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Speaker 1: Bet Tystvie, thank you so much for joining us on Bloomberg.

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Speaker 2: Very happy to be here.

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Speaker 1: Do you have the best job in the world? Pretty close,

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Speaker 1: because it's fun. What was the most surprising thing about

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Speaker 1: your job since you first started?

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Speaker 2: Oh, there's so many things, you know.

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Speaker 3: The probably the thing that actually attracted me to this

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Speaker 3: opportunity is the opportunity to work with Ralph Right. This

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Speaker 3: man is visionary, incredible entrepreneur, has had an amazing success

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Speaker 3: around the world, and the opportunity to work with him,

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Speaker 3: to partner with him, is really special and I cherish

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Speaker 3: it every day.

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Speaker 1: Yeah, and you have to get along because of course

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Speaker 1: he's you know, he's still such a figure. He has

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Speaker 1: his name on the door.

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Speaker 2: He does have his name on the How much of

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Speaker 2: it is his vision? Well, it all starts with his vision, right.

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Speaker 3: And what's exciting is when you see where this company

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Speaker 3: started a tie, you see what it's become. It's all

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Speaker 3: been driven by a consistent vision and actually consistent purpose.

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Speaker 3: You know, I talked this about our purpose is to

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Speaker 3: inspire the dream of a better life through authenticity and

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Speaker 3: timeless style, and that's been the driving force for the

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Speaker 3: company now and now we're around the world.

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Speaker 2: We are well beyond ties.

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Speaker 3: You know, we're in hospitality, we have restaurants, we have

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Speaker 3: coffee shops, when the women's business, the homes business, but

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Speaker 3: all still driven by a very consistent vision ambition. And

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Speaker 3: this is an industry that's very much about trends. And

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Speaker 3: Ralph actually regularly says I hate fashion because fashion comes

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Speaker 3: and goes, and we talk a lot about style, timelessness

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Speaker 3: and element of consistency. And I think that served the

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Speaker 3: company quite well over the past fifty plus years.

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Speaker 1: And what was it like the first time you met him?

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Speaker 2: There was a moment there was incredibly special.

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Speaker 3: So I got a chance to see him in his

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Speaker 3: ranch in Colorado and tell a.

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Speaker 1: Ride before you got the job.

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Speaker 2: We're after right after, right out the job. So that's

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Speaker 2: probably the most iconic moment for me.

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Speaker 3: And I can also give you perspective on that first engagement.

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Speaker 2: But we're in this ranch, we're.

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Speaker 3: Outside, it's chili, it's eight in the morning, next to

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Speaker 3: the cookhouse, and we're looking ahead and there's this beautiful

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Speaker 3: mountain view and we're talking about what business are we in? Right?

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Speaker 3: Because it was really important to be super clear together

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Speaker 3: and have a consistent ambition, and we landed on the

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Speaker 3: fact we're actually in the dreams business. A lot of

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Speaker 3: people say, well, Rath, Lauren, you're in the apparel business.

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Speaker 3: You're a fashion company.

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Speaker 2: No, we would disagree with that.

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Speaker 1: So is it t is he easy to work with?

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Speaker 2: He's wonderful to work with.

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Speaker 3: There's always this image of, you know, the creative leader

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Speaker 3: in a fashion company can be challenging and complicated, and

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Speaker 3: there's obviously been stories around that. But Rath is an

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Speaker 3: incredible partner. He is both an amazing visionary and a

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Speaker 3: great businessman. I think that's been a key part of

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Speaker 3: his success. We have been super clear on our respective

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Speaker 3: roles and although nothing is written on a piece of paper,

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Speaker 3: we're clear on who's responsible for what and where. We

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Speaker 3: come together and I couldn't be happy. We're happier with

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Speaker 3: the partnership.

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Speaker 1: I mean, in factly, there was also a moment where

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Speaker 1: you had to basically, you know, change the company to

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Speaker 1: get away from the department stores. That lowered the ambition

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Speaker 1: for the company.

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Speaker 2: How hard was that.

