would like to outline certain drivers of our adjusted EPS. First, we expect depreciation to be in the mid to 100 million levels. Second, we anticipate net interest expense for the year to be in the low 200 million. Third, we anticipate the adjusted effective tax rate for fiscal 24 to be in the 28 to 29% range and above the fiscal year 24 effective tax rate, which benefited from a 14 million net discrete tax bonuses.

Laura: These discrete tax impact benefited our fiscal year 'twenty four adjusted EPS by about <unk> <unk> on a net basis.

Laurent Mercier: Looking ahead to fiscal year 2020.

Laurent Mercier: Looking ahead to FY25, I would like to outline certain drivers of our adjusted EPS.

Laura: Looking ahead to fiscal year, 'twenty, five I would like to outline certain drivers of our adjusted EPS.

Laurent Mercier: I would like to outline certain drivers of our adjusted EPS.

Laurent Mercier: First, we expect depreciation to be in the mid 200 million level.

Laurent Mercier: First, we expect depreciation to be in the mid $200 million level.

Laura: First we expect depreciation to be in the mid 200 million level.

Laurent Mercier: Second, we anticipate net interest expense for the year to be in the low $200 million.

Laurent Mercier: Second, we anticipate net interest expense for the year to be in the low $200.

Laurent Mercier: Second, we anticipate net interest expense for the year to be in the low $200 million. Third, we anticipate the adjusted effective tax rate for fiscal 2024 to be in the 28% to 29% range and above the fiscal year 2024 effective tax rate, which benefited from a $14 million net discrete tax benefit. Finally, on share count, we remain committed to reducing our share count toward 800 million by fiscal year 2027. While we have 2 equity swaps in place to lock in attractive pricing for future share buybacks, deleveraging towards our targeted levels remains a key priority for our organic cash flow generation. Of course, the eventual divestiture of Wella will provide flexibility for more active share buyback activity, which will be further amplified in the medium term once we reach our target leverage by our ongoing cash flow generation.

Laura: Second we anticipate net interest expense from the year to be in the low $200 million.

Laurent Mercier: Third, we anticipate the adjusted EPS for FY24 to be in the 28% to 29% range and above, the FY24 EPS, which benefited from a $14 million net discrete tax benefit.

Laurent Mercier: Third, we anticipate the adjusted effective tax rate for FY24 to be in the 28-29% range and above the FY24 effective tax rate which benefited from a $14 million net discrete tax benefit.

Laura: We anticipate adjusted effective tax rate for fiscal 2004 to be in the 28% to 29% range and above the fiscal year 'twenty four effective tax rate, which benefited from a $14 million net discrete tax benefit.

Laurent Mercier: Finally, on share count, we remain committed to reducing your share count toward 800 million, by fiscal year 27. While we have two equity swaps in place to lock in attractive pricing for future share, buybacks, deleveraging towards our targeted levels remains a key priority for our organic cash flow generation. Of course, the eventual divestiture of Vela will provide flexibility for more active share, buyback activity, which will be further amplified in the medium term once we reach our target leverage by our ongoing cash flow generation. We ended fiscal 24 with net debt of approximately $3.6 billion and leverage of 3.3 times down, 0.8 terms from fiscal year 23, all of which excludes our Vela stake valued at approximately, $1.1 billion.

Laurent Mercier: Vincent. Finally, on Cherkant, we remain committed to reducing your Cherkant toward 800 million by fiscal year 27. While we have two equity swaps in place to lock in attractive pricing for future share buybacks, the leveraging towards our targeted levels remains a key priority for our organic cash flow generation. Of course, the eventual digestiture of Vela will provide flexibility for more active share buyback activity, which will be further amplified in the medium term once we reach our target leverage by our ongoing cash flow generation.

Laurent Mercier: Finally, on share count, we remain committed to reducing your share count toward 800 million by fiscal year 2027. While we have two equity swaps in place to lock in attractive pricing for future share buybacks, deleveraging towards our targeted levels remains a key priority for our organic cash flow generation. Of course, the eventual divestiture of Vela will provide flexibility for more active share-buyback activity, which will be further amplified in the medium term once we reach our target leverage by our ongoing cash flow generation.

Laura: Finally on share count, we remain committed to reducing your share count towards 800 medium by fiscal year 2007.

Laurent Mercier: While we have 2 equity swaps in place to lock in attractive pricing for future share buybacks, deleveraging towards our targeted levels remains a key priority for our organic cash flow generation. Of course, the eventual divestiture of Wella will provide flexibility for more active share buyback activity, which will be further amplified in the medium term once we reach our target leverage by our ongoing cash flow generation.

Laura: While we have two equity swaps in place to lock in attractive pricing for future share buybacks deleveraging towards our targeted levels remains a key priority for our organic cash flow generation.

Laura: Of course, the eventual divestiture of Villa will provide flexibility for more active share buyback activity, which will be further amplified in the medium term once we reach our target leverage.

Laura: Ongoing cash flow generation.

Laurent Mercier: We indeed fiscal 24 with net debt over approximately 3.6 billion and leverage of 3.3 times down 0.8 turns from fiscal year 23, all of which exclude our Vela state value that approximately 1.1 billion. In the last four years, since this leadership team has been in place, Coty has reduced our net debt by over 4 billion, fueled by organic cash generation and asset sales. Our fiscal 24 debt reduction included approximately 370 million in free cash flow for the year.

Laurent Mercier: We ended fiscal 24 with net debt of approximately $3.6 billion and leverage of 3.3 times down 0.8 terms from fiscal year 23. All of which excludes our Vela state, valued at approximately 1.1 billion. In the last four years, since this leadership team has been in place, Coty has reduced our net debt by over $4 billion, fueled by organic cash generation and asset, Our fiscal 24 debt reduction included approximately $370 million in free cash flow for the year.

Laurent Mercier: We ended fiscal 2024 with net debt of approximately $3.6 billion and leverage of 3.3x, down 0.8 turns from fiscal year 2023, all of which excludes our Wella stake, valued at approximately $1.1 billion. In the last 4 years, since this leadership team has been in place, Coty has reduced our net debt by over $4 billion, fueled by organic cash generation and asset sales. Our fiscal 2024 debt reduction included approximately $370 million in free cash flow for the year. This was a modest decrease versus the prior year, primarily due to the payment of income taxes for prior years, which totaled nearly $90 million in fiscal 2024... plus an increase in CapEx of over $20 million, primarily related to the company's transition to S/4HANA at the end of the year.

Laura: We ended fiscal 'twenty four with net debt of approximately $3 6 billion and leverage of three three times.

Laura: One 0.8 turns from fiscal year 2003.

Laura: All of which excludes our vela stake valued at approximately $1 1 billion.

Laurent Mercier: In the last four years, since this leadership team has been in place, Coty has reduced our, net debt by over $4 billion, fueled by organic cash generation and asset sales.

Laura: The last four years since this leadership team has been in place Coty has reduced our net debt by over $4 billion fueled by organic cash generation and asset sales.

Laurent Mercier: Our fiscal 24 debt reduction included approximately $370 million in free cash flow for the year. This was a modest decrease versus the prior year, primarily due to the payment of income, taxes for prior years, which totaled nearly $90 million in fiscal 24, plus an increase in capex of over $20 million, primarily related to the company's transition to S4 ANA at the end of the year.

Our fiscal 2000 and for debt reduction included approximately $370 million in free cash flow for the year.

Laurent Mercier: This was the modest decrease versus the prior year, primarily due to the payment of income taxes for prior years, which total nearly 90 million in fiscal 24. Plus an increasing apex of over 20 million, primarily related to the company's transition to S4ANA at the end of the year. Relative to our initial expectations, the fiscal year 24 free cash flow was approximately 30 million lower than expected due to this SAP S4ANA transition.

Laurent Mercier: This was a modest decrease versus the prior year, primarily due to the payment of income taxes for prior years, which totaled nearly $90 million in fiscal 2015, plus an increase in capex of over 20 million primarily related to the company's transition to S4ANA at the end of the year.

Laura: It was a modest decrease versus the prior year, primarily due to the payment of income taxes for prior years, which total nearly $90 million in fiscal 2012.

Laura: An increase in capex of over $20 million, primarily related to the company's transition to S. Four are now.

Laura: At the end of the year.

Laurent Mercier: Relative to our initial expectation. The fiscal year 2004 free cash flow was approximately $30 million lower than expected due to this SAP S4ANA transition. This transition was a major milestone, representing the first major SAP transition across the full company in over a decade. Importantly, with this transition, over 90% of Coty is now running on one single instance of SAP S4 HANA, including commercial, supply chain, finance, and master data core activities.

Laurent Mercier: Relative to our initial expectations, the fiscal year 2024 free cash flow was approximately $30 million lower than expected due to this SAP S/4HANA transition. This transition was a major milestone, representing the first major SAP transition across the full company in over a decade. Importantly, with this transition, over 90% of Coty is now running on one single instance of SAP S/4HANA, including commercial, supply chain, finance, and master data core activities. Importantly, the S/4HANA transition went off without a hitch, and we were up and running in a matter of days, confirming the strength of our planning and execution. Specific to the impact on our free cash flow, while our transition to S/4HANA was planned for some time, it was difficult to quantify in advance how much inventory would be needed as an extra build-up to enable a seamless transition.

Laura: Relative to our initial expectations for fiscal year 'twenty for free cash flow was approximately $40 million lower than expected due to these HCP as.

Laurent Mercier: Relative to our initial expectations, the fiscal year 24 free cash flow was approximately, $30 million lower than expected due to this SAP S4 ANA transition. This transition was a major milestone, representing the first major SAP transition across the, full company in over a decade. Importantly, with this transition, over 90% of Coty is now running on one single instance, of SAP S4 ANA, including commercial, supply chain, finance, and master data core activities.

Laura: As for on that transition.

Laurent Mercier: This transition was a major milestone representing the first major SAP transition across the full company in over a decade. Importantly, with this transition, over 90% of Coty is now running on one single instant of SAP S4ANA, including commercial, supply chain, finance and master data core activities. Importantly, the S4ANA transition went off without a hitch and we were up and running in a matter of days confirming the strengths of our planning and execution.

Laura: This transition was a major milestone representing the first major asap transition across the full company in over a decade.

Laura: Importantly, with this transition over 90% of Coty is now running on one single instance of SAP, <unk> Hana, including commercial supply chain finance and master data core activities.

Laurent Mercier: Importantly, the S4 ANA transition went off without a hitch, and we were up and running, in a matter of days, confirming the strength of our planning and execution. Relative to the impact on our free cash flow, while our transition to S4 ANA was planned, for some time, it was difficult to quantify in advance how much inventory would be needed as an extra buildup to enable a seamless transition.

Laurent Mercier: Importantly, the Esforana transition went off without a hitch and we were up and running in a matter of days, confirming the strength of our planning and execution. Specific to the impact on our free cash flow, while our transition to S4ANA was planned for some time, it was difficult to quantify in advance how much inventory would be needed as an extra build-up to enable a seamless transition.

Laurent Mercier: Importantly, the S/4HANA transition went off without a hitch, and we were up and running in a matter of days, confirming the strength of our planning and execution. Specific to the impact on our free cash flow, while our transition to S/4HANA was planned for some time, it was difficult to quantify in advance how much inventory would be needed as an extra build-up to enable a seamless transition.

Importantly, he has fallen and that transition went off without each and we were up and running in a matter of days confirming the strength of our planning and execution.

Laurent Mercier: Specific to the impact on our free cash flow, while our transition to S4ANA was planned for some time, it was difficult to quantify in advance how much inventory will be needed as an extra buildup to enable a seamless transition. Therefore, the approximately 30 million buffer inventory build required for migration to SAP S4ANA was not included in our free cash flow guidance for fiscal 24. Of course, this inventory impact through reverse in fiscal 25.

Laura: Specific to the impact on our free cash flow, while our transition to westphal on our west plant for some time it was difficult to quantify in advance how much inventory will be needed as an extra buildup to enable a seamless transition.

Laurent Mercier: Therefore, the approximately $30 million buffer inventory build required for a migration to, SAP S4 ANA was not included in our free cash flow guidance for fiscal 24. Of course, this inventory impact should reverse in fiscal 25.

Laurent Mercier: Therefore, the approximately 30 million buffer inventory build required for a migration to SAP S4ANA was not included in our free cash flow guidance for Fiscal 24. Of course, this inventory impact should reverse in fiscal 2021.

Laurent Mercier: Therefore, the approximately $30 million buffer inventory build required for our migration to SAP S/4HANA was not included in our free cash flow guidance for fiscal 2024. Of course, this inventory impact should reverse in fiscal 2025. Therefore, in fiscal 2025, we expect free cash flow to grow strongly to the low to mid $400 million on stronger profit and lower cash tax payments. In support of our profit expansion and our reinvestment in our growth initiatives, we continue to identify and deliver savings in the business. We generated savings of over $115 million in fiscal 2024 and continue to target $75 million of savings in fiscal 2025. And that brings me to our outlook for fiscal 2025. We expect fiscal 2025 like-for-like revenues to grow in line with our medium-term target range of 6% to 8% like-for-like, with outperformance by prestige.

Laura: Therefore, the approximately $50 million buffer inventory build required for our migration to this Aps for Ana was not included in our free cash flow guidance for fiscal 'twenty four.

Laura: Of course, this inventory impact should reverse in fiscal 'twenty five therefore in fiscal 'twenty five we expect free cash flow to grow strongly to the low to mid 400 million on stronger profit and lower cash tax payments.

Laurent Mercier: Therefore, in fiscal 25, we expect free cash flow to grow strongly to the low to meet 400 million on stronger profit and lower cash tax pay. In support of our profit expansion and our investment in our growth initiatives, we continue to identify and deliver savings in the business. We generated savings of over 115 million in fiscal 24 and continue to target 75 million of savings in fiscal 25.

Laurent Mercier: Therefore, in fiscal 25, we expect free cash flow to grow strongly to the low to mid 400 million on stronger profit and lower cash tax pay.

Laurent Mercier: Therefore, in fiscal 25, we expect free cash flow to grow strongly to the low to mid $400, million on stronger profit and lower cash tax pay.

Laurent Mercier: In support of our profit expansion and our reinvestment in our growth initiatives, we, continue to identify and deliver savings in the business. We generated savings of over $115 million in Fiscal 24 and continue to target $75 million, of savings in Fiscal 25.

Laurent Mercier: In support of our profit expansion and our reinvestment in our growth initiatives, we continue to identify and deliver savings in the business. We generated savings of over $115 million in Fiscal 24 and continue to target $75 million of savings in Fiscal 25.

Laura: In support of our profit expansion and our reinvestment in our growth initiatives, we continue to intensify and deliver savings in the business.

Laurent Mercier: We generated savings of over $115 million in fiscal 2024 and continue to target $75 million of savings in fiscal 2025. And that brings me to our outlook for fiscal 2025. We expect fiscal 2025 like-for-like revenues to grow in line with our medium-term target range of 6% to 8% like-for-like, with outperformance by prestige.

Laura: We generated savings of over $115 million in fiscal 2004, and continue to target $75 million of savings in fiscal 'twenty five.

