In the second quarter, reported a 19% organic growth, with all markets contributing, especially Korea and Japan. I will skip really commenting page 14 of the presentation, since we will look in detail at the trend by channel for each brand. Let me just highlight one number. In the second quarter of this year, DTC accounted for 86% of groups' branded revenue. You know that branded revenues exclude the textile and other revenues, which are by definition and by nature B2B businesses. So let's go to page 15 and let's concentrate on Xenia brand revenue by distribution channel. In the second quarter, Xenia DTC, which reached 90% of the brand's H1 revenue, sequentially accelerated compared to the previous quarter and posted 18% organic growth. A growth entirely comp driven with all the regions contributing to this performance. The Americas continued to be very strong, revenues in greater China region improved sequentially, and the rest of APAC continued to strengthen. Europe also performed good, very good, and the Middle East, as I said, improved sequentially during the quarter and returned to a positive growth despite the disruption caused by the war. The brand's network remained unchanged. In the wholesale channel, revenue was down 3% organic as we continue to focus on the direct-to-consumer model based on exclusive customer experience. We confirm here the indication of a low double-digit decline by year-end. So moving to page 16 and commenting Tom Brown. In the second quarter, Tom Brown reported a solid DTC momentum, plus 16%, driven by the Americas, Korea, and Japan. Tom Brown's DTC performance was also helped by space contribution. In terms of retail network, in the quarter, the brand opened three net DOS, including Chicago and Vancouver. The wholesale channel reported a minus 29% organic performance, reflecting both the decision to streamline the channel and the conversion of the distribution in Hong Kong. We confirmed that by year-end, this channel wholesale, which I underline is increasingly less relevant for the brand, in the first half was only 17% of the brand revenues, will be negative in the minus 30% area. Let's now move to page 17 and let's talk about Tom Ford fashion. DTC revenues for Tom Ford fashion grew 13% organic in the second quarter, which was led primarily by the Americas. Also, the rest of APAC in the quarter outperformed. This performance was exclusive given by the Comstore sales growth, which is a further proof of the client appreciation of the spring-summer collections. In terms of store network, Tom Ford Fashion closed one boutique during the quarter. Looking at the wholesale, the wholesale was down 3%, reflecting also in this case the group's retail first strategy. The performance in the quarter benefited from some anticipated deliveries of the full collections, which has been driven by better and good production timing. By your end, the channel should be down low, mid single digit, and this is a confirmation of what we already said in past calls. Moving now to page 18, as usual, here you can find the summary of the Group Store Network, and with this I completed my hopefully short presentation, and I will hand over to Gianluca for his important remarks.