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Speaker 3: It's from a financial standpoint, it's challenging. But if you

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Speaker 3: go back to the roots of this company, this company

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Speaker 3: was founded as.

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Speaker 2: A luxury company.

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Speaker 3: Right. And actually the first tie that Ralph launched, she

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Speaker 3: reminded me recently, was I think two and a half

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Speaker 3: times the price of a Christian Jow tie, right. And

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Speaker 3: I think no one would disagree that Christian Jour is

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Speaker 3: an incredible luxury company. So we indeed had to significantly

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Speaker 3: pull back, particularly in the US our presence, because the

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Speaker 3: brand had been overextended. We reduced about two thirds of

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Speaker 3: our wholesale doors. But as I look now, we're about

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Speaker 3: two three years into that exercise, We're in a much

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Speaker 3: stronger place. Our brand perception is much stronger, our value

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Speaker 3: perception is much stronger.

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Speaker 1: But the elevation journey or this ultra luxury at the

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Speaker 1: time was not necessarily a given. Right now, when you

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Speaker 1: look at luxury company, it's very clear that if you

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Speaker 1: are in the ultra luxury space so you can increase prices,

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Speaker 1: you have a lot more of a market around the

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Speaker 1: world instead of this like moderate luxury. What made you

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Speaker 1: see that back then, I think it's.

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Speaker 3: Back to what this company stood for historically, and already

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Speaker 3: at the time. I mean, this phenomenon has been going

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Speaker 3: on for a while that you see this bifurcation of

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Speaker 3: and luxury brands that have pricing power that consumers see

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Speaker 3: the value and therefore you have the ability to increase

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Speaker 3: your average in a retail and others where it's are

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Speaker 3: just focused on selling product, not engaging the consumer in

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Speaker 3: the same way, much more promotional. We felt like, you know,

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Speaker 3: so we go back to our roots. That's that's where

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Speaker 3: we wanted to take the company.

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Speaker 1: I mean, how do you create that fortune? So how

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Speaker 1: do you create those moments where people associate you with

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Speaker 1: Wimbledon or some of the shows that they watch on

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Speaker 1: TV that again elevates the luxury.

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Speaker 3: Yeah, and it's a very holistic exercise.

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Speaker 2: So it's not just one thing.

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Speaker 1: Is there one thing that you think works better than others?

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Speaker 1: Is it the flagship stores that are very you know

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Speaker 1: with coffee shops and have a very distinct lifestyle that

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Speaker 1: you think people are drawn to more than online.

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Speaker 2: Yeah.

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Speaker 3: For us, the way we think about it, Francine is

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Speaker 3: thirty key cities around the world, So we actually don't

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Speaker 3: really look at markets, We look at key cities. In

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Speaker 3: each each key city, we want to have a balanced ecosystem,

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Speaker 3: start with a flagship store that really is going to

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Speaker 3: project the image. Our approach in China, for example, is

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Speaker 3: very much driven by the city focus. Establish a strong

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Speaker 3: flagship and then build the ecosystem around it. But I

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Speaker 3: don't know that I can point to just one intervention.

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Speaker 3: I think the transformation of our marketing and storytelling has

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Speaker 3: also been quite effected, particularly at recruiting a younger consumer.

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Speaker 2: There's one of our priorities.

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Speaker 3: It's the hardest, right, which is the hardest because they're

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Speaker 3: fickle and they change exactly. And then there's obviously a

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Speaker 3: lot of opportunities. And I remember when I started this job,

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Speaker 3: I often got the question Patrece's is roth Lauren still relevant?

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Speaker 2: Right? Which is a painful.

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Speaker 3: Question to listen to, honestly, But we had to some

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Speaker 3: extent lost touch with that younger generation. And this company

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Speaker 3: is fifty six years old and we expect to hear

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Speaker 3: another fifty six years from now, so critical to kind

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Speaker 3: of rejuvenate our customer base, and we pivoted our marketing

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Speaker 3: to be where that younger consumer is gaming the types

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Speaker 3: of sports activation that resonates with them styling the product differently.

