For our European travel retail business, we make great progress in expanding our consumer coverage in France through new retail activation, new doors, and upgrading the existing fleet across our luxury portfolio.

Oct 30, 2025 / CEO / receipt, needs a key / Stéphane De La Fabrie, CEO | earnings call 2025-10-30 | transcript 96339935-03a8-4959-b801-60c4f633fc4b | chars 6153-6365 | segment 6

Travel retail declined 28% organically, and it continues to shrink as a percentage of our business towards the low teens.

May 1, 2025 / CEO / receipt, needs a key / Stéphane de la Fabrie, CEO | earnings call 2025-05-01 | transcript c0623751-f2f8-4c51-bb7c-e94f2f977be2 | chars 2756-2877 | segment 2