Laurent Mercier: And that brings me to our outlook for fiscal 25. We expect fiscal 25 like for like revenues to grow in line with our medium-term target range of 6 to 8% like for like without performance by prestige. Fiscal 25 reported revenues are expected to include a low single digit headwind from Forex and a 1% scope headwind in the first half from the divest teacher of the lack of license. We target another year of growth margin expansion in fiscal 25.

Laurent Mercier: And that brings me to our outlook for fiscal 25.

Laurent Mercier: And that brings me to our outlook for Fiscal 25. We expect Fiscal 25 like-for-like revenues to grow in line with our medium-term target, range of 6% to 8% like-for-like without performance by prestige. Fiscal 25 reported revenues are expected to include a low single-digit headwind from Forex, and a 1% scope headwind in the first half from the divestiture of the LACOS license.

Laura: And that brings me to our outlook for fiscal 'twenty five.

Laurent Mercier: We expect fiscal 25 like-for-like revenues to grow in line with our medium-term target range of 6 to 8% like-for-like without performance by prestige. Fiscal 25 reported revenues are expected to include a low single-digit headwind from Forex and a 1% scope headwind in the first half from the divestiture of the Lacoste license.

Laura: We expect fiscal 'twenty five like for like revenues to grow in line with our medium term target range of 6% to 8% like for like with outperformance by prestige.

Laurent Mercier: Fiscal 2025 reported revenues are expected to include a low single-digit headwind from Forex, and a 1% scope headwind in the first half from the divestiture of the Lacoste license. We target another year of gross margin expansion in Fiscal 2025. Consistent with our medium-term algorithm, we are targeting 9% to 11% growth in our Fiscal 2025 adjusted EBITDA to $1,186 to $1,208 million, ahead of consensus expectations, which includes the expected headwind from Forex, and the profit headwind in the first half from the divestiture of the Lacoste license. This translates to adjusted EBITDA margin expansion of 10 to 30 basis points in Fiscal 2025 as we continue our steady track record of ongoing margin expansion.

Fiscal 'twenty five reported revenues are expected to include a low single digit headwind from <unk> and a 1% scope headwind in the first half from the divestiture of the <unk> license.

Laurent Mercier: We target another year of gross margin expansion in fiscal 25.

Laurent Mercier: We target another year of growth margin expansion in Fiscal 25. Consistent with our medium-term algorithm, we are targeting 9% to 11% growth in our Fiscal, 25 adjusted EBITDA to $1,186,000,000 to $1,208,000,000 ahead of consensus expectations, which includes the expected headwind from Forex and the profit headwind in the first half from the divestiture of the LACOS license. This translates to adjusted EBITDA margin expansion of 10 to 30 basis points in Fiscal, 25 as we continue our steady track record of ongoing margin expansion.

Laura: Don't yet another year of gross margin expansion in fiscal 'twenty five.

Laurent Mercier: Consistent with our medium-term algorithm, we are targeting 9% to 11% growth in our fiscal 2025 adjusted EBITDA to $1,186,000 to $1,208,000 ahead of consensus expectations, which includes the expected headwind from Forex and the profit headwind in the first half from the divestiture of the LaCoste license. This translates to adjusted EBITDA margin expansion of 10 to 30 basis points in Fiscal 25 as we continue our steady track record of ongoing margin expansion.

Laurent Mercier: Consistent with our medium-term algorithm, we are targeting 9 to 11% growth in our fiscal 25 adjusted a bit to 1 billion 186 to 1 billion 208 million ahead of consensus expectations, which includes the expected headwind from Forex and the profit headwind in the first half from the divest teacher of the lack of license. This translates to adjusted a bit of margin expansion of 10 to 30 basis points in fiscal 25 as we continue our steady track record of ongoing margin expansion.

Laura: Consistent with our medium term algorithm, we are targeting 9% to 11% growth in our fee.

Laura: <unk> 25 adjusted EBITDA.

Laura: <unk> 1 billion, a $186 billion to $1 billion and 208 million ahead of consensus expectations, which includes the expected headwind from Forex and a profit headwind in the first half from the divestiture of the <unk> license.

Laura: This translates to adjusted EBITDA margin expansion of 10 to 30 basis points in fiscal 'twenty five as we continue our steady track record of ongoing margin expansion.

Laurent Mercier: We are estimating total fiscal 25 adjusted EPS, excluding equity swap, of $0.54 to $0.57, implying strong plus 15 to 20% growth year-on-year. This translates to a 19 to 22% CAGR on a two-year basis, which removes the comparison impact of fiscal 24, which includes 2 cents of net discrete tax benefit.

Laurent Mercier: We are estimating total fiscal 25 adjusted dps excluding equity swap of 54 to 57 cents implying strong plus 15 to 20% growth year on year. This translates to 19 to 22% caguer on a two-year basis which removes the comparison impact of fiscal 24 which includes two cents of net discrete tax benefits. We are targeting fiscal year 25 free cash flow in the low to mid-400 million driven by the combination of higher profit and lower cash taxes partially offset by certain cash benefits recognized in fiscal 24 which will not reoccur.

Laurent Mercier: We are estimating total fiscal 2025 adjusted EPS, excluding equity swap, of $0.54 to $0.57, implying strong +15 to 20% growth year-on-year. This translates to a 19 to 22% CAGR on a two-year basis, which removes the comparison impact of fiscal 2024, which includes $0.02 of net discrete tax benefits. We are targeting fiscal year 2025 free cash flow in the low to mid $400 million, driven by the combination of higher profit and lower cash taxes, partially offset by certain cash benefits recognized in fiscal 2024, which will not reoccur.

Laurent Mercier: We are estimating total Fiscal 25 adjusted EPS, excluding equity swap, of $0.54 to $0.57, implying strong plus 15% to 20% growth year-on-year. This translates to a 19% to 22% CAGR on a two-year basis, which removes the comparison, impact of Fiscal 24, which includes $0.02 of net discrete tax benefits.

Laura: We are estimating total fiscal 'twenty five adjusted EPS, excluding equity swap of 54 to 57.

Laura: Implying stronger plus 15% to 20% growth year on year.

Laura: These translate to a 19% to 22% <unk> on a two year basis, which removes a comparison impact of fiscal 2004, which includes <unk> <unk> of net discrete tax benefits we.

Laurent Mercier: We are targeting fiscal year 25 free cash flow in the low to mid 400 million, driven by the combination of higher profit and lower cash taxes, partially offset by certain cash benefits recognized in fiscal 24, which will not reoccur.

Laurent Mercier: We are targeting Fiscal 25 free cash flow in the low to mid $400,000,000 driven by the, combination of higher profit and lower cash taxes, partially offset by certain cash benefits recognized in Fiscal 24, which will not reoccur.

We are targeting fiscal year 'twenty free cash flow in the low to mid $400 million driven by a combination of higher profit and lower cash taxes.

Early offset by certain cash benefits recognized in fiscal 2004, which will not reoccur.

Laurent Mercier: While in the near term, the close management of cash and inventory by retailers is contributing, to some fluctuation in our estimated cash flow in the first half, we expect to end calendar year 24 with leverage close to 2.5 times. And we continue to target further reduction in leverage towards approximately two times, exiting calendar 25.

Laurent Mercier: While in the near term, the closed management of cash and inventory by retailers is contributing to some fluctuation in our estimated cash flow in the first half. We expect to end calendar year 24 with leverage close to 2.5 times. And we continue to target further reduction in leverage towards approximately two times exiting calendar 25.

Laurent Mercier: While, in the near term, the closed management of cash and inventory by retailers is contributing to some fluctuations in our estimated cash flow in the first half, we expect to end calendar year 24 with leverage close to 2.5 times.

Laurent Mercier: While in the near term, the close management of cash and inventory by retailers is contributing to some fluctuation in our estimated cash flow in the first half, we expect to end calendar year 2024 with leverage close to 2.5 times, and we continue to target further reduction in leverage towards approximately 2 times exiting calendar 2025. Let me also share some context on our first quarter and first half fiscal 2025 outlook. While in the short term, we see retailers placing orders with caution, and in Q1, we also face the elevated prior year comparisons related to the strong innovation pipe fill last year, our growth outlook remains strong. Our outlook is supported by the continued solid end demand, geographic expansion of our fiscal 2024 innovations, and a very strong fiscal 2025 innovation calendar.

While in the near term the closed management of cash and inventory by retailers is contributing to some fluctuation in our estimated cash flow in the first half.

Laura: We expect to end calendar year, 'twenty four with leverage close to two five times.

Laurent Mercier: And we continue to target further reduction in leverage towards approximately two times exiting calendar 20.

Laura: And we continue to target further a reduction in leverage towards approximately two times exiting calendar 'twenty five.

Laurent Mercier: Let me also share some context on our first quarter and first half fiscal 25 outlook. While in the short term, we see retailers placing orders with caution and in Q1 we are so faithfully elevated prior your comparisons related to the strong innovation pipe field last year, our growth outlook remains strong. Our outlook is supported by the continued solid end demand, geographic expansion of our fiscal 24 innovations and a very strong fiscal 25 innovation calendar.

Laurent Mercier: Let me also share some context on our first quarter and first half fiscal 25.

Laurent Mercier: Let me also share some context on our first quarter and first half Fiscal 25 outlook.

Laura: Let me also share some context on our first quarter and first half fiscal 'twenty five outlook.

Laurent Mercier: While in the short term we see retailers placing orders with caution, and in Q1 we also face the elevated prior year comparisons related to the strong innovation pipefield last year, our growth outlook remains, Our outlook is supported by the continued solid and demand geographic expansion of our fiscal 24 innovations and a very strong fiscal 25 innovation calendar. We expect Q1 life-or-life sales growth to be around 6%, which contemplates the elevated prior year comparisons when our revenue grew 18% life-or-life.

Laurent Mercier: While in the short term, we see retailers placing orders with caution, and in Q1, we, also face the elevated prior year comparisons related to the strong innovation pipe field last year, our growth outlook remains strong.

Laura: While in the short term, we see retailers, placing orders with caution and in Q1, we also face elevated prior year compare reasons related to the strong innovation by Phil last year, our growth outlook remains strong.

Laurent Mercier: Our outlook is supported by the continued solid end demand, geographic expansion of, our Fiscal 24 innovations, and a very strong Fiscal 25 innovation calendar.

Laura: Our outlook is supported by the continued solid and demand geographic expansion of our fiscal 'twenty for innovation and a very strong fiscal 'twenty five innovation calendar.

Laurent Mercier: We expect Q1 like-for-like sales growth to be around 6%, which contemplates the elevated, prior year comparisons, when our revenue grew 18% like-for-like. At the same time, this Q1 outlook reflects a sequential acceleration from Q4, in line, with our previous guidance, and also implies a strong like-for-like CAGR of approximately 10% versus Fiscal 2022, which removes the supply chain distortion of the last two years, and implies that CAGR trends remain consistent with the last few quarters.

Laurent Mercier: We expect Q1-like-for-like sales growth to be around 6% which contemplates the elevated priorier comparisons when our revenue grew 18%-like-for-like. At the same time, this Q1 outlook reflects a sequential acceleration from Q4 in line with our previous guidance and also implies a strong-like-for-like caguer of approximately 10% versus fiscal 22, which removes the supply chain distortion of the last two years and implies that caguer trends remain consistent with the last few quarters. For the first half of fiscal 25, we anticipate, like-for-life revenue, growth of 6%-to-8% consistent with our full-year outlook.

Laurent Mercier: We expect Q1 like-for-like sales growth to be around 6%, which contemplates the elevated prior year comparisons when our revenue grew 18% like-for-like. At the same time, this Q1 outlook reflects a sequential acceleration from Q4, in line with our previous guidance, and also implies a strong like-for-like CAGR of approximately 10% versus fiscal 2022, which removes the supply chain disruption of the last two years and implies that CAGR trends remain consistent with the last few quarters. For the first half of fiscal 2025, we anticipate like-for-like revenue growth of 6% to 8%, consistent with our full year outlook. For reported revenues, we expect a low single-digit ForEx headwind to revenues and a 1% scope headwind in the first half from the divestiture of the Lacoste license. On the profit side, we expect continued gross margin expansion in the quarter and first half.

Laura: We expect Q1 like for like sales growth to be around 6%, which contemplates the elevated prior year comparisons when our revenue grew 18% like for like.

Laurent Mercier: At the same time, this Q1 outlook reflects a sequential acceleration from Q4, in line with our previous guidance, and also implies a strong like-for-like CAGR of approximately 10% versus fiscal 2022, which removes the supply chain distortion of the last two years and implies that CAGR trends remain consistent with the last few quarters.

Laura: At the same time. These Q1 outlook reflects a sequential acceleration from Q4 in line with our previous guidance and also implies a strong like for like idea of approximately 10% versus fiscal 'twenty, two which removes supply chain disruption of the last two years and implies.

Laura: <unk> trends remain consistent with the last few quarters.

Laurent Mercier: For the first half of fiscal 25, we anticipate like-for-like revenue growth of 6 to 8 percent, consistent with our full-year outlook. For reported revenues, we expect a low single-digit Forex headwind to revenues and a 1% scope headwind in the first half from the divestiture of the Lacoste license.

Laurent Mercier: For the first half of fiscal 2025, we anticipate like-for-like revenue growth of 6% to 8%, consistent with our full year outlook. For reported revenues, we expect a low single-digit ForEx headwind to revenues and a 1% scope headwind in the first half from the divestiture of the Lacoste license. On the profit side, we expect continued gross margin expansion in the quarter and first half.

Laurent Mercier: For the first half of Fiscal 2025, we anticipate like-for-like revenue growth of 6% to 8%, consistent with our full year outlook. For reported revenues, we expect a low single-digit Forex headwind to revenues and a 1% scope, headwind in the first half from the divestiture of the LACOS license.

Laura: For the first half of fiscal 2005, we anticipate like for like revenue growth of 6% to 8% consistent with our full year outlook.

Laurent Mercier: For reported revenues, we expect a low-single digit for right-headwind to revenues and a 1% scope headwind in the first half from the Davies teacher of the Lacos license. On the profit side, we expect continued growth margin expansion in the quarter and first half. We anticipate adjusted a bit of growth of 7-9% in the first half, well ahead of the implied reported revenue growth and slightly above consensus expectations, resulting in adjusted a bit of margin expansion of 10-30 basis points.

Laura: For reported revenues, we expect a low single digit forex headwind to revenues and a 1% scope headwind in the first half from the divestiture of the <unk> license.

Laurent Mercier: On the profit side, we expect continued growth margin expansion in the quarter and first half. We anticipate adjusted EBITDA growth of 7-9% in the first half, well ahead of the implied reported revenue growth and slightly above consensus expectations, resulting in adjusted EBITDA margin expansion of 10-30 basis points.

Laurent Mercier: On the profit side, we expect continued growth margin expansion in the quarter and first half. We anticipate adjusted EBITDA growth of 7% to 9% in the first half, well ahead of the, implied reported revenue growth and slightly above consensus expectations, resulting in adjusted EBITDA margin expansion of 10 to 30 basis points.

Laura: On the profit side, we expect continued gross margin expansion in the quarter and first half.