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Speaker 3: What's very interesting is our white polo shirt, which is

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Speaker 3: one of our icons. You had eighty year old men

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Speaker 3: wearing it forty year old women wearing it, sixteen year

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Speaker 3: old kids wearing it. Same product, but we style it differently.

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Speaker 1: And I wonder whether, I mean, is your secret sauce

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Speaker 1: also that you're the right lifestyle brand for the right moment,

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Speaker 1: because it's not you know, people don't go to culture

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Speaker 1: events anymore or less. They have a more relaxed approach

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Speaker 1: even when they come to the office.

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Speaker 3: Yeah, hopefully more than just this moment, Francine, because we

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Speaker 3: want to be here for another fifty years. But I

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Speaker 3: do think what Ralph and the teams have been able

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Speaker 3: to create over time is indeed that lifestyle proposition that

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Speaker 3: is not dependent.

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Speaker 2: You know, we're not handbag.

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Speaker 3: Experts, or we're not out ofwear experts, or we're not

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Speaker 3: sneaker experts. We offer a lifestyle and we offer this

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Speaker 3: range of product. And indeed, as we've seen people still

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Speaker 3: working from home, partly coming back to the office, going

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Speaker 3: back to social events, we have this ability to serve

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Speaker 3: you with a more feature driven type of proposition.

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Speaker 1: Are we going to the offten hoodies now has worked

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Speaker 1: from hope Jesus, I'm going to depend.

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Speaker 3: Yes, Maybe it depends which industry you're in. I think

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Speaker 3: Ralph Lauren. I haven't seen many people in hoodies, but

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Speaker 3: Ralph does come in once in a while in a

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Speaker 3: double ral puty or a pull of hoodie.

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Speaker 2: But he makes it look beautiful.

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Speaker 1: As you can imagine when you look at pricing, you've

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Speaker 1: also been able to really elevate the brand by increasing prices.

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Speaker 1: Is there a limit to how much you know you

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Speaker 1: can increase prices by before it hurts demand?

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Speaker 3: Our average unit retail indeed is up about all close

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Speaker 3: to eighty percent now since we started on this journey.

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Speaker 3: Short answer is, I don't think there's a limit as

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Speaker 3: long as we do a good job on elevating the product,

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Speaker 3: elevating the storytelling, elevating the environment, making sure that the

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Speaker 3: consumer sees the value, and they have so far. Our

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Speaker 3: value perception actually are the highest they've been since we've

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Speaker 3: been tracking it. But the onus is on us to

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Speaker 3: make sure that we are able to provide this consistent

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Speaker 3: elevation as the consumer sees it.

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Speaker 2: Then that'll support the continued growth of average.

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Speaker 1: In a retail Talk to me about China. Yes, so

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Speaker 1: China has a huge potential, but it's actually still quite

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Speaker 1: a small market for you.

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Speaker 2: It is still small for us.

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Speaker 3: Yeah, huge short, mid and long term potential for us.

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Speaker 3: So it's about six percent of the company today. That's

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Speaker 3: double what it was three four years ago, but still

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Speaker 3: in absolute quite small when you look at the penetration

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Speaker 3: of the Chinese business for some of the best luxury

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Speaker 3: players in the industry that are twenty thirty, forty percent.

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Speaker 3: So I'm excited about the opportunities on the runway. What's

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Speaker 3: really energizing for us in China is how the brand

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Speaker 3: is connecting with that younger consumer and that more elevated consumer.

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Speaker 3: I mean, we sell oddly enough, but I think it's

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Speaker 3: the result of all the elevation work the teams have done.

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Speaker 3: Our most elevated products we sell best in China. We

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Speaker 3: have the best gender balance, as I believe. You know,

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Speaker 3: most of our business historically has been more men. In China,

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Speaker 3: it's a good balance men women, and it's a relatively

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Speaker 3: young consumer late twenties, early thirties, so it's good. It's

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Speaker 3: actually a good example for us for the rest of

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Speaker 3: the world. We're being very deliberate in our approach in China.