Thank you, Paola. Good morning, good afternoon, everybody. Let me share a few final remarks on some important brand initiatives and on our business. First, as Paola also mentioned, I would like to celebrate once again the extraordinary event that Zinnia brand hosted in Los Angeles this June, which we call the La Villegiatura. In Los Angeles, we told another chapter of the Zegna story. This time, the story was rooted in the Italian tradition of villeggiare, which means to spend the summer in a villa. We brought to life the Zegna family summer villa, inspired by a time in the 70s when the entire family would spend the summer together in a house, always open to relatives and friends. This is what we did in Los Angeles at Chateau Marmont Hotel. we welcomed friends of the brand to discover exclusive collections and we invited them to experience the runway presentation on the malibu pier while living the zenya legacy those were memorable five days delivering results in terms of coverage recognition and client interest that exceeded our expectations i want to express again my sincere congratulations to the entire zenya brand team, starting with Edoardo and Angelo Zegna and Alessandro Sartori, for the focus, creativity, and quality brought to this project, and for the outstanding execution that made these results possible, all underpinned by Gildo's vision, guidance, and unwavering encouragement to keep the set, to keep the bar always high. But Villa Zegna Los Angeles was not the only major initiative the brand pursued in the quarter. At Art Basel in June, the Zenia brand continued to champion art as a force for responsible progress through its support of artists who engage directly with communities, society, and the environment. This initiative reflects a belief that has long been part of the Zenia brands and overall of our group's identity, that business, culture, people, and nature can create lasting value when they evolve together, just as our founder envisioned more than a century ago with the creation of Ozzy Zegna. As you can see, everything Zegna does is part of a coherent vision. Every ingredient is already there, written in the Zegna family book. We simply have to open it and bring to life its values, culture, and way of living. That's how we express what makes Zegna unique, an authentic Italian lifestyle that goes far beyond products. Let's now return to Italy, where we proudly welcomed Van Brown for his first ever show during June Men's Fashion Week in Milan. This debut was a powerful expression of the brand's tailoring heritage and commitment to craftsmanship. At the same time, it demonstrated Tom's ability to continue to evolve his iconic creative coats, introducing a broader color palette and exploring a sophisticated range of fabrics, textures, and techniques. We were very pleased with the show, which attracted significant positive attention from industry, media, and clients. At the same time, Sam Lobban, the CEO of Tom Brown, is making progress on the brand's objective to drive a stronger retail-first culture across the organization. This includes investing in talent at every level, ensuring that the brand's creativity and merchandising stories are effectively brought to life in the stores. There is still important work ahead, but we believe that the team is moving in the right direction. Moving now to Tom Ford Fashion, the recent 26th Met Gale and Canfield Festival in May marked two defining moments for the brand. Through a curated celebrity presence at both events, the creative and marketing teams contributed to enhance global visibility while driving significant earned media coverage. Combined with increasingly focused collections and with improved CRM capabilities, these efforts are supporting the development of the retail business as shown by recent sales performance in the directly operated stores. Lelio Gavazza, the CEO of Tom Ford Fashion and his team, continue to work actively across all these levers, marketing, merchandising, CRM, selected new openings to drive future growth of the business. Indeed, we believe that Tom Ford Fashion's ongoing success will come from a combination of comparable store growth, new space contribution, development of existing clients, and acquisition of new ones. Today, our priority is to selectively expand the retail network while deepening our relationship with existing customers over the medium term the focus is also to drive comp store growth also through new customer acquisition before taking your questions let me conclude highlighting that the strong performance we saw over the last quarter is the result of actions we began implementing years ago and which we which are bearing their fruits now we know we have much more to do as important projects remain underway. These projects will continue to require resources before delivering sustainable value, but they are strategic and relevant for our future. As we enter the second half of the year, let me offer a few general observations on what we are seeing across our business. While we are only a few weeks into Q3, and therefore we have yet limited visibility, what we are seeing today is that the underlying DTC trend of the business remains very solid. That said, it is important to recognize that Q2 benefited from some specific initiatives that are not expected to be repeated in the same way in the remainder of the year. For instance, Villa Zena Los Angeles and the ASICS launch for Tom Brown. The momentum we see, we continue to see reflects the work undertaken over the past several years to strengthen the Zenia brand. While at Tom Brown and Tom Ford Fashion, it reflects the early progress of the initiatives we have put in place, fully aware that we are still in the early stages of the journey and many things remain to be done. As a final remark, our commitment to investors remain unchanged. We remain focused on delivering our 2027 targets. The second part of the year might be a bit more challenging in terms of comparison. However, we are confident that 2026 full year consensus is reasonable. With that, we will now open the Q&A session.

Thank you, Gerluka, And please, operator, if you can open the Q&A session.

Thank you, Paola. We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset while asking a question to allow for optimal sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Our first question is from the line of Adrien Duvergier at Goldman Sachs. Your line is open. Please go ahead.

Good afternoon, Gianluca and Tala. Thank you very much for taking my questions. I have three, if possible. So the first one is on the performance throughout the quarter. Could you please comment if there is any material difference month on month? And also, if you can comment on the last few weeks and if you have seen any change in the consumer environment. My second question would be on China. So I see there's quite a strong acceleration for two quarters in a row now. Could you please comment a bit more on what you are seeing in the region, particularly in terms of the DTC trends? And are you seeing any difference in performance between mainland China and offshore spending? And my last question is on profitability. With the strong set of numbers today, is there anything we should be aware of in terms of phasing of costs for 2026? Do you also reiterate your comments that Fulia 26 margin should be broadly stable versus 25? And maybe lastly, does that give you a bit more confidence regarding your 27 EBIT guidance? Thank you very much.