Laurent Mercier: We anticipate Adjusted EBITDA growth of 7% to 9% in the first half, well ahead of the implied reported revenue growth and slightly above consensus expectations, resulting in Adjusted EBITDA margin expansion of 10 to 30 basis points. With the expected revenue growth in Q1, a little lower than Q2, due to the elevated prior year comparisons, we expect Q1 EBITDA growth and EBITDA margin expansion to also be at the lower end of the range. Looking to the second half, however, with no impact from the Lacoste divestiture and what looks to be a more neutral FX backdrop at current rates, we expect even stronger EBITDA growth, supporting our outlook for 9% to 11% EBITDA growth for the year. Finally, we expect Adjusted EPS in the first half of $0.41 to $0.44, in line with expectations.

Laura: We anticipate adjusted EBITDA growth of 7% to 9% in the first half well ahead of the implied reported revenue growth and slightly above consensus expectations, resulting in adjusted EBITDA margin expansion of 10 to 30 basis points.

Laurent Mercier: With the expected revenue growth in Q1 a little lower than Q2, due to the elevated prior year comparisons, we expect Q1 EBITDA growth and EBITDA margin expansion to also be at the lower end of the range.

Laurent Mercier: With the expected revenue growth in Q1 a little lower than Q2 due to the elevated prior year comparisons, we expect Q1 EBITDA growth and EBITDA margin expansion to also be at the lower end of the range.

Laurent Mercier: With the expected revenue growth in Q1, a little lower than Q2 due to the elevated prior your comparisons, we expect Q1 a bit of growth and a bit of margin expansion to also be at a lower end of the range. Looking to the second half, however, with no impact from the Lacos ed teacher and what looks to be a more neutral forex backdrop at current rates, we expect even stronger a bit of growth, supporting our outlook for 9-11% a bit of growth for the year. Finally, we expect adjusted TDPs in the first half of 41-44 cents in nine with expectations.

Laura: With the expected revenue growth in Q1.

Laura: Little lower than Q2 due to the elevated prior year comparisons, we expect Q1, EBITDA growth and EBITDA margin expansion towards <unk> be at the lower end of the range.

Laurent Mercier: Looking to the second half, however, with no impact from the lack of divestiture and what looks to be a more neutral forex backdrop at current rates, we expect even stronger EBITDA growth, supporting our outlook for 9 to 11% EBITDA growth for the year.

Laurent Mercier: Looking to the second half, however, with no impact from the LACOS divestiture and what looks to be, a more neutral Forex backdrop at current rates, we expect even stronger EBITDA growth, supporting our outlook for 9% to 11% EBITDA growth for the year.

Laura: Looking to the second half however, with no impact from the <unk> divestiture and what looks to be a more neutral forex backdrop at current rates, we expect even stronger EBITDA growth supporting our outlook for 9% to 11% EBITDA growth for the year.

Laurent Mercier: Finally, we expect adjusted EPS in the first half of 41 to 44 cents, in line with expectations.

Laurent Mercier: Finally, we expect adjusted EPS in the first half of $0.41 to $0.44, in line with expectations.

Laura: Finally, we expect adjusted EPS in the <unk>.

Laura: First half of 41 to 44.

Laura: In line with expectations.

Sue Nabi: Let me turn it back to Sue to discuss Koties' competitive advantages and growth outlook. Thank you very much, Laurent.

Sue Nabi: Let me turn it back to Sue to discuss Coty's competitive advantages and growth outcomes.

Unknown Executive: Let me turn it back to Sue to discuss Coty's competitive advantages and growth outlook.

Laurent Mercier: Let me turn it back to Sue to discuss Coty's competitive advantages and growth outlook.

Speaker Change: Let me turn it back to <unk> to discuss <unk> competitive advantages and growth outlook.

Sue Nabi: Thank you very much, Laurent.

Sue Y. Nabi: Thank you very much, Laurent. So in today's complex and fast-paced macro and beauty environment, Coty's competitive advantages should position us to continue to both grow and outperform, regardless of fluctuations in the market. First, we have a balanced portfolio, allowing us to capture demand growth across price points, channels, categories, and markets, further reinforced by our global manufacturing and distribution footprint. Number two, we have an unrivaled fragrance expertise, which we will continue to infuse across our full range of brands. Third, we are reigniting our iconic brands with a robust growth playbook across advocacy, marketing, and fast and agile innovation. And finally, we have significant growth opportunities in front of us as we capture our fair share across many parts of the beauty market where we are currently under indexed. Let me now share more details about our truly differentiated, balanced portfolio and balanced growth model.

Sue Nabi: Thank you very much, Laurent. So in today's complex and fast-paced macro and beauty environment, Coty's competitive advantages should position us to continue to both grow and outperform, regardless of fluctuations in the market. First, we have a balanced portfolio, allowing us to capture demand growth across price points, channels, categories, and markets, further reinforced by our global manufacturing and distribution footprint. Number two, we have an unrivaled fragrance expertise, which we will continue to infuse across our full range of brands.

Speaker Change: Thank you very much go home so in todays complex and five space at macro and beauty environment cookies competitive advantages should position us to continue to both grow and out therefore, regardless of fluctuations in the market.

Sue Nabi: So in today's complex and fast-paced macro and beauty environment, Coty's competitive advantages should position us to continue to both grow and outperform, regardless of fluctuations in the market. First, we have a balanced portfolio, allowing us to capture demand growth across price points, channels, categories, and markets, further reinforced by our global manufacturing and distribution footprint.

Sue Nabi: So, in today's complex and five-spaced macro and beauty environment, Coty's competitive advantages, should position us to continue to both grow and outperform, regardless of fluctuations in the market. First, we have a balanced portfolio, allowing us to capture demand growth across price points, channels, categories, and markets, further reinforced by our global manufacturing and distribution footprint.

Sue Nabi: So in today's complex and five-spaced macro and beauty environment, Koties' competitive advantages should position us to continue to both grow and out, therefore, regardless of fluctuations in the market. First, we have a balanced portfolio, allowing us to capture demand growth across price points, channels, categories, and markets, further reinforced by our global manufacturing and distribution footprint. Number two, we have an arrival fragrance expertise which we will continue to infuse across our full range of brands.

Sue Nabi: Third, we are reigniting our iconic brands with a robust growth playbook across advocacy marketing and fast and agile innovation. And finally, we have significant growth opportunities in front of us as we capture our fair share across many parts of the beauty market where we are currently under index.

Speaker Change: First we have a balanced portfolio, allowing us to capture demand growth across price points channels categories and markets further reinforced by our global manufacturing and distribution footprint number two we have an arrival fragrance expertise, which we will continue to infuse.

Sue Nabi: Number two, we have a rival, Fragrance Expertise, which we will continue to infuse across our full range of brands.

Sue Nabi: Number two, we have unrivaled fragrance expertise, which we will continue to infuse across our full range of brands.

Across our full range of brands third we are reigniting, our iconic brands with a robust growth playbook across advocacy marketing and fast and agile innovation and finally, we have significant growth opportunities in front of us as we capture our fair share.

Sue Nabi: Third, we are reigniting our iconic brands with a robust growth playbook across advocacy marketing and fast and agile innovation.

Sue Nabi: Third, we are reigniting our iconic brands with a robust growth playbook across advocacy, marketing, and fast and agile innovation. And finally, we have significant growth opportunities in front of us as we capture our fair share across many parts of the beauty market where we are currently under indexed. Let me now share more details about our truly differentiated, balanced portfolio and balanced growth model.

Sue Nabi: And finally, we have significant growth opportunities in front of us as we capture our fair share across many parts of the beauty market, where we are currently under index. Let me now share more details about our truly differentiated balanced portfolio and balanced growth model. We are pursuing sustainable and balanced growth. As you can see here, our strong 11% like-for-like growth in fiscal 24 was generated in a very healthy and balanced way.

Sue Nabi: And finally, we have significant growth opportunities in front of us, as we capture our fair share across many parts of the beauty market, where we are currently under index. Let me now share more details about our truly differentiated balanced portfolio and balanced, growth model. We are pursuing sustainable and balanced growth. As you can see here, our strong 11% like-for-like growth in fiscal 24 was generated in a very healthy and balanced way.

Speaker Change: Across many parts of the beauty market, where we are currently under indexed there.

Sue Nabi: Let me now share more details about our truly differentiated balance portfolio and balance growth model. We are pursuing sustainable and balanced growth. As you can see here, our strong 11% like for like growth in fiscal 24 was generated in a very healthy and balanced way. We delivered momentum across our prestige and consumer beauty businesses across each of our regions and also with expansion in volume, price and mix. We also delivered strong growth across channels, Brick and Mortar, which accounts for approximately 80% of our sales grew solidly by approximately 9% and ECM grew at double this rate at approximately 20%.

Speaker Change: Let me now share more details about our truly differentiated balanced portfolio and balanced growth model.

Sue Y. Nabi: We are pursuing sustainable and balanced growth. As you can see here, our strong 11% like-for-like growth in fiscal 2024 was generated in a very healthy and balanced way. We delivered momentum across our prestige and consumer beauty businesses, across each of our regions, and also with expansion in volume, price, and mix. We also delivered strong growth across channels. Brick-and-mortar, which accounts for approximately 80% of our sales, grew solidly by approximately 9%, and e-com grew at double this rate at approximately 20%. Complementing our growth channels are our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly, with approximately 17% like-for-like growth in fiscal 2024.

Sue Nabi: We are pursuing sustainable and balanced growth. As you can see here, our strong 11% like-for-like growth in fiscal 2024 was generated in a very healthy and balanced way. We delivered momentum across our prestige and consumer beauty businesses, across each of our regions, and also with expansion in volume, price, and mix. We also delivered strong growth across channels. Brick-and-mortar, which accounts for approximately 80% of our sales, grew solidly by approximately 9%, and e-com grew at double this rate at approximately 20%. Complementing our growth channels are our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly, with approximately 17% like-for-like growth in fiscal 2024.

Speaker Change: We are pursuing sustainable and balanced growth as you can see here, our strong 11% like for like growth in fiscal 'twenty four was generated in a very healthy and balanced way, we delivered momentum across our prestige and consumer beauty businesses across each of our.

Sue Nabi: We delivered momentum across our prestige and consumer beauty businesses across each of our regions and also with expansion in volume, price and mix. We also delivered strong growth across channels. Brick-and-mortar which accounts for approximately 80% of our sales grew solidly by approximately 9% and e-comm grew at double this rate at approximately 20%.

Sue Nabi: We delivered momentum across our prestige and consumer beauty businesses across each of our regions and also with expansion in volume, price, and mix. We also delivered strong growth across channels. Brick-and-mortar, which accounts for approximately 80% of our sales, grew solidly by approximately 9%, and e-comm grew at double this rate at approximately 20%.

Speaker Change: Our regions and also with expansion in volume price and mix.

Speaker Change: We also delivered strong growth across channels brick and mortar, which accounts for approximately 80% of our sales grew solidly by approximately 9% and E. Com grew at double this rate at approximately 20%.

Sue Nabi: Complementing our growth channels are our growth engine markets which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa and Saudi Arabia. Together these growth engine markets now account for 22% of our sales and are growing rapidly with, approximately 17% like-for-like growth in fiscal 24.

Sue Nabi: Complementing our growth channels, our growth engine markets, which include Brazil, Mexico, the rest of Latin, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, this growth engine markets now accounts for 22% of our sales and are growing rapidly with approximately 17% like for like growth in fiscal 24. Even excluding the contribution from the hyper-implantionary environment in Argentina, our sales in growth engine markets grew 13%. And in addition to this growth engine markets, we also have our rapidly growing travel video channel, which grew 21% like for like in fiscal 24.

Sue Nabi: Complementing our growth channels are our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22 percent of our sales and are growing rapidly, with approximately 17 percent like-for-like growth in Cisco 24. Even excluding the contribution from the hyper-inflationary environment in Argentina, our sales in growth engine markets grew 13%.

Speaker Change: Complementing our growth channels are our growth engine markets, which include Brazil, Mexico, the rest of Latam, India, China, Southeast Asia Africa, and Saudi Arabia together this growth engine markets now accounts for 22% of our sales.

Speaker Change: And are growing rapidly with approximately 17% like for like growth in fiscal 'twenty four.

Sue Y. Nabi: Even excluding the contribution from the hyperinflationary environment in Argentina, our sales in growth engine markets grew 13%. In addition to these growth engine markets, we also have our rapidly growing travel retail channel, which grew 21% like-for-like in fiscal 2024. Our sales in mature markets grew 8% like-for-like. Our broad portfolio, spanning all price points, is also allowing us to capture the diverging growth trends across all consumer income levels. As high-income consumers upgrade to more concentrated and sophisticated beauty, we are capturing this growth with our ultra-premium fragrance collections like Chloé Atelier des Fleurs, niche collections like Infiniment Coty Paris, and ultra-premium skincare with Orveda.

Sue Nabi: Even excluding the contribution from the hyperinflationary environment in Argentina, our sales in growth engine markets grew 13%. In addition to these growth engine markets, we also have our rapidly growing travel retail channel, which grew 21% like-for-like in fiscal 2024. Our sales in mature markets grew 8% like-for-like. Our broad portfolio, spanning all price points, is also allowing us to capture the diverging growth trends across all consumer income levels. As high-income consumers upgrade to more concentrated and sophisticated beauty, we are capturing this growth with our ultra-premium fragrance collections like Chloé Atelier des Fleurs, niche collections like Infiniment Coty Paris, and ultra-premium skincare with Orveda.

Speaker Change: Even excluding the contribution from the hyper inflationary environment in Argentina, our sales in growth engine markets grew 13%.

Sue Nabi: Even excluding the contribution from the hyper-inflationary environment in Argentina, our sales in growth engine markets grew 13% and in addition to this growth engine markets, we also have our rapidly growing travel-related channel which grew 21% like-for-like in fiscal 24.

Speaker Change: In addition to this growth engine markets. We also have our rapidly growing travel retail channel, which grew 21% like for like in fiscal 'twenty for our sales in mature markets grew 8% like for like.

Sue Nabi: And in addition to these growth engine markets, we also have our rapidly growing travel-related channel, which grew 21% like-for-like in Cisco24.

Sue Nabi: Our sales in mature markets grew 8% like-for-like.

Sue Nabi: Our sales in mature markets grew 8% like for like. Our growth portfolio, spanning all price points, is also allowing us to capture the diverging growth trends across all consumer income levels. As high income consumers upgrade to more concentrated and sophisticated beauty, we are capturing this growth with our ultra premium fragrance collections, like Cloyatodie de Fleur, niche collections, like Encinimonco Tipari, and ultra premium skincare with Orvidar. And for lower to middle income consumers who want to indulge in the beauty trends at a more affordable price point, we are of a driving our entry prestige fragrance brands, like Caldingline and Davidov, Ullmas brands like Adidas, and entry prestige skincare like philosophy.

Sue Nabi: Our broad portfolio spanning all price points is also allowing us to capture the diverging growth trends across all consumer income levels.

Sue Nabi: Our broad portfolio spanning all price points is also allowing us to capture the diverging growth, trends across all consumer income levels.

Speaker Change: Our broad portfolio spanning oil price points is also allowing us to capture the diverging growth trends across all consumer income levels as high income consumers upgrades to more concentrated and sophisticated beauty. We are capturing this growth with.

Sue Nabi: As high-income consumers upgrade to more concentrated and sophisticated beauty, we are capturing this growth with our ultra-premium fragrance collections like Chloé Atelier des Fleurs, niche collections like Infiniment Coty Paris, and ultra-premium skincare with Orveda.