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Speaker 3: So not we could grow faster, but we want to

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Speaker 3: do it in a quality way. So We're building the

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Speaker 3: brand so that serves us well five years from now,

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Speaker 3: ten years, But I'm very excited about it, just more

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Speaker 3: generally Asia and China.

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Speaker 1: Are you worried that you dilute the brand if you

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Speaker 1: become too big in China too quickly? Yes.

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Speaker 3: I think the notion of desirability is critical for this

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Speaker 3: industry and there is some element of exclusivity that's important

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Speaker 3: to support it, and that's the think that's why we

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Speaker 3: pulled back in the US where we felt like we

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Speaker 3: had over distributed and become to some extent, ubiquity can

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Speaker 3: be a challenge in the luxury space. Not to some extent,

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Speaker 3: it is a challenge in the luxury space, and you

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Speaker 3: want to stay unique and special. That's what we're building

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Speaker 3: in markets like China, and even as we look ahead

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Speaker 3: markets like India which are promising for the future, being

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Speaker 3: very deliberate on planting the right foundation so we can

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Speaker 3: build from there with the right image perception.

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Speaker 1: So the world is changing. We talk about AI all

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Speaker 1: the time. We talk of course about sustainability and the

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Speaker 1: need for fashion companies to do more. How much time

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Speaker 1: do you spend thinking about sustainability?

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Speaker 2: A lot? And I'll tell you.

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Speaker 3: Why go back to our conversation on purpose earlier inspire

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Speaker 3: the dream of better life through timelessness.

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Speaker 2: And authentic style.

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Speaker 3: Timelessness and sustainability go together, right. You can't expect to

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Speaker 3: be timeless if we're run out of resources. So for me,

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Speaker 3: sustainability is not a side activity. It's not a reaction

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Speaker 3: to external pressure.

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Speaker 2: It's core to who we are, what.

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Speaker 3: We stand for, and to a very strong extent, it's

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Speaker 3: about future proofing our business.

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Speaker 2: Right.

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Speaker 3: You need to focus on sustainability to recruit more and more.

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Speaker 3: That younger consumer we're talking about, they want to work

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Speaker 3: for companies that care about this planet, that do more

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Speaker 3: than just kind of generate revenue and profit. You need

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Speaker 3: sustainability to attract consumers more and more, including that younger consumer.

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Speaker 3: They care deeply about what are you doing differently? Are

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Speaker 3: you making it different? Investors, particularly in Europe, more and

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Speaker 3: more place value and what you're doing in sustainability. Many

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Speaker 3: of our partners have expectations on sustainability.

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Speaker 1: What does that look like for a luxury lifestyle company?

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Speaker 2: So for us, it's multi dimensional.

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Speaker 3: Right now, we're cutting a lot of emphasis on circularity

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Speaker 3: and I actually think if we're able to shift the

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Speaker 3: business model in fashion from linear to circular. That's probably

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Speaker 3: one of the biggest changes we can make that has

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Speaker 3: the greatest impact. Now, obviously that's a total ecosystem you

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Speaker 3: have to impact, but it's to give you examples. It's

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Speaker 3: innovating how we design. So we've just launched the first

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Speaker 3: cradle to cradle certified cashmere sweater. It's innovating in materials,

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Speaker 3: it's innovating in with the processors. There's a company called

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Speaker 3: River Soo in Italy, for example, that helps us with

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Speaker 3: recycling cashmere. And then it's leveraging industry scale because I

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Speaker 3: think in sustainability we can't go it alone.

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Speaker 1: But do you sell differently to the Chinese that than

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Speaker 1: you do to the American consumers in terms of lifestyle

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Speaker 1: or is it still similar lifestyle?

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Speaker 3: I think the fundamentals of our lifestyle in the different

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Speaker 3: movies that that we showcase, different stories that we tell,

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Speaker 3: are pretty consistent, if anything, just in the way that

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Speaker 3: consumers kind of dress and engage with fashion brands.

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Speaker 2: On average.

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Speaker 3: This is a generalization, but on average, the Chinese consumer,

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Speaker 3: just like the Japanese or Koream consumer, tends to be

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Speaker 3: more elevated and sophisticated in the types of styles that

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Speaker 3: they put together so that informs parts of our buy

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Speaker 3: and our product, but fundamentally well.