Thank you, Adrian. Many questions. So I'll leave Gianluca to start with the performance in the quarter.

Hi, Adrian. So the quarter had a solid performance across all three months, probably with a bit of acceleration in May and June. I would qualify also in these two months above our own expectations. In terms of China, and to give you also some colors, so for instance, in Zeng, I think that there are some elements of the offering in June, like the linen has been positively received so i think that this to give you some colors on a month by month china china sequentially improved as you noted i think it's all about the consistency of our execution we said that we were focusing on the key factors in china namely some areas of underperformance make to measure triple stitch and I think we are seeing some starting to see some traction there we continue to see positive signs and the good brand momentum of the Zenia brand looking forward in China I call out we will have important a couple of important openings probably the most important one is in Hong Kong It was Arbor City. We just opened an interesting and important second store in Shenzhen, Mixi Bay. So while we focus, and I think we said last time, we will have some pruning on the footprint. We keep on investing in China in fewer, better doors. So this is the message I'm giving on China.

I think the question was also if I understood well on the cluster, but I say there is no really difference between the results in China and the cluster. So also the cluster has been accelerating in the quarter.

I remember always that our Chinese consumers spend almost, well, I'd say 90% locally. So to us, cluster and geography for Chinese are very overlapped.

Profitability.

Profitability. So as we said before, so we keep on investing on what is strategic. So that's why we believe that the consensus is reliable and feasible, both for the full year as well, I think, commenting also on the first half, because there is some cost incidence on first half. So that's why I believe that the consensus that is out there on the marketplace is reasonable for both H1 as well for year 26.

Next question.

Just to give a caller about the cost. I think that there are two directions of cost where we are investing. of course supporting our brands the three of them from marketing standpoint and so on and investing in group initiatives to start creating a group layer that will then trigger some synergies and better group management going forward if there is no follow-up from any i would go for the to the second uh set of questions greater our next question is from the line of

natasha bonnet at morgan stanley your line is open please go ahead hi thank you for taking my questions and congratulations on the good set of results um just the first question obviously the zegna brand performance is quite impressive which categories and regions drove the out performance and then my second question would be you know can you break down q2 by volume price mix? Is mix still the biggest driver in Q2? And are you seeing an increasingly number of new clients to your brands? Thank you.

So in terms of mix for the Zenia brand, I would call out Sumisura. So make-to-measure is definitely outperforming. It's not just formally, it's across the board. The luxury leisure wear side is performing extremely well. And the shoes. So those are the three drivers of growth for the Zegna brand. In terms of KPIs or mix, so AUR is the driver, is the main contributor to the DTC growth. And it's not just a pure price increase. It's a mix thing. It's the driving force are the second scene part of the collection. Bedusarum, of course, make-to-measure, as I said before. On Tom Ford, it's the success of Leather Outerware, which, by the way, going back to make-to-measure is now also available on a make-to-measure format. So I think all the most elevated part of our offerings are the ones that are being more credible in the eyes of the consumer. And in terms of new or existing loyal clients, I think there has been one new element that is becoming more and more solid throughout the year. Of course, our strategy has always been the top of the pyramid, as we have pulled out several times, and it's continued being so. So the events, the CRM and so on and so forth. But this is generating a side effect, also bringing in new clients. I'm not saying new clients from the bottom of the pyramid, but new clients. Most of the times these clients come in also for high ticket items. So we are seeing also an increase of client base, namely on the Zenia brand, which you called out was the driving force of the growth, which is a new part of the equation for us. in welcoming new clients into the brands.

I think there was a question on Zegna also, what was the region driving the growth? But I would say, Natasha, all the regions have been really important to the Zegna performance.

Yeah, probably looking at what is happening in the marketplace, probably I call out the fact that Middle East has been positive in Q2 for us, which talks about the resilience of the brand and the resilience of our customer base, namely the local ones, which have more than offset the shortfall of tourist demand in that market.