Speaker Change: Our ultra premium fragrance collections like clearly attributive.

Speaker Change: Niche collections like asking them, Oncotype, Avi and ultra premium skincare with overdone.

Sue Nabi: And for lower to middle-income consumers who want to indulge in the beauty trends at a more affordable price point, we are overdriving our entry prestige fragrance brands like Calvin Klein and Davidoff, whole mass brands like Adidas and entry prestige skincare like Philosophy.

Sue Nabi: And for lower- to middle-income consumers who want to indulge in the beauty trends at a more affordable price point, we are overdriving our entry-prestige fragrance brands like Calvin Klein and Davidoff, full-mask brands like Adidas, and entry-prestige skincare like Sheila Sophia.

Sue Y. Nabi: For lower to middle-income consumers who want to indulge in the beauty trends at a more affordable price point, we are overdriving our entry prestige fragrance brands like Calvin Klein and Davidoff, full mass brands like Adidas, and entry prestige skincare like Philosophy. Our diverse geographic footprint also limits our exposure to geopolitical risks. First, our revenues are broad-based across markets and regions, and our small presence in China has protected our performance, given the current pressure in the market. At the same time, our global manufacturing base is also an asset. Our plant in China has been designed to produce for local consumption only, and our supplier base is also quite diversified, including a small portion sourced from China.

Sue Nabi: For lower to middle-income consumers who want to indulge in the beauty trends at a more affordable price point, we are overdriving our entry prestige fragrance brands like Calvin Klein and Davidoff, full mass brands like Adidas, and entry prestige skincare like Philosophy. Our diverse geographic footprint also limits our exposure to geopolitical risks. First, our revenues are broad-based across markets and regions, and our small presence in China has protected our performance, given the current pressure in the market. At the same time, our global manufacturing base is also an asset. Our plant in China has been designed to produce for local consumption only, and our supplier base is also quite diversified, including a small portion sourced from China.

Speaker Change: And for lower to middle income consumers, who want to indulge in the beauty trends at the more affordable price point, we are driving our entry prestige fragrance brands like Calvin Klein and Debbie does poorly mass brands like Adidas and entry prestige skincare like philosophy our.

Sue Nabi: Our diverse geographic footprint also limits our exposure to geopolitical risk.

Sue Nabi: Our diverse geographic footprint also limits our exposure to geopolitical risks.

Sue Nabi: Our diverged geographic footprint also limits our exposure to geopolitical risk. First, our revenues are broad-based across markets and regions. And our small presence in China has protected our performance given the current pressure in the market. At the same time, our global manufacturing base is also an asset. Our plant in China has been designed to produce for local consumption only, and our supplier base is also quite diversified, including a small portion sources on China.

A diverse geographic footprint also limits our exposure to geopolitical risks.

Sue Nabi: First, our revenues are broad-based across markets and regions and our small presence in China has protected our performance given the current pressure in the market.

Sue Nabi: First, our revenues are broad-based across markets and regions, and our small presence in China has protected our performance given the current pressure in the market. At the same time, our global manufacturing base is also an asset.

Speaker Change: First our revenues are broad based across markets and regions and our small presence in China has protected our performance given the current pressure in the market at the same time, our global manufacturing days is also an asset our plant in China has been designed to produce for local.

Sue Nabi: At the same time, our global manufacturing base is also an asset.

Sue Nabi: Our plant in China has been designed to produce for local consumption only and our supplier base is also quite diversified, including a small portion sourced from China.

Sue Nabi: Our plant in China has been designed to produce for local consumption only, and our supplier base is also quite diversified, including a small portion sourced from China.

Speaker Change: Consumption not only.

Speaker Change: And our supplier base is also quite diversified including a small portion sources from China.

Sue Nabi: Our second competitive advantage is our unrivaled fragrance expertise, all anchored on our internal development, our understanding of consumers and even more, our ability to create new trends. Over the last several years, we have put in place a best-in-class ecosystem that has enabled us to launch one blockbuster after another while at the same time assuring that each new launch is incremental and lays the foundation for long-standing iconic franchises.

Sue Nabi: Our second competitive advantage is our unrivaled fragrance expertise, all anchored on our internal development, our understanding of consumers, and even more, our ability to create new trends. Over the last several years, we have put in place a best-in-class ecosystem that has enabled us to launch one blockbuster after another, while at the same time assuring that each new launch is incremental and lays the foundation for long-standing, iconic franchises.

Sue Nabi: Our second competitive advantage is our arrival fragrance expertise, all anchored on our internal development, our understanding of consumers, and even more our ability to create new trends. Over the last several years, we have put in place the best in-class ecosystem that has enabled us to launch one blockbuster after another while at the same time, assuring that each new launch is incremental and lays the foundation for long-standing iconic franchises. We have been consistently growing each of our major brands and importantly, the success of our fragrance brands is decoupled from the business dynamics on the fashion side.

Sue Y. Nabi: Our second competitive advantage is our unrivaled fragrance expertise, all anchored on our internal development, our understanding of consumers, and even more, our ability to create new trends. ... Over the last several years, we have put in place a best-in-class ecosystem that has enabled us to launch one blockbuster after another, while at the same time, assuring that each new launch is incremental and lays the foundation for long-standing iconic franchises. We have been consistently growing each of our major brands, and importantly, the success of our fragrance brands is decoupled from the business dynamics on the fashion side. This not only assures that we are able to consistently build out our fragrance business, irrespective of the more pressured luxury market, but also that we can grow, scale the beauty businesses on the brands where the fashion side is relatively small.

Sue Nabi: Our second competitive advantage is our unrivaled fragrance expertise, all anchored on our internal development, our understanding of consumers, and even more, our ability to create new trends. ... Over the last several years, we have put in place a best-in-class ecosystem that has enabled us to launch one blockbuster after another, while at the same time, assuring that each new launch is incremental and lays the foundation for long-standing iconic franchises.

Speaker Change: Our second competitive advantage is our unrivaled fragrance expertise.

Speaker Change: All anchored on our internal development, our understanding of consumers and even more our ability to create new trends over the last several years, we have put in place a best in class ecosystem that has enabled us to launch one blockbuster after another.

At the same time assuring that each new launch is incremental and lays the foundation for long standing iconic franchises, we have been consistently growing each of our major brands and importantly, the success of our fragrance brands is decoupled from the business down.

Sue Nabi: We have been consistently growing each of our major brands, and importantly, the success, of our fragrance brands is decoupled from the business dynamics on the fashion side. This not only assures that we are able to consistently build out our fragrance business, irrespective of the more pressured luxury market, but also that we can grow scaled beauty businesses on the brands where the fashion side is relatively small.

Sue Nabi: This not only assures that we are able to consistently build out our fragrance business irrespective of the more pressured luxury market but also that we can grow scaled beauty businesses on the brands where the fashion side is relatively small. This is a key region where we are excited about the size of the opportunity for our recently signed and new luxury licenses and other discussions underway.

Sue Nabi: We have been consistently growing each of our major brands and importantly the success of our fragrance brands is decoupled from the business dynamics on the fashion side.

Sue Nabi: We have been consistently growing each of our major brands, and importantly, the success of our fragrance brands is decoupled from the business dynamics on the fashion side. This not only assures that we are able to consistently build out our fragrance business, irrespective of the more pressured luxury market, but also that we can grow, scale the beauty businesses on the brands where the fashion side is relatively small.

Speaker Change: That mix on the fashion side, there's not only assures that we are able to consistently build out our fragrance business irrespective of the more pressure luxury market, but to us. So that we can grow scaled beauty businesses under brands, where the fashion side is relatively small.

Sue Nabi: This not only assures that we are able to consistently build out our fragrance business, irrespective of the more pressured luxury market, but also that we can grow scaled beauty businesses on the brands where the fashion side is relatively small.

Sue Nabi: This is a key region where we are excited about the size of the opportunity for our, recently signed new luxury licenses and other discussions underway.

Sue Nabi: This is a key region where we are excited about the size of the opportunity for our recently signed new luxury licenses and other discussions underway.

Sue Y. Nabi: This is a key reason why we are excited about the size of the opportunity for our recently signed new luxury licenses and other discussions underway. At the start of the year, we launched Burberry Goddess, the biggest female fragrance launch for the industry in fiscal 2024. Burberry Goddess ranked as the number one of top three female fragrance launches across all major markets in North America and Europe. And with its recent launch in the Middle East, it is performing exceptionally well in that region as well. Goddess is a perfect example of Coty spearheading an industry trend, in this case, an exclusive quality vanilla-based fragrance, which has now rippled into many more vanilla-based fragrance launches, first across Coty, including recent mega hits like the Ambery Vanilla Cosmic Kylie Jenner, and then also across the broader industry.

Sue Nabi: This is a key reason why we are excited about the size of the opportunity for our recently signed new luxury licenses and other discussions underway. At the start of the year, we launched Burberry Goddess, the biggest female fragrance launch for the industry in fiscal 2024. Burberry Goddess ranked as the number one of top three female fragrance launches across all major markets in North America and Europe. And with its recent launch in the Middle East, it is performing exceptionally well in that region as well. Goddess is a perfect example of Coty spearheading an industry trend, in this case, an exclusive quality vanilla-based fragrance, which has now rippled into many more vanilla-based fragrance launches, first across Coty, including recent mega hits like the Ambery Vanilla Cosmic Kylie Jenner, and then also across the broader industry.

Speaker Change: This is a key reason why we are excited about the size of the opportunity for our recently signed a new luxury licenses and other discussions underway.

Sue Nabi: At the start of the year, we launched Bugery Goddess, the biggest female fragrance launch for the industry in fiscal 24. Bugery Goddess ranked as the number one of top three female fragrance launch across all major markets in North America, and Europe. And with its recent launch in the Middle East, it is performing exceptionally well in that region as well. Goddess is a perfect example of Coty spearheading and industry trend in this case, an exclusive quality vanilla based fragrance, which has now repelled into many more vanilla based fragrance launchers first across Coty, including recent mega hits like the Amberi Vanilla Cosmic Kylie Jenner.

Sue Nabi: At the start of the year, we launched Burberry Goddess, the biggest female fragrance launch for the industry in Cisco 24. Burberry Goddess ranked as the number one of top three female fragrance launch across all major markets in North America and Europe. And with its recent launch in the Middle East, it is performing exceptionally well in that region as well.

Sue Nabi: At the start of the year, we launched Burberry Goddess, the biggest female fragrance launch, for the industry in fiscal 24. Burberry Goddess ranked as the number one of top three female fragrance launch across, all major markets in North America and Europe. And with its recent launch in the Middle East, it is performing exceptionally well in that, region as well.

At the start of the year, we launched <unk> Beggary got this the biggest sea mass fragrance launch for the industry in fiscal 'twenty four.

Sue Nabi: And then also across the broader industry. Importantly, the strength of goddess and the halo, it is providing to the broader Bugery fragrance portfolio, including the hero and her franchises has propelled the overall Bugery fragrance brand rankings to increase by four to 11 ranks across the major markets.

Speaker Change: They're very good is ranked as the number one or top three key mass fragrance launch across all major markets in North America and Europe.

Speaker Change: And with its recent launch in the Middle East It is performing exceptionally well in that region as well.

Sue Nabi: Goddess is a perfect example of Coty spearheading an industry trend, in this case, an exclusive, quality vanilla-based fragrance, which has now rippled into many more vanilla-based fragrance launches, first across Coty, including recent mega-hits like the Ambery Vanilla Cosmic Kylie, Jenner, and then also across the broader industry.

Sue Nabi: Goddess is a perfect example of Coty spearheading an industry trend, in this case an exclusive quality vanilla-based fragrance, which has now rippled into many more vanilla-based fragrance launches first across Coty, including recent mega-hits like the Ambery Vanilla Cosmic Kylie Jenner, and then also across the broader industry.

Speaker Change: Good. This is a perfect example of Coty spearheading an industry trend in this case, an exclusive quantity vanilla base to fragrance, which has now rebuilt into many more vanilla base fragrance launches first across <unk>, including recent Mega hits like the ambarella vanilla cosmic <unk>.

Speaker Change: <unk> and then also across the broader industry.

Sue Nabi: Importantly, the strength of Goddess and the halo it is providing to the broader Burberry, fragrance portfolio, including the Halo and Her franchises, has propelled the overall, Burberry fragrance brand rankings to increase by four to 11 ranks across the major markets.

Sue Y. Nabi: Importantly, the strength of Goddess and the halo it is providing to the broader Burberry fragrance portfolio, including the Hero and Her franchises, has propelled the overall Burberry fragrance brand rankings to increase by 4 to 11 ranks across the major markets. In the second half of the year, we followed the success of Goddess with two key launches. Marc Jacobs Daisy Wild now ranks as the number one female fragrance launch in the US in value, building on the iconic Daisy franchise. Daisy Wild has resonated with consumers through its craveable packaging and its exclusive gourmand juice, which is another trend spearheaded by Coty, first with our exclusive quality vanilla-based scents, and then with the banana flower scent at the heart of Daisy Wild. At the same time, the first ever Kylie fragrance, Cosmic Kylie Jenner, is also performing exceptionally well.

Sue Nabi: Importantly, the strength of Goddess and the halo it is providing to the broader Burberry fragrance portfolio, including the Hero and Her franchises, has propelled the overall Burberry fragrance brand rankings to increase by 4 to 11 ranks across the major markets. In the second half of the year, we followed the success of Goddess with two key launches. Marc Jacobs Daisy Wild now ranks as the number one female fragrance launch in the US in value, building on the iconic Daisy franchise.

Speaker Change: <unk> the strength of goodness in the Halo it is providing to the broader burberry fragrance portfolio, including the hero and her franchises has propelled the overall Burger and fragrance brand rankings to increase by four to 11 ranks across the major markets.

Sue Nabi: In the second half of the year, we followed the success of goddess with two key launches. Mar Jacobs, Daisy Wilde, now ranks as the number one female fragrance launch in the US in value, building on the iconic Daisy franchise. Daisy Wilde has resonated with consumers through its craveable packaging and its exclusive gourmand juice, which is another trend spearheaded by Coty, first with our exclusive quality vanilla based sense, and then with the banana flower scent at the heart of Daisy Wilde.

Sue Nabi: In the second half of the year, we followed the success of Godess with two key launches.

Sue Nabi: In the second half of the year, we followed the success of Goddess with two key launches.

In the second half of the year, we followed the success of goodness with two key launches Marc Jacobs Daisy while now ranks as the number one.

Sue Nabi: Marc Jacobs' Daisy Wild now ranks as the number one female fragrance launch in the U.S. in value, building on the iconic Daisy franchise.

Sue Nabi: Marc Jacobs Daisy Wild now ranks as the number one female fragrance launch in the U.S. in, building on the iconic Daisy franchise.

Speaker Change: Fragrance launch in the U S in value building on the iconic Daisy franchise <unk>.

Sue Nabi: Daisy Wild has resonated with consumers through its craveable packaging and its exclusive gourmand juice, which is another trend spearheaded by Coty, first with our exclusive quality vanilla-based scents, and then with the banana flower scent at the heart of Daisy Wild.

Sue Nabi: Daisy Wild has resonated with consumers through its craveable packaging and its exclusive, gourmand juice, which is another trend spearheaded by Coty, first with our exclusive quality vanilla-based scents, and then with the banana flower scent at the heart of Daisy Wild.

