Geographically, in the US, the UK, and emerging markets, and by channel from travel retail in Western markets to online platforms, specialty multiglobally, and pharmacies in Europe. By doing so, we expect to better diversify our growth drivers.

Feb 4, 2025 / CEO / receipt, needs a key / Stephane de la Fabrie, CEO | earnings call 2025-02-04 | transcript a83034b0-8e9f-4c7f-8283-7a2852353524 | chars 5185-5429 | segment 5

We have experienced further volume deleverage since the plan's inception, driven by moderated industry growth projection and geopolitical uncertainty, as well as the company-specific issues as described. We must redesign our expense structure for an evolving mix of business to better align with Prestige Beauty growth drivers and given the significant changes in the travel retail industry. We're embarking on our biggest operational transformation in our company's history, enabled by now an expanded PRGP. We are redesigning how much and where we spend, further rationalizing our non-consumer-facing investments, and significantly evolving our operating model to be more efficient.

Feb 4, 2025 / CEO / receipt, needs a key / Stephane de la Fabrie, CEO | earnings call 2025-02-04 | transcript a83034b0-8e9f-4c7f-8283-7a2852353524 | chars 7039-7723 | segment 7