Thank you. Thank you. Thank you, Natascha. To the next one.

Your next question is from Oliver Chan of TD Cowan. Please go ahead.

China and America's really nice momentum there. What's happening on traffic relative to ticket? It sounded like you had nice contributions from both in different ways. Second question, when you mentioned new customers and Tom Ford, what's underlying that opportunity now versus prior? And third, as we think about new customers more broadly, how is that interplaying with how you're thinking about marketing spend and marketing spend composition? Thank you.

Thank you. Thank you, Oliver. The first one was traffic versus ticket. Are you referring to the three brands or Zegna only? I didn't get if it was specific on Xenia.

Xenia would be helpful, and China's and America's.

Thank you. China and America.

Yeah, slightly positive. I think that the main driver, as I said before, is AUR. Hi, Oliver, by the way. The main driver has been AUR. So positive traffic, as I said, also. And conversion. And conversion. But the biggest driver has been AUR. um and traffic driven um also in china by uh by the revamp some good momentum that we start seeing around the brand new customer for comfort the the drive the the the part of the collection that is growing the most is women yeah and that's an area of focus for the overall team starting from design and merchandising the women's side ready to wear is the one that is probably giving a bit more momentum and of course the untapped opportunity is on the day wear side of women because this the evening and ceremony related is strong historically but the day wear side of the collection is the area that is we see more opportunity and again going back to what i said before the make to measure which is sitting on the basis of our unique supply chain capabilities we started in tom ford to offer make to measure on tailoring for women which is a unique proposition in the marketplace taking advantage of of our short lead times and and sleeve units capacity so i would say that women is definitely uh an area of

maybe just for the end somehow enlarging the client base yeah just wanted to underline or to specify when john luca first in the previous question was referring to new customer we were talking he was talking mostly about zenia so there was a comment that was really on zenia new customers that there is this snowball effect even if we are concentrating on talking to our community what we are seeing is actually that this brings also new customers to the brand.

This last part I was talking about before.

Yeah, no, in fact just to clarify with Oliver and in terms of talking about new customers, Oliver was asking about the marketing spending and how is, what our thought there.

Well, marketing spending on Xenia continues with the same cadence that we have done in the last 6-12 months, which is amplifying the message, especially through the right communities, events, creating unique experiences. On Tom Ford, you will see probably in the next three, four months, adding into then the opening of the store in Paris in January, we will amplify a bit more the message, increase a bit the volume of our marketing spending to both increase awareness and consideration for the product. So that I think is the only change of direction in terms of intensifying a bit the marketing spending on Tom Ford because we believe that is the moment to do so.

Okay. And on your comments, Gianluca, on Los Angeles, which was a great event, what's happening with what we should model with that benefit in terms of a more normalized America's growth rate? The America's numbers have been outstanding, But I'm curious about what might be a run rate in terms of longer term of that region.

Well, of course, a villa, you know, a villa is meaningful, but it doesn't move the needle of Xenia or the group in North America. So to give you a sense, a villa generates revenues that are the size of a mid-sized store in a year, more or less, give or take. And the villa, although being very successful, generates revenues that are recorded over the months, since they largely depend from products that are not ready to buy but need to be produced on order. So if your question was, is the Q1 or Q2 inflated by the villa, I would say to a very limited extent. So we will benefit the revenues of VILA partially in Q2, of course, because there was a part that was ready to buy, but then there will be also in the, I would say, Q3, there will be the manifestation of revenues of some products to be delivered. okay last question um on ai we're doing a deeper work here as you know what are some of your call outs for how you're using artificial intelligence across the organizations or key priorities or and or any benefits you've been seeing on that front thank you we have defined our battlefield field on AI, looking at how ready we are on the underlying data and how easy for us is to capture low hanging fruit. So we have defined three main areas of intervention on AI. One is on operational planning, which means used AI to make the right demand planning, especially on continuative items because it's the part that requires more statistics because if it's seasonal product, you have not enough data behind. So one is operational planning, demand planning. The second is supporting AI in the interaction with the clients. So the engine of CRM making the right proposition to a customer either directly on the web or through our customer advisor. These are streams that are underway. And the third is on the internal productivity. All the, call it backend functions, we are chasing opportunities to improve efficiency by adopting either softwares that are AI with an AI engine or developing algorithm to support better productivity. So these are the three areas where we decided to put our bet.