Speaker Change: <unk> has resonated with consumers through its craveable packaging and its exclusive gouvernement juice, which is another trend spearheaded by Coty first with our exclusive quality Vanilla basic science, and then with the bananas, our sand at the heart of Digi Wild.

Sue Nabi: At the same time, the first ever Kylie fragrance, Cosmic Kylie Jenner is also performing exceptionally well in the US, Cosmic Kylie Jenner with its Amberi Vanilla juice has become the number four female fragrance launch by value and the number one launch by volume. Similarly, in the UK, where the fragrance launched only recently through select retailer exclusivities, Cosmic Kylie Jenner has just become the number two female fragrance launch by value and the number one launch by volume.

Sue Nabi: At the same time, the first ever Kylie fragrance, Cosmic Kylie Jenner, is also performing exceptionally well. In the U.S., Cosmic Kylie Jenner, with its Ambery Vanilla Juice, has become the number four female fragrance launch by value and the number one launch by volume. Similarly, in the UK, where the fragrance launched only recently through select retailer exclusivities, Cosmic Kylie Jenner has just become the number two female fragrance launch by value and the number one launch by volume.

Sue Nabi: At the same time, the first-ever Kylie fragrance, Cosmic Kylie Jenner, is also performing exceptionally, well.

Kylie Jenner: At the same time, the first ever KD fragrance cosmic Kylie Jenner is also performing exceptionally well in the U S. Cosmic agenda with its I'm very vanilla juice has become the number four female fragrance launched by value and the number one launch by volume.

Sue Y. Nabi: In the US, Cosmic Kylie Jenner, with its amber vanilla juice, has become the number 4 female fragrance launch by value and the number 1 launch by volume. Similarly, in the UK, where the fragrance launched only recently through select retailer exclusivities, Cosmic Kylie Jenner has just become the number 2 female fragrance launch by value and the number 1 launch by volume. While we will continue to support these key fiscal 2024 launches in the coming year, we have an equally exciting launch plan for fiscal 2025. In the last couple of months, we have launched Gucci Flora Gorgeous Orchid, the fourth fragrance under the Gucci Flora collection. The launch of this exclusive quality vanilla-based fragrance is off to a fantastic start, already becoming the number 1 female fragrance at Sephora worldwide, which is an unprecedented accomplishment.

Sue Nabi: In the US, Cosmic Kylie Jenner, with its amber vanilla juice, has become the number 4 female fragrance launch by value and the number 1 launch by volume. Similarly, in the UK, where the fragrance launched only recently through select retailer exclusivities, Cosmic Kylie Jenner has just become the number 2 female fragrance launch by value and the number 1 launch by volume. While we will continue to support these key fiscal 2024 launches in the coming year, we have an equally exciting launch plan for fiscal 2025. In the last couple of months, we have launched Gucci Flora Gorgeous Orchid, the fourth fragrance under the Gucci Flora collection. The launch of this exclusive quality vanilla-based fragrance is off to a fantastic start, already becoming the number 1 female fragrance at Sephora worldwide, which is an unprecedented accomplishment.

Sue Nabi: In the U.S., Cosmic Kylie Jenner, with its Ambery Vanilla juice, has become the number, four female fragrance launch by value and the number one launch by volume. Similarly, in the U.K., where the fragrance launched only recently through select retailer, exclusivities, Cosmic Kylie Jenner has just become the number two female fragrance launch by value and the number one launch by volume.

Kylie Jenner: Similarly in the UK, where the fragrance launched only recently through select retailer exclusivity cosmic Kylie Jenner has just become the number two female fragrance launch by value and the number one launch by volume.

Sue Nabi: While we will continue to support this key fiscal 24 launches in the coming year, we have an equally exciting launch plans for fiscal 25. In the last couple of months, we have launched Gucci Flora gorgeous orchid, the fourth fragrance under the Gucci Flora collection. The launch of this exclusive, quality vanilla-based fragrance is off to a fantastic start already becoming the number one CNL fragrance at Sephora Worldwide which is an unprecedented accomplishment.

Sue Nabi: While we will continue to support these key Fiscal 24 launches in the coming year, we have an equally exciting launch plan for Fiscal 25.

Speaker Change: While we will continue to support this key fiscal 'twenty four launches in the coming year, we have an equally exciting launch plans for fiscal 'twenty five in the last couple of months as we have long said Gucci flora gorgeous orchid, the fourth fragrance under the Gucci for a collection.

Sue Nabi: While we will continue to support these key Fiscal 24 launches in the coming year, we, have an equally exciting launch plan for Fiscal 25.

Sue Nabi: In the last couple of months, we have launched Gucci Flora Gorgeous Orchid, the fourth fragrance, The launch of this exclusive quality vanilla-based fragrance is off to a fantastic start, already becoming the number one female fragrance at Sephora worldwide, which is an unprecedented accomplishment.

Sue Nabi: In the last couple of months, we have launched Gucci Flora Gorgeous Orchid, the fourth fragrance under the Gucci Flora collection. The launch of this exclusive quality vanilla-based fragrance is off to a fantastic start, already becoming the number one female fragrance at Sephora worldwide, which is an unprecedented accomplishment.

Speaker Change: The launch of this exclusive quality vanilla basis fragrance is off to a fantastic start already becoming the number one CNET fragrance at say far worldwide, which is an unprecedented accomplishment.

Sue Nabi: Finally, we are leveraging our best-in-class fragrance expertise and our position as the, global leader in mass fragrances to launch a game-changing fragrance collection under, Adidas.

Sue Nabi: Finally, we are leveraging our best in-class fragrance expertise and our position as the global leader in mass fragrances to launch a game-changing fragrance collection under Adidas. Adidas Vibes which is coming to the market soon is the first mass fragrance line designed and scientifically proven to enhance one's mood once again highlighting cuties leading fragrance are indeed. And in fact, the vice collection of six fragrances includes two different interpretations of vanilla sense again. This will be a major step in our ambition to accelerate our mass fragrance business further diversifying and strengthening the margins of our consumer beauty business.

Sue Nabi: Finally, we are leveraging our best-in-class fragrance expertise and our position as the global leader in mass fragrances to launch a game-changing fragrance collection under Adidas.

Sue Y. Nabi: Finally, we are leveraging our best-in-class fragrance expertise and our position as the global leader in mass fragrances to launch a game-changing fragrance collection under Adidas. Adidas Vibes, which is coming to the market soon, is the first mass fragrance line designed and scientifically proven to enhance one's mood, once again highlighting Coty's leading fragrance R&D. And in fact, the Vibes collection of six fragrances includes two different interpretations of vanilla scents again. This will be a major step in our ambition to accelerate our mass fragrance business, further diversifying and strengthening the margins of our consumer beauty business. Our third competitive advantage is our portfolio of iconic brands, particularly in consumer beauty, which are accelerating through a proven growth playbook.

Sue Nabi: Finally, we are leveraging our best-in-class fragrance expertise and our position as the global leader in mass fragrances to launch a game-changing fragrance collection under Adidas. Adidas Vibes, which is coming to the market soon, is the first mass fragrance line designed and scientifically proven to enhance one's mood, once again highlighting Coty's leading fragrance R&D. And in fact, the Vibes collection of six fragrances includes two different interpretations of vanilla scents again. This will be a major step in our ambition to accelerate our mass fragrance business, further diversifying and strengthening the margins of our consumer beauty business. Our third competitive advantage is our portfolio of iconic brands, particularly in consumer beauty, which are accelerating through a proven growth playbook.

Speaker Change: Finally, we are leveraging our best in class fragment expertise and our position as the global leader in mass fragrances to launch a game changing fragrance collection under Adidas, Adidas Vibes, which is coming to the market. Soon is the first mass fragrance line design.

Sue Nabi: Adidas Vibes, which is coming to the market soon, is the first mass fragrance line designed, and scientifically proven to enhance one's mood, once again highlighting Coty's leading fragrance R&D.

Sue Nabi: Adidas Vibes, which is coming to the market soon, is the first mass fragrance line designed and scientifically proven to enhance one's mood, once again highlighting Coty's leading fragrance R&D. And in fact, the Vibes collection of six fragrances includes two different interpretations of vanilla scents again.

Speaker Change: <unk> and scientifically proven to enhance one smooth once again, highlighting cookies, leading fragrance R&D and in fact device collection of fragrances includes two different interpretations of the Nida sense again, this will be a major step in our ambition to.

Sue Nabi: And in fact, the Vibes collection of six fragrances includes two different interpretations of, vanilla scents again.

Sue Nabi: This will be a major step in our ambition to accelerate our mass fragrance business, further diversifying and strengthening the margins of our consumer beauty business.

Speaker Change: Accelerate our mass fragrance business further diversifying and strengthening the margins of our consumer beauty business.

Sue Nabi: Our third competitive advantage is our portfolio of iconic brands, particularly in consumer beauty, which are accelerating through a proven growth playbook. These brands have also closed the penetration gap with Gen Z consumers while at the same time staying strong with the significant base of millennials and Gen Z consumers in contrast to other insurgent beauty brands. The first phase of our consumer beauty acceleration plan has been step changing our social media influencer and organic advocacy marketing.

Sue Nabi: Our third competitive advantage is our portfolio of iconic brands, particularly in consumer beauty, which are accelerating through a proven growth playbook. These brands have also closed the penetration gap with Gen Z consumers while at the same time staying strong with the significant base of millennials and Gen X consumers in contrast to other insurgent beauty brands.

Speaker Change: Our third competitive advantage is our portfolio of iconic brands, particularly in consumer beauty.

Sue Nabi: Our third competitive advantage is our portfolio of iconic brands, particularly in consumer, beauty, which are accelerating through a proven growth playbook. These brands have also closed the penetration gap with Gen Z consumers, while at the same, time staying strong with the significant base of millennials and Gen X consumers, in contrast to other insurgent beauty brands.

Speaker Change: Which are accelerating through our proven growth playbook. These brands have also close the penetration gap with Gen Z consumers while at the same time staying strong with the significant base of millennials and Gen X consumers in contrast to other insurgent beauty brands.

Sue Y. Nabi: These brands have also closed the penetration gap with Gen Z consumers, while at the same time staying strong with the significant base of millennials and Gen X consumers, in contrast to other insurgent beauty brands. The first phase of our consumer beauty acceleration plan has been step changing our social media influencer and organic advocacy marketing. Our advocacy marketing is multifaceted and multi-tiered, including product mailers to micro and nano influencers, paid influencers partnerships, brand-sponsored events, and of course, our dedicated influencer studios, which have proven to be a point of differentiation for Coty. You can see the great results on this slide. Rimmel's Earned Media Value is now 4 times higher than last year, with the fastest growing amount its peer set brand and the EMV rank rising to number 4....

Sue Nabi: These brands have also closed the penetration gap with Gen Z consumers, while at the same time staying strong with the significant base of millennials and Gen X consumers, in contrast to other insurgent beauty brands. The first phase of our consumer beauty acceleration plan has been step changing our social media influencer and organic advocacy marketing. Our advocacy marketing is multifaceted and multi-tiered, including product mailers to micro and nano influencers, paid influencers partnerships, brand-sponsored events, and of course, our dedicated influencer studios, which have proven to be a point of differentiation for Coty. You can see the great results on this slide. Rimmel's Earned Media Value is now 4 times higher than last year, with the fastest growing amount its peer set brand and the EMV rank rising to number 4....

Sue Nabi: The first phase of our Consumer Beauty Acceleration Plan has been step-changing our social media, influencer, and organic advocacy marketing. Our advocacy marketing is multi-faceted and multi-tiered, including product mailers to micro and nano influencers, paid influencers partnerships, brand sponsored events, and of course, our dedicated influencer studios, which have proven to be a point of differentiation for Coty.

Sue Nabi: The first phase of our consumer beauty acceleration plan has been step-changing our social media, influencer and organic advocacy marketing. Our advocacy marketing is multifaceted and multi-tiered, including product mailers to, micro and nano influencers, paid influencers partnerships, brand sponsored events, and of course, our dedicated influencer studios, which have proven to be a point of differentiation for Coty.

Speaker Change: The first phase of our consumer beauty acceleration plan has been step changing our social media influencer and organic advocacy marketing.

Sue Nabi: Our advocacy marketing is multifaceted and multi tiered, including product mailers to micro and nano insurgents, paid influencers partnerships, brand sponsored events, and of course, our dedicated influencer studios which have proven to be a point of differentiation for CoT. You can see the great results on this slide. Remails earned media value is now four times higher than last year with the fastest growing a month, its peer set brand and the EMV rank rising to number four.

Our advocacy marketing is multi faceted and multi tiered including product mailers to micro annoying. So answers paid influencers partnerships brand sponsored events and of course, our dedicated influenza studios, which have proven to be a point of differentiation for coty.

Sue Nabi: You can see the great results on this slide.

Speaker Change: You can see the great results on this slide.

Sue Nabi: Remail's earned media value is now four times higher than last year with the fastest growing amount its peers set brand and the EMV rank rising to number four.

Sue Nabi: Remail's earned media value is now four times higher than last year, with the fastest growing, amount its peers said brand, and the EMV rank rising to number four.

Speaker Change: <unk> earned media value is now four times higher than last year with the fastest growing amongst its peer set brand.

Speaker Change: The <unk> rank rising to number four.

Sue Nabi: The combination of the social media momentum and emails leading innovations, including three Seeker extreme mascara and better than filters, new foundation, huge strong email results globally as the brand consistently grew global market share over the past six months. Similarly, color girls earned media value is now six times higher than last year with the fastest growth among its peer set brand and the brand's EMV rank rising to number five. This momentum in social media advocacy coupled with color girls disrupted innovation, including simply ageless skin perfector essence and outlast lip stain had driven color girl to outperform the omnichannel US mask cosmetics market in the past quarter.

Sue Nabi: The combination of this social media momentum and Remail's leading innovations, including Thrillseeker Extreme Mascara and Better Than Filters new foundation, fueled strong Remail results globally as the brand consistently grew global market share over the past six months.

Sue Y. Nabi: The combination of this social media momentum and Rimmel's leading innovations, including Thrill Seeker Extreme Mascara and Better Than Filters new foundation, fueled strong Rimmel results globally as the brand consistently grew global market share over the past six months. Similarly, CoverGirl's earned media value is now six times higher than last year, with the fastest growth among its peer set brand, and the brand's EMV rank rising to number 5. This momentum in social media advocacy, coupled with CoverGirl's disruptive innovation, including Simply Ageless Skin Perfector Essence and Outlast Lip Stain, have driven CoverGirl to outperform the omni-channel US mass cosmetics market in the past quarter. As we look to fiscal 25, we plan to leverage the key learnings on our social media advocacy activations behind these two brands to fuel the broader portfolio, including mass fragrances.

Sue Nabi: The combination of this social media momentum and Rimmel's leading innovations, including Thrill Seeker Extreme Mascara and Better Than Filters new foundation, fueled strong Rimmel results globally as the brand consistently grew global market share over the past six months. Similarly, CoverGirl's earned media value is now six times higher than last year, with the fastest growth among its peer set brand, and the brand's EMV rank rising to number 5. This momentum in social media advocacy, coupled with CoverGirl's disruptive innovation, including Simply Ageless Skin Perfector Essence and Outlast Lip Stain, have driven CoverGirl to outperform the omni-channel US mass cosmetics market in the past quarter. As we look to fiscal 25, we plan to leverage the key learnings on our social media advocacy activations behind these two brands to fuel the broader portfolio, including mass fragrances.