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Speaker 1: More innovative, more it's it's not necessarily more edgy, it's more.

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Speaker 3: Labor it's more luxurious. Yeah, it's actually more elevated and

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Speaker 3: more of the jurious.

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Speaker 1: What's amazing is also there seems to be a trend

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Speaker 1: and you may may be one of the first ones

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Speaker 1: to you know, get chief executives from parts of the

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Speaker 1: industry that aren't luxury and fashion, that were actually consumer products.

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Speaker 1: Is there a parallel? Do you know, do consumer products

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Speaker 1: chief executives do better than luxury?

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Speaker 2: Oh that's a big statement. I'm not going to answer

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Speaker 2: that question directly. You know, this trend started in beauty.

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Speaker 3: If you kind of rewind the tapes, beauty is where

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Speaker 3: you started to see CpG consumer A professionals kind of

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Speaker 3: come in first, and now we're seeing that in the

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Speaker 3: fashion world. I think at the end of the day,

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Speaker 3: success in this industry is getting the balance right between

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Speaker 3: magic and logic. And so obviously the fashion industry, the

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Speaker 3: creative leaders have the magic, there's an optionality to bring

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Speaker 3: a higher level of logic without diluting the magic. And

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Speaker 3: I think what people from the consumer goods industry bring

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Speaker 3: are great focus on the consumer.

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Speaker 2: Understanding the consumer now, I.

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Speaker 3: Think where you get successes, designer vision, customer needs come together,

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Speaker 3: and then that's.

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Speaker 2: Where things get explosive.

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Speaker 3: So great understanding the consumer, more data, more experience, leveraging

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Speaker 3: data and decision making. Again, there's an element of intuition

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Speaker 3: that needs to be protected, but that can be supplemented

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Speaker 3: by data.

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Speaker 1: What's the ideal algorithm to where to put a store?

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Speaker 2: It's confidential. I can't tell you.

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Speaker 1: You'd have to kill me.

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Speaker 2: I would have to know I wouldn't do that, but

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Speaker 2: that we do look at. We do look at a.

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Speaker 3: Number of metrics, whether that's obviously consumer profile, whether that's

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Speaker 3: competitive environment, whether that's the type of products that are

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Speaker 3: being sold sold in the area. And then the last

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Speaker 3: thing I would point to is operational discipline. I mean,

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Speaker 3: these are complex businesses, right, We develop a lot of

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Speaker 3: scues every year, complex supply chains, and I think what

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Speaker 3: you learn in the consumer goods industry is how to

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Speaker 3: run pretty rigorous and discipline supply chains and just general

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Speaker 3: operation operations. And a lot of these electric companies now

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Speaker 3: are five, ten, fifteen, twenty billion dollars. Right, the level

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Speaker 3: of complexity requires great expertise there.

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Speaker 1: How do you choose celebrities and influencers? Again, when you

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Speaker 1: look at the you know you used to say, you said,

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Speaker 1: we used to rely on magazines, every threats changed. So

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Speaker 1: are consumers more influenced by, you know, by influencers and

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Speaker 1: celebrities and use I.

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Speaker 3: Think influencers has always been part of the business, whether

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Speaker 3: it's the fashion industry or other spaces, but it was

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Speaker 3: more controlled.

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Speaker 1: Is that the difference?

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Speaker 3: I think it was more You're right, it was less spokespeople,

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Speaker 3: and now you have a much broader palette.

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Speaker 2: For us, what's critical is authenticity.

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Speaker 3: So the concept of I'm going to write you a

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Speaker 3: big check frend set today and you're going to talk

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Speaker 3: about us, and then tomorrow you're going to show up

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Speaker 3: on a competitive brand because you got another big check,

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Speaker 3: that's We're not interested in that.

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Speaker 2: We want people who have an authentic relationship.

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Speaker 1: What's next for Ralph Loren? Are you going to focus

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Speaker 1: on sleepwear? Are there other parts that you think you

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Speaker 1: can grow a lot more?

