Financial Data and Key Metrics Changes - In 2025, the company achieved record sales of $1.49 billion, with fourth quarter sales of $386 million, marking the best fourth quarter performance ever [4][26] - Fourth quarter sales rose 7% on a reported basis and 3% on an organic basis, driven by higher sales from both US and European operations [8][26] - Gross margin contracted by 20 basis points to 63.6% in 2025, primarily due to higher costs from tariffs, which resulted in approximately $12.8 million in additional costs [27][28] Business Line Data and Key Metrics Changes - US operations saw a 4% increase in fourth quarter sales, driven by brands like Guess and Donna Karan Beauty NY, while full year sales declined 3% excluding the phase-out of Dunhill fragrances [8][34] - European-based operations reported a 9% increase in fourth quarter sales, with a 4% rise in organic growth and a 4% positive effect from foreign exchange [11][32] - Notable brand performances included a 33% increase in Cavalli fragrance sales and a 40% increase in MCM fragrance sales in the fourth quarter [10][11] Market Data and Key Metrics Changes - The travel retail market grew by 6% in 2025, representing approximately 7% of total net sales, with brands like Cavalli, Lacoste, and Coach performing well [20] - The company noted strong sell-through rates and healthy ordering patterns in early 2026, indicating a positive market environment [100][101] Company Strategy and Development Direction - The company plans to continue expanding its portfolio with new partnerships and brand acquisitions, including a 15-year extension of the Guess license and new agreements with David Beckham and Nautica [18][19] - Innovation remains a key focus, with expectations for significant new product launches in 2027 across major brands [70] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting ongoing macroeconomic challenges such as tariffs and geopolitical conflicts [6][24] - The company anticipates a stable market in 2026, with expectations for stronger growth in 2027 driven by enhanced innovation [39][40] Other Important Information - The company has made progress in operational improvements, including transitioning to 100% third-party providers for logistics and managing inventory levels effectively [21][36] - The effective tax rate for the year was 23.3%, down from 24.2% in 2024, benefiting from a one-time favorable net tax gain [31] Q&A Session Summary Question: What metrics will be considered for updating guidance? - Management indicated that they are monitoring market growth and the innovation pipeline, with a cautious approach to revising guidance due to market volatility [42][46] Question: What is the outlook for promotions in the market? - Management noted a slight uptick in promotions in the fourth quarter but emphasized that it was not significant and typical for the industry [48][52] Question: Is there capacity for additional brand acquisitions? - Management confirmed that there is capacity to add more brands to the portfolio and is actively seeking new opportunities [61][62] Question: What are the expectations for the flanker pipeline? - The flanker strategy is designed to maintain market share, with expectations for brands like GUESS and Lacoste to outperform in 2026 [69][70] Question: How are trends across key regions shaping up in 2026? - The US and Southern Europe are performing well, while Northern Europe is more challenging; Asia, particularly China, remains slow [100][102]

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