Sue Nabi: The combination of this social media momentum and Remail's leading innovations, including, Thrill Seeker Extreme Mascara and Better Than Filters new foundation, fueled strong Remail results globally as the brand consistently grew global market share over the past six months.

Speaker Change: The combination of the social media momentum and reamers, leading innovations, including three CCAR extreme mascara and better than features New foundation fueled strong renal results globally as the brand consistently grew global market share over the past six months.

Speaker Change: Yes.

Sue Nabi: Similarly, CoverGirl's earned media value is now six times higher than last year, with, the fastest growth among its peers said brand, and the brand's EMV rank rising to number five.

Sue Nabi: Similarly, COVERGIRL's earned media value is now 6 times higher than last year, with the fastest growth among its peers said brand, and the brand's EMV rank rising to number 5.

Speaker Change: Similarly cutoff Gals earned media value is now six times higher than last year with the fastest growth among its peer set brand and the brands <unk> ranked rising to number five this momentum in social media advocacy, coupled with Gogo girls disruptive innovation.

Sue Nabi: This momentum in social media advocacy, coupled with CoverGirl's disruptive innovation, including Simply Ageless Skin Perfector Essence and Outlast Lip Stain, have driven CoverGirl to outperform the omnichannel US mask cosmetics market in the past quarter.

Sue Nabi: This momentum in social media advocacy, coupled with COVERGIRL's disruptive innovation, including Simply Ageless Skin Perfector Essence and Outlast Lip Stain, have driven COVERGIRL to outperform the omni-channel U.S. mask cosmetics market in the past quarter.

Speaker Change: Including <unk> skin protector essence, and outlasted stain have driven Qatar gas to outperform the Omnichannel U S mass cosmetics market in the past quarter as.

Sue Nabi: As we look to fiscal 25, we plan to leverage the key learnings on our social media advocacy activations behind these two brands to view the broader portfolio, including mass fragrance. The next phase of our growth playbook is launching an agile innovation model in consumer beauty. In the past month we formed a multi-functional standalone organization within Coty whose mission is to supplement our core consumer beauty R&D and commercialization processes with agile innovation model flywheel.

Sue Nabi: As we look to Fiscal 25, we plan to leverage the key learnings on our social media advocacy activations behind these two brands to fuel the broader portfolio, including mass fragrance.

Sue Nabi: As we look to Fiscal 25, we plan to leverage the key learnings on our social media advocacy, activations behind these two brands to fuel the broader portfolio, including mask fragrance.

Speaker Change: As we look to fiscal 'twenty five we plan to leverage the key learnings on our social media advocacy activations behind these two brands to fuel the broader portfolio, including mass fragrances.

Sue Nabi: The team will be ceasing up on beauty trends real time or creating beauty trends and bringing them to market under our various brands in a matter of months. Effectively, the team will function like a startup within the broader Coty machine, positioning Coty as the more agile of the beauty giants. In fact, we've already begun bringing new launchers to market under this model and across our categories, including email through Seeker Mascara, Sarianson, NELS trips, and the Shonsondo collection.

Sue Y. Nabi: The next phase of our growth playbook is launching an agile innovation model in consumer beauty. In the past months, we formed a multifunctional standalone organization within Coty, whose mission is to supplement our core consumer beauty, R&D, and commercialization processes with agile innovation models flywheel. The team will be seizing upon beauty trends real time or creating beauty trends and bringing them to market under our various brands in a matter of months. Effectively, the team will function like a start-up within the broader Coty machine, positioning Coty as the more agile of the beauty giants. In fact, we've already begun bringing new launches to market under this model and across our categories, including Rimmel Thrill Seeker Mascara, Sally Hansen Nail Strips, and the Chanson d'Eau collection of mass fragrances.

Sue Nabi: The next phase of our growth playbook is launching an agile innovation model in consumer beauty. In the past months, we formed a multifunctional standalone organization within Coty, whose mission is to supplement our core consumer beauty, R&D, and commercialization processes with agile innovation models flywheel. The team will be seizing upon beauty trends real time or creating beauty trends and bringing them to market under our various brands in a matter of months. Effectively, the team will function like a start-up within the broader Coty machine, positioning Coty as the more agile of the beauty giants. In fact, we've already begun bringing new launches to market under this model and across our categories, including Rimmel Thrill Seeker Mascara, Sally Hansen Nail Strips, and the Chanson d'Eau collection of mass fragrances.

Speaker Change: The next phase of our growth playbook is launching an agile innovation model in consumer beauty in the past month as we formed a multi functional standalone organization within Coty, whose mission is to supplement our core consumer beauty R&D and commercialization processes.

Sue Nabi: The team will be seizing upon beauty trends real-time or creating beauty trends and bringing them to market under our various brands in a matter of months.

Speaker Change: With agile innovation model flywheel the team, we'll be seizing up on beauty trends real time, while creating beauty trends and bringing them to market under our various brands in a matter of months is effectively the team will function like a startup within the broader 30 machine positioning coty as.

Sue Nabi: The team will be seizing upon beauty trends real-time or creating beauty trends and bringing, them to market under our various brands in a matter of months. Effectively, the team will function like a startup within the broader Coty machine, positioning, Coty as the more agile of the beauty giants.

Sue Nabi: Effectively, the team will function like a startup within the broader Coty machine, positioning Coty as the more agile of the beauty giants.

Speaker Change: More agile the beauty Giants in fact, we've already begun bringing new launches to market under this model and across our categories, including remote thrill seeker Mascara, Sally Hansen nail strips and the shots on the collection of mass fragrances with.

Sue Nabi: In fact, we've already begun bringing new launches to market under this model and across, our categories, including Rimmel Thrill Seeker Mascara, Sally Hansen Nail Strips, and the, Chanson D'Eau collection of mask fragrances.

Sue Nabi: In fact, we've already begun bringing new launches to market under this model and across our categories, including Rimmel Thrillseeker Mascara, Sally Hansen Nail Strips, and the Chanson D'Eau collection of mask fragrances.

Sue Nabi: So, we're going to start with a new set up of mass fragrances. With a new set up, our goal is to double consumer beauty innovation contribution in the next couple of years, including a big step up in innovation already this year.

Sue Nabi: With the new setup, our goal is to double consumer beauty innovation contribution in the next couple of years, including a big step up in innovation already this year.

Sue Y. Nabi: With the new setup, our goal is to double consumer beauty innovation contribution in the next couple of years, including a big step-up in innovation already this year. Our final competitive advantage is the immense number of growth opportunities still in front of us, and a portfolio of brands, regions, channels, and divisions which allow us to be as de-risked as possible. These channel, category, and market opportunities have been key areas of growth for us already and will continue to be major growth drivers for us in the coming years, supporting our targets to continue to outperform the global beauty market. Our e-commerce momentum was a key highlight of the business in fiscal 2024. Sales in e-com grew by approximately 20% during the year, with double-digit growth across prestige and consumer beauty, and broad-based growth across markets.

Sue Nabi: With the new setup, our goal is to double consumer beauty innovation contribution in the next couple of years, including a big step-up in innovation already this year. Our final competitive advantage is the immense number of growth opportunities still in front of us, and a portfolio of brands, regions, channels, and divisions which allow us to be as de-risked as possible. These channel, category, and market opportunities have been key areas of growth for us already and will continue to be major growth drivers for us in the coming years, supporting our targets to continue to outperform the global beauty market. Our e-commerce momentum was a key highlight of the business in fiscal 2024. Sales in e-com grew by approximately 20% during the year, with double-digit growth across prestige and consumer beauty, and broad-based growth across markets.

Sue Nabi: With the new setup, our goal is to double consumer beauty innovation contribution in, the next couple of years, including a big step up in innovation already this year.

Speaker Change: The new setup, our goal is to double consumer beauty innovation contribution in the next couple of years, including a big step up in innovation already this year.

Sue Nabi: Our final competitive advantage is the immense number of growth opportunities still in front of us and the portfolio of brands, vegans, channels and divisions which allow us to be as the risk as possible. This channel, category and market opportunities have been key areas of growth for us already and will continue to be major growth drivers for us in the coming years supporting our targets to continue to outperform the global beauty market.

Sue Nabi: Our final competitive advantage is the immense number of growth opportunities still in front of us and a portfolio of brands, regions, channels, and divisions which allow us to be as de-risked as possible.

Sue Nabi: Our final competitive advantage is the immense number of growth opportunities still in front, of us and a portfolio of brands, regions, channels, and divisions which allow us to be as de-risked as possible. These channels, category, and market opportunities have been key areas of growth for us already, and will continue to be major growth drivers for us in the coming years, supporting our targets to continue to outperform the global beauty market.

Speaker Change: Our <unk> competitive advantage is the immense number of growth opportunities still in front of ourselves and our portfolio of brands regions channels and divisions, which are lowest to be as the risks as possible. This channel category and market opportunities have.

Sue Nabi: These channels, categories, and market opportunities have been key areas of growth for us already and will continue to be major growth drivers for us in the coming years, supporting our targets to continue to outperform the global beauty market.

Speaker Change: Key areas of growth for us already and will continue to be major growth drivers for us in the coming years supporting our targets to continue to outperform the global beauty market.

Sue Nabi: Our e-commerce momentum was a key highlight of the business in 624 sales in e-commerce grew by approximately 20% during the year with double digit growth across prestige and consumer beauty and growth based growth across markets. As a result, the e-com penetration increased by 170 basis points this year reaching approximately 20% of our overall business. Importantly, we continue to gain e-com market share across both prestige and consumer beauty supported by strength in retail.com customers and key pure play e-retellers such as Amazon.

Sue Nabi: Our e-commerce momentum was a key highlight of the business in fiscal 24. Sales in e-com grew by approximately 20% during the year, with double-digit growth across prestige and consumer beauty and growth-based growth across markets.

Sue Nabi: Our e-commerce momentum was a key highlight of the business in fiscal 24. Sales in e-com grew by approximately 20% during the year, with double-digit growth across, prestige and consumer beauty and broad-based growth across markets. As a result, the e-com penetration increased by 170 basis points this year, reaching approximately, 20% of our overall business. Importantly, we continue to gain e-com market share across both prestige and consumer beauty, supported by strength in retail.com customers and key pure play e-retailers such as Amazon.

Speaker Change: Our E Commerce momentum was a key highlight of the business in fiscal 'twenty four.

Speaker Change: In E Com grew by approximately 20% during the year with double digit growth across prestige and consumer beauty and broad based growth across markets. As a result, the E comm penetration increased by 170 basis points. This year, reaching approximately 20.

Sue Nabi: As a result, the income penetration increased by 170 basis points this year, reaching approximately 20% of our overall business.

Sue Y. Nabi: As a result, the e-com penetration increased by 170 basis points this year, reaching approximately 20% of our overall business. Importantly, we continued to gain e-com market share across both prestige and consumer beauty, supported by strength in retail.com customers and key pure play e-retailers such as Amazon. While many prestige beauty brands have recently listed on Amazon, it's important to remind that Coty was a first mover when we launched some of our prestige brands on Amazon back in 2015, which is a true competitive advantage versus these new entrants. Our second high growth channel remains travel retail. As we continue to benefit from our broad-based geographic footprint in travel retail, our multi-category expansion, and of course, our collaborative partnerships with the key retailers.

Sue Nabi: As a result, the e-com penetration increased by 170 basis points this year, reaching approximately 20% of our overall business. Importantly, we continued to gain e-com market share across both prestige and consumer beauty, supported by strength in retail.com customers and key pure play e-retailers such as Amazon. While many prestige beauty brands have recently listed on Amazon, it's important to remind that Coty was a first mover when we launched some of our prestige brands on Amazon back in 2015, which is a true competitive advantage versus these new entrants. Our second high growth channel remains travel retail. As we continue to benefit from our broad-based geographic footprint in travel retail, our multi-category expansion, and of course, our collaborative partnerships with the key retailers.

Percent of our overall business.

Sue Nabi: Importantly, we continue to gain e-commerce market share across both prestige and consumer beauty, supported by strength in retail.com customers and key pure play e-retailers such as Amazon.

Speaker Change: Importantly, we continued to gain market share across both prestige and consumer beauty supported by strength in retail dot com customers and key pure play E retailers such as Amazon.

Sue Nabi: While many prestige beauty brands have recently listed on Amazon, it's important to remind that cutie was the first mover when we launched some of our prestige brands on Amazon back in 2015 which is a true competitive advantage versus these new entrants. Our second high growth channel remains travel retail as we continue to benefit from our broad based geographic footprint in travel retail, our multi category expansion and of course our collaborative partnerships with the key retailers.

Sue Nabi: While many prestige beauty brands have recently listed on Amazon, it's important to remind that Coty was a first mover when we launched some of our prestige brands on Amazon back in 2015, which is a true competitive advantage versus these new entrants.

Sue Nabi: While many prestige beauty brands have recently listed on Amazon, it's important to remind, that Coti was a first mover when we launched some of our prestige brands on Amazon back in 2015, which is a true competitive advantage versus these new entrants.

Speaker Change: While many prestige beauty brands have recently listed on Amazon, It's important to remind that could he was a first mover when we launched some of our prestige brands on Amazon back in 2015, which is a true competitive advantage versus these new entrants.

Sue Nabi: Our second high-growth channel remains travel retail, as we continue to benefit from our broad-based geographic footprint in travel retail, our multi-category expansion, and of course, our collaborative partnerships with the key retailers. Travel retail now accounts for approximately 9% of our sales and grew over 20% like-for-like in fiscal 24, even as we lapped over 30% growth last year, with strong growth across all regions.

Sue Nabi: Our second high growth channel remains travel retail. As we continue to benefit from our broad-based geographic footprint in travel retail, our, multi-category expansion, and of course our collaborative partnerships with the key retailers. Travel retail now accounts for approximately 9% of our sales and grew over 20% like-for-like, in fiscal 24, even as we lapped over 30% growth last year, with strong growth across all regions.

Our second high growth channel remains travel retail as we continue to benefit from our broad based geographic footprint in travel retail our multi category expansion and of course, our collaborative partnerships with the key retailers travel retail now accounts for approximately 9% of our sales.

Sue Nabi: Travel retail now accounts for approximately 9% of our sales and grew over 20% like for like in fiscal 24 even as we left over 30% growth last year with strong growth across all regions. We are also continuing to build and amplify our focus on prestige, Skinka Brands, Long Caster, Filippo Sienovre, a while at the same time, tapping into the bodyscenting trend with our Brazilian brand, Peishau. Our Skinka business accounted for approximately 4% of sales in fiscal 24, with our core Skinka airlines growing over 10%. This is only a tiny fraction of the 70 billion global Skinka market speaking to the immense potential in front of us.