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Speaker 2: Yeah.

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Speaker 3: What's amazing with this brand and what Rob has created

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Speaker 3: is we can actually enter a lot of spaces with

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Speaker 3: with automatic credibility. Look, we are one of the hottest

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Speaker 3: restaurants in New.

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Speaker 2: York with the Polar Bar.

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Speaker 3: We're looking for an opportunity for us to open one

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Speaker 3: here in London. But that isn't that that's a part

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Speaker 3: of our ecosystem, is not a core priority for us.

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Speaker 2: Next spaces for us are winning with women.

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Speaker 3: As I mentioned earlier, or his business historically has been

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Speaker 3: driven by men. Today, fifty six percent of our customers

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Speaker 3: are actually women on our website. In our stores, they

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Speaker 3: represent less than thirty percent of our business. So that's

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Speaker 3: a massive opportunity for us. And I think as we

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Speaker 3: get to her, understand her better, develop the right products

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Speaker 3: for her, present the products in a way that resonates

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Speaker 3: with her, which may not be the same way as

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Speaker 3: for men. That's a big opportunity for us. Handbags is

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Speaker 3: an area as part of kind of completing the style.

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Speaker 2: For women is an area.

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Speaker 3: And then we're looking into home and I actually think,

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Speaker 3: if you, if you reflect on Ralph's approach to this

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Speaker 3: space again, he creates these environments, creates these world you

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Speaker 3: can really picture how that translates into home. So that's

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Speaker 3: an area of growth for us, you know, longer term.

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Speaker 3: But I'm actually pretty excited about the perspectives there the metaverse.

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Speaker 1: Yes, are you excited about the metaverse? I don't need

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Speaker 1: I mean I was, and then I think now we

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Speaker 1: talk about AI storms for gun, You're right, the.

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Speaker 2: Media headlines have moved on, but the consumer has not, which.

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Speaker 1: Is actually very Are you investing in the metal.

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Speaker 2: We are investing in the area.

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Speaker 3: It follows the principle I talked about earlier, which is

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Speaker 3: we want to be where our consumers, that's where the

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Speaker 3: younger population is, that's where they want to engage with

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Speaker 3: brands like us. We want to play a leadership role there.

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Speaker 3: And I'm excited about what we were doing.

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Speaker 2: We got partnership with Fortnite, so important space for us.

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Speaker 1: A partnership with Fortnite. I mean you don't do you

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Speaker 1: dress them?

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Speaker 3: Yeah, you could buy your skin you play on Fortnite,

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Speaker 3: you can actually dress your player in the roth Laorn skin,

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Speaker 3: and we've actually done there's some really cool boots that

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Speaker 3: we developed that you can dress your player with, but

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Speaker 3: we've actually done the physical version of.

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Speaker 1: Them as which was that quite a gamble, I mean

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Speaker 1: going into you know, it's brave, so it paid off.

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Speaker 3: It could have backfired, true, But here's where I go

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Speaker 3: back to the roots of this company.

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Speaker 2: Ralph started with a tie.

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Speaker 3: We could be here fifty six years later being the

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Speaker 3: market leader globally of Ties. Part of the DNA of

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Speaker 3: this company is trying things, innovating, expanding, experimenting.

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Speaker 2: So we're just staying true to that.

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Speaker 3: And you know, I always talk about the fact that

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Speaker 3: the only failure is a failure of learning. So even

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Speaker 3: if we've tried and we bomb, as long as we

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Speaker 3: capture the learnings and reapply them elsewhere, it was a success.

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Speaker 1: Patis what are you like as a leader risk taker?

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Speaker 3: I think the people if you ask them throughout my

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Speaker 3: career how they would describe me, they would say servant leader.

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Speaker 3: I really believe in the fact that my job is

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Speaker 3: to set the team up a success and create the

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Speaker 3: conditions for people to leverage their full potential.

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Speaker 2: If I do that well, I'll be fine. I think

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Speaker 2: people would say.