Thank you, Aligua. Thank you, Julio. And next one.

Your next question is from a line of Anthony Shosheshi at BNP Paribas. Your line is open. Please go ahead.

Yes, good morning. thank you very much for taking my question i have just um just two the the first one is a clarification and um on the middle east uh performance so you said that uh that q2 turned positive uh for some yeah for some reason i had in mind that it was i mean the region was already positive in uh in q1 but yeah just a clarification on uh on this point uh yeah sorry about uh about this question the second one would be on on on villa zenia in um in in los angeles and to know a bit uh the cost uh in term of um yeah as you're doing more of those uh of those events and they're getting more and more costly as as i understand just to know if if zenia the zenia brand particularly was prioritized in H1, and you reduce investment on the other two brands. My last question, Gianluca, maybe it's on the top line, when we see that we have higher AURs and better mix, I mean, with more Uber luxury sales, made-to-measure, more sales with personalization. I mean, I understand that those are quite helpful in terms of margin, like basically it's maybe 20, 30 percent more ASP and in terms of cuts, not much addition. So curious to know why we should still see consensus number in H1, which would imply basically your margin down 30 or 40 bips.

Thank you so much. thank you thank you anthony anthony on the middle east let's qualify uh you're right in q1 it was positive so probably turned positive is not the proper language but of course in the first quarter we had just one month of disruption which was a march and instead we expected to have a longer disruption in q2 which actually didn't materialize so probably this is the better framing of the situation just to clarify what we said also in q1 the quarter was positive because uh january

february clearly was growing a nice very nice double digit that uh the the the region was growing and then we said at that time you remember in april we said since the war started that we were down double digit so what we are seeing today is that the second quarter which has all the months impacted by the war is actually positive slightly positive so it turned positive compared to march yeah in terms of villazenia cost this information we don't disclose of course as you pointed out we are intensifying these are costs that belong to the marketing line and that's why we said we are we are investing and that's why we are saying let's stay cautious

on the consensus despite as you point out we have a better mix we have but we have two elements that are bringing us to be prudent on the consensus one as we said before especially in the first half we have fx edwind which hopefully should be less material going forward in the second half and and we have these investments these investments are on xenia are the experiences and villa is the pinnacle of the experiences on tom ford as we said before we are going to pump up the volume in a way because we want to make sure that the fashion part of the business is more visible on the marketplace when you call then about make to measure there is a surcharge you see true it's true but also the cost of those products is higher make you an example just to make you sure the cutting of the fabric is much higher because it's a cut one by one so there are accessories or finishings of the garments that are richer so There is a lot of, the equation is not higher price of make-to-measure, higher margin. And also the mix, of course, the mix is helping the growth, but typically the mix comes with more sophisticated fabrics or more elevated leather, like it is the case of the second scale. So it doesn't immediately translate in increased gross margin percentage.

Thank you. Thank you. Anthony, thank you to you. And let's move to the other question.

Our next question comes from the line of Chris Gao at CLSA. Your line is now open. Please go ahead.