Sue Y. Nabi: Travel retail now accounts for approximately 9% of our sales and grew over 20% like-for-like in fiscal 2024, even as we lapped over 30% growth last year with strong growth across all regions. We are also continuing to build and amplify our focus on prestige skincare brands, Lancaster, Philosophy, and Aveda, while at the same time tapping into the body scenting trend with our Brazilian brand, Paixão. Our skincare business accounted for approximately 4% of sales in fiscal 2024, with our core skincare lines growing over 10%. This is only a tiny fraction of the $70 billion global skincare market, speaking to the immense potential in front of us. We have exciting plans for fiscal 2025. First, we are revamping Lancaster in Europe, where it remains the number one prestige sun care brand through new launches and new merchandising.

Sue Nabi: Travel retail now accounts for approximately 9% of our sales and grew over 20% like-for-like in fiscal 2024, even as we lapped over 30% growth last year with strong growth across all regions. We are also continuing to build and amplify our focus on prestige skincare brands, Lancaster, Philosophy, and Aveda, while at the same time tapping into the body scenting trend with our Brazilian brand, Paixão. Our skincare business accounted for approximately 4% of sales in fiscal 2024, with our core skincare lines growing over 10%. This is only a tiny fraction of the $70 billion global skincare market, speaking to the immense potential in front of us. We have exciting plans for fiscal 2025. First, we are revamping Lancaster in Europe, where it remains the number one prestige sun care brand through new launches and new merchandising.

Speaker Change: And grew over 20% like for like in fiscal 'twenty, four even as we lapped over 30% growth last year with strong growth across all regions. We are also continuing to build and amplify our focus on prestige skincare brands.

Sue Nabi: We are also continuing to build and amplify our focus on prestige skin care brands.

Sue Nabi: We are also continuing to build and amplify our focus on prestige skincare brands.

Sue Nabi: Lancaster, Philosophia and Orveda, while at the same time tapping into the body scenting trend with our Brazilian brand, Paixão.

Sue Nabi: Lancaster, Philosophie and Orveda, while at the same time tapping into the body scenting trend with our Brazilian brand, Paisao.

Speaker Change: As long as their fetuses here, while at the same time tapping into the Bud dissenting trend with our Brazilian brand by shell, our skincare business accounted for approximately 4% of sales in fiscal 'twenty four with our core skincare lines growing over 10%. This is only a tiny fraction of.

Sue Nabi: Our skin care business accounted for approximately 4% of sales in fiscal 24, with our core skin care lines growing over 10%.

Sue Nabi: Our skincare business accounted for approximately 4% of sales in fiscal 24, with our core skincare lines growing over 10%. This is only a tiny fraction of the 70 billion global skincare market, speaking to the immense potential in front of us.

Sue Nabi: This is only, a tiny fraction of the $70 billion global skin care market, speaking to the immense potential in front of us.

Speaker Change: The $70 billion global skincare market speaking to the immense potential in front of US we have exciting plans for fiscal 'twenty. Five first we are revamping Doncaster in Europe, where it remains the number one prestige skincare brand through new launches a new merchandising.

Sue Nabi: We have exciting plans for fiscal 25.

Sue Nabi: We have exciting plans for fiscal 25. First, we are revamping Long Caster in Europe, where it remains the number one prestige, sun care brand, through new launches and new merchandising. Long Caster continues to set the trend in prestige, Skinka, behind photo protection and photo repair Skinka, in contrast to traditional Skinka, which does not address these key consumers needs. Second, we are accelerating philosophy, through new launches and online community engagement. Philosophy is leading the trend when it comes to skinified bodyshearums, with now the number one retinal bodyshearum on the market. And finally, we plan for significant global distribution expansion, or Orveda in fiscal 25.

Sue Nabi: We have exciting plans for Fiscal 25.

Sue Nabi: First, we are revamping Lancaster in Europe, where it remains the number one prestige sun care brand through new launches and new merchandising. Lancaster continues to set the trend in prestige skin care behind photo protection and photo repair skin care in contrast to traditional skin care, which does not address these key consumer needs.

Sue Nabi: First, we are revamping Lancaster in Europe, where it remains the number one prestige sun care brand through, new launches and new merchandising. Lancaster continues to set the trend in prestige skin care behind photo protection and photo repair skin care, in contrast to traditional skin care, which does not address these key consumer needs.

Sue Y. Nabi: Lancaster continues to set the trend in prestige skincare behind photo protection and photo repair skincare, in contrast to traditional skincare, which does not address these key consumer needs. Second, we are accelerating Philosophy through new launches and online community engagement. Philosophy is leading the trend when it comes to skinnified body serums, with now the number one retinol body serum on the market. And finally, we plan for significant global distribution expansion for Aveda in fiscal 25. Prestige makeup is another growth engine. Our sales grew by a low teens percentage like-for-like in fiscal 24, led by Burberry and Kylie Cosmetics. It's been very encouraging to see that Kylie Cosmetics continue to resonate globally across markets and ethnicities.

Sue Nabi: Lancaster continues to set the trend in prestige skincare behind photo protection and photo repair skincare, in contrast to traditional skincare, which does not address these key consumer needs. Second, we are accelerating Philosophy through new launches and online community engagement. Philosophy is leading the trend when it comes to skinnified body serums, with now the number one retinol body serum on the market. And finally, we plan for significant global distribution expansion for Aveda in fiscal 25. Prestige makeup is another growth engine. Our sales grew by a low teens percentage like-for-like in fiscal 24, led by Burberry and Kylie Cosmetics. It's been very encouraging to see that Kylie Cosmetics continue to resonate globally across markets and ethnicities.

Speaker Change: <unk> continues to set the trend in prestige skincare behind photo protection and photo hit their skincare in contrast to traditional skincare, which does not address these key consumer needs.

Sue Nabi: Second, we are accelerating Philosophie through new launches and online community engagement.

Sue Nabi: Second, we are accelerating Philosophy through new launches and online community engagement.

Speaker Change: We are accelerating philosophy through new launches and online community engagement. He does he is leading the trend when it comes to skinny side <unk> with now the number one retinal blood serum and the market and finally, we plan for significant global distribution expansion.

Sue Nabi: Philosophie is leading the trend when it comes to skinified body serums, with now the number one retinal body serum on the market.

Sue Nabi: Philosophy is leading the trend when it comes to skinified body serums, with now the number one retinal body serum on the market.

Sue Nabi: And finally, we plan for significant global distribution expansion for Orveda in fiscal 25.

Sue Nabi: And finally, we plan for significant global distribution expansion for Orveda in Fiscal 25.

Speaker Change: Of EDA in fiscal 'twenty size prestige.

Sue Nabi: Prestige makeup is another growth engine. Our sales grew by a low-teens percentage like-for-like in fiscal 24, led by Burberry and Kylie Cosmetics.

Sue Nabi: Prestige Makeup is another growth engine. Our sales grew by a low-teens percentage, like-for-like in fiscal 24, led by Burberry and Kylie Cosmetics.

Sue Nabi: Prestige makeup is another growth engine. Our sales grew by a low teens percentage like for like in fiscal 24, led by Burberry and Kylie cosmetics. It's been very encouraging to see that Kylie cosmetics continue to resonate globally across markets and ethnicities. As we've opened new doors across our growth engine markets, whether it's India, Singapore, Middle East, or South Africa, Kylie cosmetics is consistently ranking as one of the top makeup brands in those stores.

Speaker Change: Prestige makeup is another growth engine, our sales grew by a low teens percentage like for like in fiscal 'twenty four led by burglary and Kylie cosmetics, it's been very encouraging to see that caddy cosmetics continued to resonate globally across markets and ethnicities as we've opened.

Sue Nabi: It's been very encouraging to see that Kylie Cosmetics continue to resonate globally across markets and ethnicities.

Sue Nabi: It's been very encouraging to see that Kylie Cosmetics continue to resonate globally across markets and ethnicities, as we've opened new doors across our growth engine markets, whether it's India, Singapore, Middle East or South Africa, Kylie Cosmetics is consistently ranking as one of the top, makeup brands in those stores.

Sue Y. Nabi: As we've opened new doors across our growth engine markets, whether it's India, Singapore, Middle East, or South Africa, Kylie Cosmetics is consistently ranking as one of the top makeup brands in those stores. In total, prestige makeup currently accounts for only 4% of our sales, leaving here, again, significant room for expansion in this $30 billion global market. We are also capturing the wide space opportunities created by the bifurcation in consumer demand. As higher income consumers have migrated to more sophisticated niche scents with higher concentrations, the multibillion-dollar ultra premium niche fragrance market has been booming. For Coty, ultra premium fragrances still account for only 1% of our sales and are growing double digits.

Sue Nabi: As we've opened new doors across our growth engine markets, whether it's India, Singapore, Middle East, or South Africa, Kylie Cosmetics is consistently ranking as one of the top makeup brands in those stores. In total, prestige makeup currently accounts for only 4% of our sales, leaving here, again, significant room for expansion in this $30 billion global market. We are also capturing the wide space opportunities created by the bifurcation in consumer demand. As higher income consumers have migrated to more sophisticated niche scents with higher concentrations, the multibillion-dollar ultra premium niche fragrance market has been booming. For Coty, ultra premium fragrances still account for only 1% of our sales and are growing double digits.

Speaker Change: New doors across our growth engine markets, whether it's India, Singapore, Middle East or South Africa, Kylie cosmetics is consistently ranking as one.

Speaker Change: Of the top makeup brands in those stores in total prestige makeup currently accounts for only 4% of our sales leading here again significant room for expansion in this $30 billion global market.

Sue Nabi: In total, prestige makeup currently accounts for only 4% of our sales, leaving here, again, significant room for expansion in this $30 billion global market.

Sue Nabi: In total, prestige makeup currently accounts for only 4% of our sales, leaving here again significant room for expansion in this $30 billion global market. We are also capturing the white space opportunities created by the bifurcation in consumer demand. As higher income consumers have migrated to more sophisticated niche trends, with higher concentrations, the multi-billion dollar ultra premium niche fragrance market has been booming. For Koti, ultra premium fragrances still accounts for only 1% of our sales and are growing double digits.

Sue Nabi: In total, Prestige Makeup currently accounts for only 4% of our sales, leaving here again significant room for expansion in this $30 billion global market.

Sue Nabi: We are also capturing the white space opportunities created by the bifurcation in consumer demand. As higher income consumers have migrated to more sophisticated niche scents with higher concentrations, the multi-billion dollar ultra-premium niche fragrance market has been booming.

Sue Nabi: We are also capturing the white space opportunities created by the bifurcation in consumer demand.

Speaker Change: We are also capturing the white space opportunities created by the bifurcation in consumer demand and higher income consumers have migrated to more sophisticated niche sense with higher concentrations. The multibillion dollar premium niche fragrance market has been booming.

Sue Nabi: As higher-income consumers have migrated to more sophisticated niche scents with higher, concentrations, the multi-billion-dollar ultra-premium niche fragrance market has been booming.

Sue Nabi: For Coty, ultra-premium fragrances still account for only 1% of our sales and are growing double, digits.

Sue Nabi: For Coty, ultra-premium fragrances still account for only 1% of our sales and are growing double-digits.

Speaker Change: For Coty Ultra premium fragrances still accounts for only 1% of our sales and are growing double digits, we have seen growth across clearly attribute.

Sue Nabi: We are seeing growth across Chloé Atelier des Fleurs, Burberry Signature, Bust The Collection and now Infiniment Coty, which is off to a fantastic start above our expectations, and has become a best-selling niche fragrance brand at the famous London department store.

Sue Nabi: We are seeing growth across Kloya to the defleur, Burberry signature, bust the collection, and now a cinema Koti, which is off to a fantastic start above our expectations and has become a best-selling niche fragrance brand at the same as London department store. In the coming years, we aim to capture our fair share in this market, which presents a multi-hundred million dollar opportunity. Similarly, with lower and middle income consumers under financial pressure, but still desiring to participate in the fragrance category, we will be overdriving our entry premium brands, including Yugobos, Calvin Klein and Davidoff.

Sue Nabi: We are seeing growth across Chloé Atelier des Fleurs, Burberry Signature, Bust The Collection, and now Infiniment Coty, which is off to a fantastic start above our expectations and has become a best-selling niche fragrance brand at the famous London department store.

Sue Y. Nabi: We are seeing growth across Chloé Atelier des Fleurs, Burberry Signatures, BOSS The Collection, and now Infiniment Coty Paris, which is off to a fantastic start above our expectations and has become a best-selling niche fragrance brand at the famous London department store. In the coming years, we aim to capture our fair share in this market, which presents a multi-hundred million-dollar opportunity. Similarly, with lower and middle income consumers under financial pressure, but still desiring to participate in the fragrance category, we will be overdriving our entry premium brands, including Hugo Boss, Calvin Klein, and Davidoff. These brands grew by a double-digit percentage like-for-like in fiscal 2024, and we see significant room for these brands, as well as our higher end mass fragrances, to grow even faster by offering consumers quality and desirable fragrances priced at under $100.

Sue Nabi: We are seeing growth across Chloé Atelier des Fleurs, Burberry Signatures, BOSS The Collection, and now Infiniment Coty Paris, which is off to a fantastic start above our expectations and has become a best-selling niche fragrance brand at the famous London department store. In the coming years, we aim to capture our fair share in this market, which presents a multi-hundred million-dollar opportunity. Similarly, with lower and middle income consumers under financial pressure, but still desiring to participate in the fragrance category, we will be overdriving our entry premium brands, including Hugo Boss, Calvin Klein, and Davidoff. These brands grew by a double-digit percentage like-for-like in fiscal 2024, and we see significant room for these brands, as well as our higher end mass fragrances, to grow even faster by offering consumers quality and desirable fragrances priced at under $100.

Speaker Change: Burger a signature, but the collection and now asking them on car T, which is off to a fantastic start above our expectations and has become our best selling niche fragrance brand at the same as London Department store in the coming years, we aim to capture our fair share in this market, which <unk>.

Sue Nabi: In the coming years, we aim to capture our fair share in this market, which presents a multi-hundred million dollar opportunity.

Sue Nabi: In the coming years, we aim to capture our fair share in this market, which presents, a multi-hundred-million-dollar opportunity.

Sue Nabi: Similarly, with lower- and middle-income consumers under financial pressure but still desiring to participate in the fragrance category, we will be overdriving our entry premium brands, including Hugo Boss, Calvin Klein, and Davidoff. These brands grew by a double-digit percentage like-for-like in fiscal 24, and we see significant, room for these brands, as well as our higher-end mass fragrances, to grow even faster by offering consumers quality and desirable fragrances priced at under $100.

Speaker Change: <unk>, a multi hundred million dollar opportunity.

Sue Nabi: Similarly, with lower and middle income consumers under financial pressure but still desiring to participate in the fragrance category, we will be overdriving our entry premium brands including Hugo Boss, Calvin Klein, and Davidoff.

Speaker Change: Similarly, with lower and middle income consumers under financial pressure, but still desiring to participate in the fragrance category would be over driving our entry premium brands, including Hugo boss Calvin Klein and that he does these brands grew by a double digit percentage like for them.

Sue Nabi: These brands grew by a double-digit percentage like-for-like in Cisco 24, and we see significant room for these brands as well as our higher-end mass fragrances to grow even faster by offering consumers quality and desirable fragrances priced at under $100.

Sue Nabi: These brands grew by a double digit percentage like for like in Cisco 24, and we see significant room for these brands, as well as our higher end mass fragrances to grow even faster by offering consumers quality and desirable fragrances priced at under $100.

