Importantly, we ended fiscal 25 much better position than fiscal 24 with healthier trade inventory, especially in travel retail Asia for currently forecasted demand.

Aug 20, 2025 / CEO / receipt, needs a key / Stephane De La Favre, CEO | earnings call 2025-08-20 | transcript fc6d5648-e391-459b-92fc-1970bc6b69e5 | chars 3206-3371 | segment 3

Nearly two-thirds of our 8% organic sales decline came from travel retail, as it decreased 28% driven by strategic decision and prolonged weak conversion.

Aug 20, 2025 / CEO / receipt, needs a key / Stephane De La Favre, CEO | earnings call 2025-08-20 | transcript fc6d5648-e391-459b-92fc-1970bc6b69e5 | chars 3051-3205 | segment 3

In travel retail, we are greatly expanding our presence in the Americas through the all-new distribution with Duty Free Americas.

Aug 20, 2025 / CEO / receipt, needs a key / Stephane De La Favre, CEO | earnings call 2025-08-20 | transcript fc6d5648-e391-459b-92fc-1970bc6b69e5 | chars 11673-11802 | segment 11