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Speaker 3: Listener, or there's this great quote from a Greek philosopher's

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Speaker 3: like we have two ears and one mouth, and there's

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Speaker 3: a reason for that. People who say I'm a learner

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Speaker 3: and constant learning and actually rough as an incredible.

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Speaker 2: Inspiration because you know, based.

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Speaker 3: On where he is at this stage in life, is

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Speaker 3: constantly learning, and I use that as inspiration. I am

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Speaker 3: a measured risk taker. I would say I am not

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Speaker 3: a swing for the fence risk taker, but I believe

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Speaker 3: in innovating, experimenting and trying new things. And I think

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Speaker 3: that's you feel that energy inside the company today. I

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Speaker 3: love that spirit of just trying things and again learning.

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Speaker 1: What's a good day in the Louver world? So how

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Speaker 1: do you measure success?

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Speaker 2: A good day? For me?

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Speaker 3: Where I get the greatest energy and excitement is time

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Speaker 3: in the stores with our team.

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Speaker 1: Would you do und No?

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Speaker 2: I try to hold myself from doing that. It's very tempting,

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Speaker 2: but I try to avoid doing that.

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Speaker 1: No.

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Speaker 3: I just listened to the stories that our teams tell me,

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Speaker 3: both in terms of how they're engaging with customers, what

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Speaker 3: we could do better in terms of the brand and product,

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Speaker 3: and then also how they're building culture within their stores.

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Speaker 3: And you're committed to the UK, very committed to the UK,

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Speaker 3: second biggest market for the company, historical market for us

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Speaker 3: and great source of inspiration for Ralph.

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Speaker 2: So this market's very important to us.

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Speaker 1: Okay, worse still in the office, did.

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Speaker 2: You have that a lot?

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Speaker 3: Obviously, when the numbers aren't coming through the way you'd

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Speaker 3: like them to come in, that that never feels very good, right,

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Speaker 3: But that's welcome to life in the business world when

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Speaker 3: we're not able to get the balance right between the

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Speaker 3: magic and the logic and the groups are not communicating well,

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Speaker 3: and that obviously can be frustrating.

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Speaker 2: The fashion industry. One of the lovely things about it

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Speaker 2: is it's very emotional.

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Speaker 3: One of the challenging things about it is just very emotional,

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00:20:22,480 --> 00:20:24,840
Speaker 3: and so it's managing people's emotions.

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Speaker 1: Were you surprised that, even in this cost of living crisis,

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00:20:27,880 --> 00:20:31,320
Speaker 1: actually luxury it just you know, does so well.

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Speaker 3: Listen, I think people need to dream, right when when

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00:20:35,240 --> 00:20:38,320
Speaker 3: the environment is more challenging and people still need to dream,

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00:20:38,600 --> 00:20:40,399
Speaker 3: they need to They need someone who's going to give

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00:20:40,440 --> 00:20:41,880
Speaker 3: them hope and bring optimism.

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Speaker 2: And I think that's what the best luxury companies do. Well.

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Speaker 1: Where will you be in five years?

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00:20:46,680 --> 00:20:49,160
Speaker 3: I mean, we're on an exciting journey right now as

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00:20:49,200 --> 00:20:53,919
Speaker 3: a firm, both in terms of expansion geographically, will be

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00:20:53,960 --> 00:20:58,959
Speaker 3: stronger in Asia, will we'll have established a good presence

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00:20:58,960 --> 00:21:03,919
Speaker 3: in India, will be better distributed across Europe, will be

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00:21:04,119 --> 00:21:06,120
Speaker 3: more present in the west of the US, because.

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00:21:05,880 --> 00:21:07,360
Speaker 2: That's actually a big white space for us.

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Speaker 3: I think you'll see our women's business to be more

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00:21:10,440 --> 00:21:13,760
Speaker 3: and more successful and larger than.

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Speaker 2: What it is today.

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Speaker 3: And then what I hope is that I'm still at

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Speaker 3: the Helm, working closely with Ralph to bring dreams to

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Speaker 3: life for all of our consumers.

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Speaker 2: Around the world.

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Speaker 1: But Tays, thank you so much for joining us.

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Speaker 2: Thank you very much, Trenty