Oliver Chen

We love Cartier.

So there's definitely a barbell and bifurcation where more pressure at the low and middle and then some real strength at the high end.

And Cartier Richemont Group is outperforming Van Cleef as well as Cartier.

customers are gravitating towards gold, jewelry, real stores of value.

And the prices here are compelling because handbag prices have gotten extreme.

So the Love Collection at Cartier, Love Unlimited at Cartier, the Maison, really enduring value and timelessness.

And overall, the jewelry growth rates have been in the high single digit.

And we've been struggling to grow in handbags.

Yeah, Tom, I think what we'll see is selective M&A.

Beauty is always an M&A-orientated sector in terms of large players acquiring brands that

have been developed by founders.

Skincare, longevity, niche fragrances, those are big opportunities.

And luxury, it'll be selective.

There are some assets that have sold and we'll see, but the market's getting better with the consumer on more stable footing.

So M&A is totally possible and we're watching the IPO market too.

We like Walmart.

We like the AI story.

We like the value story.

We like delivery, curbside pickup, marketplace model, digital advertising.

That remains a favorite for us.