Hi, Gianluca. Hi, Paola. Thanks for taking my questions. Firstly, congrats on the great numbers. So I actually have three questions. The first one is about APAC. I have a quick follow-up. For the broader APAC, GCR has been performing really well. and also sequentially improving. I remember earlier this year, your Chinese cluster guidance is about flattish this year. So do you think actually it is likely to do better than what the market expected at the beginning of this year, right? So are you going to raise the guidance of the Chinese cluster? And also among the other APEC market, can we have a sense how much Korea contributes to the mix of Zinnia Group and Zinnia Brand, and how much of this growth from the other APEC segmentation driven by local and how much from tourists. So this is about the APEC. And the second question is about wholesale. So we see the wholesale channel decline in the second quarter is actually much narrower than market expectation, especially for Xenia Core brand and Tom Ford. So just wondering if there's any updates for the full year guidance of your wholesale channels for each brand, and how should we look into the second half? And my last question is about the concentration rate of your top customer spending. So we can see, you know, very positive acceleration of your growth. And historically, you have mentioned like roughly top 5% of your consumer contributes around 40% of your Zinnia Core brand revenue. Is this contribution ratio going higher this year thanks to the strong, you know, DTC performance that you have been seeing across regions? Thank you.

Thank you, Krista. Thank you so much. And on APAC, GCR and Korea, I leave Gianluca to comment on the performance by region and clusters.

Let's start. Hi, Chris. So let's start from the rest of APAC, which represents slightly north of 10% for us. So we are aware that we are probably underrepresented in those markets yet, and we are working to improve there. What we are seeing definitely is a good momentum in Korea, which remains strong off a small basis, but remains strong. And in Korea, the demand we are happy to observe that is very much driven by locals. In Japan, we are improving, and there is a combination of improvement on locals and tourists, which are roughly 30% of the business. In Korea, it's much less. in terms of gcr we observe a sequential improvement we want to be cautious because of course we are seeing some volatility we are aware that we will have some openings we will have some closing going forward so i think that while we are happy about comp results we need also to be cautious that going forward we will have as i mentioned before some important openings but we have also some concentration of the footprint in the logic of fewer better doors in terms of wholesale i think fowler in her speech remarked the guidance which is on zenia brand it's a low double digit decline by year end which is more than when you can observe in the first half because we are intensifying our icon protection strategy. So it's a question of protection, so it will become more intense. In Tom Brown, we have seen in second quarter 29% decline, and that is more or less what we expect for the full year in the region of minus 30%. At this point, this part is becoming less and less impactful because it's 17% of the business at this point is all sale. And Tom Ford, we expect a low mid-single digit, which is not far away from what we have seen so far. So there will be a continuation with a stronger decline in the next months on the Zenia side because we want to make a further step on the protection of the Icon products.

There was a final question on the concentration rate, the 5% generating 40% of our business, which, first of all, is not something that we provide, let's say, update quarterly or half years. But more than that, Chris, it's very important. Our strategy for Zegna brand is to talk to our community, to talk to our top of the pyramid customers. This, as Gianluca was saying before, is today generating snowball effects and we see many other new customers. And this is what we look, what we consider, and these are the KPI that we look at. So, I would concentrate on these KPIs more than on the one that you mentioned.

I understand. Thank you very much.

Thank you to you, Chris, as always. Moving to the next one.

Our next question comes from the line of Maria Mehta at Bernstein. Your line is now open. Please go ahead.

Good afternoon, Paola Angeluca, and thank you for taking my questions. I have three. First, I know you opened quite a few stores for Xenia in the U.S. recently. Would you be able to tell us how much space contributed to growth in the region or overall? And then could you maybe walk us through the dynamics of new stores a bit more? How many new clients do you have coming in versus existing clients? How long does it take for the stores to reach sort of brand average? Anything basically that you could tell us. And then second, in the existing stores that you have, what would be the selling actions that you implemented at Xenia that have had the highest impact in terms of sell-through and maybe retail space for activity as well, even though I know it's only a revenue call? And then finally, it's a quick one. Sumizura, obviously, you're doing more activations with Bella Xenia, and you're saying that Sumizura is driving some of the growth. Is there a target to go above the 10% of sales, which you have now for Sumizura, for Zenia or the group, or you're just sort of waiting to see which performs better? Thank you very much.

Thank you to you, Mita. And just one quick one. Can you repeat briefly the second one? Because I don't think we, I personally don't think I got it completely or just don't want to answer something not right.

For existing stores, are there particular selling actions that you implemented, Xenia? So let's say, you know, more collection drops or maybe specific products that are sort of have had the highest impact on sell through of these items or retail space productivity over the past half year. OK, thank you. Yes, very, very clear.