Speaker Change: Like in fiscal 'twenty, four and we see significant room for these brands as well as our higher end mass fragrances to grow even faster by offering consumers quality and desirable fragrances price it at under $100.

Sue Nabi: Another key growth opportunity is our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly, with approximately 17% lifelike growth in fiscal 24. Brazil remains one of our biggest growth contributors, but also the market with some of the biggest future potential for Coty. Brazil accounts for a high single-digit percentage of our sales and delivered around 20% growth in fiscal 24, led by both the mass and prestige brands, all while expanding profitability as we increased gross margin in Brazil by 400 basis points in the past year.

Sue Nabi: Thank you. Another key growth opportunity is our growth engine markets, which include Brazil, Mexico, the rest of Latin, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, this growth engine markets now accounts for 22% of our sales and are growing rapidly with approximately 17% life of like growth in Cisco 24. Brazil remains one of our biggest growth contributors, but also the market with some of the biggest future potential for growth. Brazil accounts for a high, single digit percentage of our sales and delivered around 20% growth in Cisco 24, led by both the mass and prestige brands all while expanding profitability as we increased growth margin in Brazil by 400 basis points in the past year.

Sue Nabi: Another key growth opportunity is our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly, with approximately 17% lifelike growth in fiscal 24. Brazil remains one of our biggest growth contributors, but also the market with some of the biggest future potential for Coty. Brazil accounts for a high single-digit percentage of our sales and delivered around 20% growth in fiscal 24, led by both the mass and prestige brands, all while expanding profitability as we increased growth margin in Brazil by 400 basis points in the past year.

Sue Y. Nabi: Another key growth opportunity is our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly with approximately 17% like-for-like growth in fiscal 2024. Brazil remains one of our biggest growth contributors, but also the market with some of the biggest future potential for Coty. Brazil accounts for a high single-digit percentage of our sales and delivered around 20% growth in fiscal 2024, led by both the mass and prestige brands, all while expanding profitability as we increased growth margin in Brazil by 400 basis points in the past year. All of these growth engines will be reinforced by the strength of our innovation pipeline for fiscal 2025.

Sue Nabi: Another key growth opportunity is our growth engine markets, which include Brazil, Mexico, the rest of LATAM, India, China, Southeast Asia, Africa, and Saudi Arabia. Together, these growth engine markets now account for 22% of our sales and are growing rapidly with approximately 17% like-for-like growth in fiscal 2024. Brazil remains one of our biggest growth contributors, but also the market with some of the biggest future potential for Coty. Brazil accounts for a high single-digit percentage of our sales and delivered around 20% growth in fiscal 2024, led by both the mass and prestige brands, all while expanding profitability as we increased growth margin in Brazil by 400 basis points in the past year. All of these growth engines will be reinforced by the strength of our innovation pipeline for fiscal 2025.

Speaker Change: Another key growth opportunity is our growth engine markets, which include Brazil, Mexico, the rest of Latam, India, China, Southeast Asia Africa, and Saudi Arabia together this growth engine markets now account for 22% of our sales and our growing rapid.

Speaker Change: With approximately 17% like for like growth in fiscal 'twenty for Brazil remains one of our biggest growth contributors, but also the market with some of the biggest future potential for Coty, Brazil accounts for a high single digit percentage of our sales and delivered.

Speaker Change: Around 20% growth in fiscal 'twenty four led by both the mass and prestige brands, all while expanding profitability as we increased gross margin in Brazil by 400 basis points in the past year.

Sue Nabi: All of these growth engines will be reinforced by the strength of our innovation pipeline for fiscal 25.

Sue Nabi: All of these growth engines will be reinforced by the strength of our innovation pipeline for Cisco 25. Our key Cisco 25 launchers include burberry, goddess intense, Chloe signature intense, Gucci Flora, gorgeous orchid, Lancaster, Golden Lift, Skincare, Corridor Girl, Iron Handsome 3D mascara, as well as Adidas vibes.

Sue Nabi: All of these growth engines will be reinforced by the strength of our innovation pipeline for Fiscal 25.

Speaker Change: All of these growth engines will be reinforced by the strength of our innovation pipeline for fiscal 'twenty five our key fiscal 'twenty five launches include Burger be good as intense kyrie signature intense gucci floor out gorgeous orchid Lancaster Golden lift skincare.

Sue Nabi: Our key Fiscal 25 launches include Burberry Goddess Intense, Chloe Signature Intense, Gucci Flora Gorgeous Orchid, Lancaster Golden Lift Skincare, CoverGirl Eye Enhancer 3D Mascara, as well as Adidas Vibes.

Sue Nabi: Our key fiscal 25 launches include Burberry Goddess Intense, Chloe Signature Intense, Gucci Flora Gorgeous Orchid, Lancaster Golden Lift Skincare, CoverGirl Eye Enhancer 3D Mascara, as well as Adidas Vibes.

Sue Y. Nabi: Our key fiscal 2025 launches include Burberry Goddess Intense, Chloé Signature Intense, Gucci Flora Gorgeous Orchid, Lancaster Golden Lift Skincare, CoverGirl Eye Enhancer 3D Mascara, as well as Adidas Vibes. While Laurent provided our granular fiscal 2025 guidance, I want to take a minute to provide a framework for our growth outlook for the coming year. While we are mindful of the very complex microeconomic and geopolitical backdrop, we are encouraged by the fact that beauty demand remains resilient on a global basis, even in the most recent months. We expect our fiscal 2025 financial results to be consistent with our medium-term algorithm, with our fiscal 2025 outlook further reinforced by the strength of our innovation pipeline, our many white space opportunities, and our robust commercial plans.

Sue Nabi: Our key fiscal 2025 launches include Burberry Goddess Intense, Chloé Signature Intense, Gucci Flora Gorgeous Orchid, Lancaster Golden Lift Skincare, CoverGirl Eye Enhancer 3D Mascara, as well as Adidas Vibes. While Laurent provided our granular fiscal 2025 guidance, I want to take a minute to provide a framework for our growth outlook for the coming year. While we are mindful of the very complex microeconomic and geopolitical backdrop, we are encouraged by the fact that beauty demand remains resilient on a global basis, even in the most recent months. We expect our fiscal 2025 financial results to be consistent with our medium-term algorithm, with our fiscal 2025 outlook further reinforced by the strength of our innovation pipeline, our many white space opportunities, and our robust commercial plans.

Speaker Change: Because of the <unk> enhancer, <unk> mascara as well as Adidas Vibes bylaw provided our granular fiscal 'twenty five guidance I want to take a minute to provide a framework for our growth outlook for the coming year.

Sue Nabi: While Laurent provided our granular Fiscal 25 guidance, I want to take a minute to provide a framework for our growth outlook for the coming year. While we are mindful of the very complex microeconomic and geopolitical backdrop, we are encouraged by the fact that beauty demand remains resilient on a global basis, even in the most recent months.

Sue Nabi: While Laurent provided our granular Cisco 25 guidance, I want to take a minute to provide a framework for our growth outlook for the coming year. While we are mindful of the very complex microeconomic and geopolitical backdrop, we are encouraged by the fact that beauty demand remains resilient on a global basis even in the most recent months. We expect our fiscal 25 financial results to be consistent with our medium term algorithm with our fiscal 25 outlook further reinforced by the strength of our innovation pipeline, our many white space opportunities and our robust commercial plans.

Sue Nabi: While Laurent provided our granular fiscal 25 guidance, I want to take a minute to provide a framework for our growth outlook for the coming year. While we are mindful of the very complex microeconomic and geopolitical backdrop, we are encouraged by the fact that beauty demand remains resilient on a global basis, even in the most recent months.

Speaker Change: While we are mindful of the very complex micro economic and geopolitical backdrop. We are encouraged by the fact that beauty demand remains resilient on a global basis, even in the most recent months.

Sue Nabi: We expect our fiscal 25 financial results to be consistent with our medium-term algorithm, with our fiscal 25 outlook further reinforced by the strength of our innovation pipeline, our many white space opportunities, and our robust commercial plans.

Sue Nabi: We expect our Fiscal 25 financial results to be consistent with our medium-term algorithm, with our Fiscal 25 outlook further reinforced by the strength of our innovation pipeline, our many wide space opportunities, and our robust commercial plan.

Speaker Change: We expect our fiscal 'twenty five financial results to be consistent with our medium term algorithm with our fiscal 'twenty five outlook further reinforced by the strength of our innovation pipeline, our many white space opportunities and our robust commercial plans.

Sue Nabi: We anticipate beauty demand in mature market to expand in the mid single digits, including prestige, fragrance growth above this range and mass beauty growth below this range all supported by a strong income momentum within this backdrop for the mature market, which accounts for less than 70% of ourselves. We are targeting to perform in line to ahead of the market. At the same time, we target double digit percentage revenue growth in our growth engine markets such as Brazil, Latam, Mexico, Africa and Saudi Arabia and the high growth travel retail channel which together accounts for over 30% of our business.

Sue Nabi: We anticipate beauty demand in mature markets to expand in the mid-single digits, including prestige fragrance growth above this range and mass beauty growth below this range, all supported by a strong e-com momentum.

Sue Y. Nabi: We anticipate beauty demand in mature market to expand in the mid-single digits, including prestige fragrance growth above this range and mass beauty growth below this range, all supported by strong e-com momentum. Within this backdrop for the mature market, which accounts for less than 70% of our sales, we are targeting to perform in line to ahead of the market. At the same time, we target double-digit percentage revenue growth in our growth engine markets, such as Brazil, LATAM, Mexico, Africa, and Saudi Arabia, and the high-growth travel retail channel, which together account for over 30% of our business.

Sue Nabi: We anticipate beauty demand in mature market to expand in the mid-single digits, including prestige fragrance growth above this range and mass beauty growth below this range, all supported by strong e-com momentum. Within this backdrop for the mature market, which accounts for less than 70% of our sales, we are targeting to perform in line to ahead of the market. At the same time, we target double-digit percentage revenue growth in our growth engine markets, such as Brazil, LATAM, Mexico, Africa, and Saudi Arabia, and the high-growth travel retail channel, which together account for over 30% of our business.

Speaker Change: We anticipate beauty demand in mature markets to expand in the mid single digits, including prestige fragrance growth above this range and mass beauty growth below this range all supported by a strong e-commerce momentum.

Sue Nabi: Within this backdrop for the mature market, which accounts for less than 70% of our sales, we are targeting to perform in line to ahead of the market.

Speaker Change: Within this backdrop for the mature market, which accounts for less than 70% of our sales we are targeting to perform in line to ahead of the market.

Sue Nabi: At the same time, we target double-digit percentage revenue growth in our growth engine markets, such as Brazil, LATAM, Mexico, Africa, and Saudi Arabia, and the high-growth travel retail channel, which together accounts for over 30% of our business. Given these growth markets and the high-growth travel retail channel, which grew close to 20% in fiscal 24, we see double-digit growth in this part of the business for fiscal 25 as quite reasonable, particularly as global travel trends remain robust and as we actively expand distribution of both our prestige and consumer beauty brands in these growth engine markets.

Sue Nabi: At the same time, we target double-digit percentage revenue growth in our growth engine markets such as Brazil, Latam, Mexico, Africa, and Saudi Arabia, and the high-growth travel retail channel, which together accounts for over 30% of our business. Given these growth markets and the high growth travel retail channel which grew close to 20% in fiscal 24, we see double-digit growth in this part of the business for fiscal 25 as quite reasonable, particularly as global travel trends remain robust and as we actively expand distribution of both our prestige and consumer beauty brands in this growth engine market.

Speaker Change: At the same time, we target double digit percentage revenue growth in our growth engine markets, such as Brazil, Latam, Mexico Africa, and Saudi Arabia, and the high growth travel retail channel, which together account for over 30% of our business.

Sue Nabi: Given these growth markets and the high growth travel retail channel which grew close to 20% in fiscal 24, we see double digit growth in this part of the business for fiscal 25 as quite reasonable, particularly as global travel trends remain robust and as we actively expand distribution of both our prestige and consumer beauty brands in this growth engine market.

Sue Y. Nabi: Given these growth markets and the high-growth travel retail channel, which grew close to 20% in fiscal 2024, we see double-digit growth in this part of the business for fiscal 2025 as quite reasonable, particularly as global travel trends remain robust and as we actively expand distribution of both our prestige and consumer beauty brands in these growth engine markets. To sum up, we are confident in delivering another year of growth in line with our medium-term targets, steady margin expansion, cash flow improvement, and deleveraging progress.

Sue Nabi: Given these growth markets and the high-growth travel retail channel, which grew close to 20% in fiscal 2024, we see double-digit growth in this part of the business for fiscal 2025 as quite reasonable, particularly as global travel trends remain robust and as we actively expand distribution of both our prestige and consumer beauty brands in these growth engine markets. To sum up, we are confident in delivering another year of growth in line with our medium-term targets, steady margin expansion, cash flow improvement, and deleveraging progress.

Speaker Change: Given these growth markets and the high growth travel retail channel, which grew close to 20% in fiscal 'twenty four we see double digit growth in this part of the business for fiscal 'twenty five is quite reasonable, particularly as global travel trends remain robust and as we actively expand this.

Speaker Change: <unk> fusion of both our prestige and consumer beauty brands in this growth engine markets.

Sue Nabi: To sum up, we are confident in delivering another year of growth in line with our medium-term, targets, steady margin expansion, cash flow improvement, and de-leveraging progress.

Sue Nabi: To sum up, we are confident in delivering another year of growth in line with our medium-term targets, steady margin expansion, cash flow improvement, and delivering progress. As we strengthen our position as a global beauty powerhouse, acting with the agility of smaller brands, but also creating the beauty trends of today and tomorrow, Coty remains one of, if not the most compelling, investment opportunity in our industry.

Sue Nabi: To sum up, we are confident in delivering another year of growth in line with our medium-term targets, steady margin expansion, cash flow improvement, and the leveraging progress.

Speaker Change: To sum up we are confident in delivering another year of growth in line with our medium term targets steady margin expansion cash flow improvement and deleveraging progress as we strengthen our position as a global beauty powerhouse acting with the agility of smaller.

Sue Nabi: As we strengthen our position as a global beauty powerhouse, acting with the agility of smaller brands, but also creating the beauty trends of today and tomorrow, Coty remains one of, if not the most compelling investment opportunity in our industry.

Sue Nabi: Thank you.

Laurent Mercier: ...As we strengthen our position as a global beauty powerhouse, acting with the agility of smaller brands, but also creating the beauty trends of today and tomorrow, Coty remains one of, if not the most compelling investment opportunity in our industry. Thank you.

Sue Nabi: ...As we strengthen our position as a global beauty powerhouse, acting with the agility of smaller brands, but also creating the beauty trends of today and tomorrow, Coty remains one of, if not the most compelling investment opportunity in our industry. Thank you.

Sue Nabi: As we strengthen our position as a global beauty powerhouse, acting with the agility, of smaller brands, but also creating the beauty trends of today and tomorrow, Coty remains one of, if not the most compelling investment opportunity in our industry.

Sue Nabi: Thank you.

Speaker Change: Brands, but also creating the beauty trends of today and tomorrow.

Speaker Change: <unk> remains one of if not the most compelling investment opportunity in our industry. Thank you.

Q4 2024 Coty Inc Earnings Call - Pre-Recorded

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