Was that the case for your flagships as well? Like, if we look at Rodeo Drive, I would assume there are very big spenders there as well.

Both Rodeo Drive and South Coast Plaza had a very outsized portion of my business connected to a smaller number of clients. As I mentioned, the Valley Fairs of the world or my stores in Hawaii, like Waikiki and Ala Moana, had a different clientele. They relied more on traffic transactions and tourism, with mid-tier to upper low-tier clients contributing more to the spend. This is the opposite of what we see in the big flagships.

Switching gears slightly, I wanted to talk about growth and its different drivers. Price has been front of mind for a long time, partly because it was taken aggressively when demand was strong. Now, there are questions about whether we've outpriced some of the more aspirational customers. I know you didn't set prices, but you experienced it firsthand. What was your experience with the pricing philosophy at Dior? What do you think were the main inputs? Was it determined by product or specific demand signals? I'd love to get your take on having to effectively take price from customers.

This translates to customers trading down. They might trade down to a new category like small leather goods if they still want to engage with Dior, or to brands like Coach, which is having a resurgence at the $600 to $800 price point. Luxury is losing some customers to that contemporary mid-price point. I also believe Louis Vuitton is doing well because they've maintained an opening price point with their canvas logo.