Okay, on the first one, on the space and how many new existing clients in the US for Zenia, Mita, I would like to a little bit, let's say, not to answer, but I don't think all these details is something that is, let's say, important to share today. What is really important, and then I leave also Gianluca to comment, is the success of a strategy that has been, you know, implemented over the past years, very coherently, very focused. And this is working, of course, with also a merchandising strategy, CRM strategy, the team locally that has been, you know, very successful and is working very well. All this is today bringing to these results and in a market that continues to remain solid, but I would say maybe we are outperforming. So this is what is important to understand. And then I leave it to Jalupa if he wants to comment a little bit more on the U.S.

In general, as you said before, DTC growth for Xenia overall is comp. So all the growth is comp. And so this applies also to U.S. It's not meaningful, the space contribution. in terms of product I think as Paula was mentioning more than a single product it's the overall consistency and go to market execution that is really working well any month or there is a drop of course any drop has its own story once it's a story about linen once will be a story about second skin new book so and then there is the underlying support of make to measure which i come to comment later so i think it's more than a single product story as we said before the genius success is going beyond products of course then we have products that are well appreciated and are and we are obsessed to have well done products outstanding materials with a fantastic identifiable silhouette designed by alessandro but all this is the is the overarching story is the consistent execution go to market and intimacy with clients i think and of course there is the make to measure success the linen success the person that the the triple shoe success uh we will have further products coming up in in full iconic products uh so the the lego building house as edo likes to mention that we are building products that are recognizable and and it's the execution that is making the difference in terms of make to measure uh i think we are at this point uh trailing higher than 10 percent and i think that our next phase will be overall in the brand which means retail and or sale, everything all together, we should get to, the next target is to get to 15%.

Yeah, the question on existing stores and what has been the highest impact in terms of sell-through is if it is our drop strategy, which actually is continue to work very well and to drive. I think there is also a strategy of concentrating of fewer bigger stores because what is true and what we see more and more is that even if a store is bigger and so has more product, the sell-through is actually higher. So it's much easier, let's say, to have higher sell-through in a larger store than in a smaller store. And this is a strategy that we have started and we are adopting successfully, in particular for Zenia brand, but also for the others.

Okay, I don't know if we answer to all your questions.

Okay, operator, are there any other questions? don't hear anything operator sorry your next question is from the line of daria neshave at bank of america your line is open please go ahead this is daria from bank of america thank you for taking my questions can i please ask three so within d2c revenues at tom brown what was the split of comp and space please considering two stores and hong kong conversion The next one is regarding recent trends in July. Are you seeing stable trends or any acceleration slowdown on a year-over-year basis? Aware you were talking about solid underlying, but also aware of the comp difference for the second half, just to help us a little bit with modeling and how to think about it. And when it comes to profitability and you being comfortable with consensus, Can I please ask and clarify if you're referring to the absolute value of EBIT or to the margin? Thank you.

Thank you, Daria. Yes, I'll leave it to Gianluca for Tom Brown, the incidence of space versus comp, the attribution of space in the DTB, DTC.

Oh, yeah. Hi, Daria. The space part for Tom Browning, the first half, has been the majority of the driver for the 16% organic for Q2. So I think this is, but still with a positive, meaningfully positive comp basis. In H2, if we look ahead, the space will be less of a driver for Tom Brown DTC. So I think this, I suggest that needs to be taken into consideration going forward because we will have less of a lift in space from Tom Brown.

In terms of EBIT, when we talk about feasible consensus, we talk about absolute numbers. yeah uh did we answer to your all your questions daria and uh yes on the on the july point because you were talking about solid underlying which probably implies the two-year stack just how should we think about acceleration or slowing compared to what you have shown in the first half particularly for zenia brand i know you answered for tom brown but if you can have on then yeah that would be helpful thank you yes sorry i i had it written and i forgot to mention

to nger luca my fault so uh early to make a final judgment as i said before we are happy about the dtc trend that we see still solid what we are seeing