Katie Greifeld

And I do wonder how, if at all, some of the coach coffee shops play in when it comes to Gen Alpha, because obviously a croissant, a cup of coffee, it socializes the idea of coach, but it's much more affordable than a handbag.

I do want to talk about pricing a little bit because one of the things that seems to be unique about Coach is that you've managed to break out of the promotional cycle, which for a lot of brands turns into a downward cycle.

And I want to talk about how that strategy relates to what you're doing in your outlet stores because

It's interesting.

You've actually dropped the word outlet altogether from a lot of those locations.

And within them, you're actually selling at full price in many instances, which is interesting.

So walk us through the strategy there and how that's impacted how people shop at those former outlet stores.

And what sense do you have of what pricing power looks like right now?

Because, I mean, on the consumer side, we're coming off of several years of stubbornly high inflation.

It seems like we've settled at least for right now.

And I mean, on your side as well, higher tariffs, that's hitting consumers.

And I have to imagine it's hitting your supply chain as well.

So what is pricing power look like right now?

And how is that translating to margins going forward?

Yeah, something's better left unsaid.

Yeah.

I do want to talk a little bit about Europe because you mentioned your growth there.

And I wonder, you know, who are you necessarily taking share from?

Because you think about the European luxury handbags, have to imagine they have a huge presence there.

So are you seeing, you know, you actually, you know, taking a little bit of their slice of the pie or is the pie growing?