Harm Ohlmeyer: Yes. When it comes to the €700 million business improvement program, we do not want to track this now on a quarterly basis and be transparent about it. What we clearly said is it is a combination of cost mitigation where we wanted to keep the ratios. Like on marketing, we wanted to keep the ratio on a potentially lower sales. That is also mitigation. We, of course, renegotiated some of the freight contracts that we have. But if I now try to compare Q1 ’23 with Q1 ’22, it probably doesn’t look that good. If I compare Q1 ’23 with Q4 ’22, of course, it looks better. And that’s why we don’t want to get into this one. But we clearly, and also in selective salary round, we are very careful on hiring and leverage the attrition that we have in the company.
We look at all ends. But again, it’s a combination of mitigating cost increases that we saw coming already last year and real savings. But rest assured that everything that we have communicated last year is built into our not just internal budget, but also into our guidance that we gave to all of you. So — and we want to focus on the guidance that we have given that we deliver on this one.
David Roux: Very clear. And I’m very happy to see UltraBOOST, now on golf shoes, so thanks for that.
Harm Ohlmeyer: So are we. Now we have to go find the time for it.
Bjorn Gulden: It doesn’t help against your slides though.
David Roux: Anything could help against that.
Sebastian Steffen: Thanks, David.
Operator: The next question comes from Cedric Lecasble from Stifel.
Cedric Lecasble: I’ll have two with follow-ups on the previous ones. Bjorn, maybe after few months within the company, what’s your view down to vote for the kind of achievable targets for companies like adidas with the assets that you know very well? And especially versus initial targets before the problems jump in of like 8%, 10% organic growth, 12%, 14% margin, like long-term sustainable profitability. What’s your view on the previous goals of your predecessor at some point in time? That would be the question number one. And question number two, in your ambition to recover the 10% profitability without — with China at 15% of sales versus 25% and Yeezy out, would you need to — what would be the main levels that create successful platforms such as Nike that you elaborated a little on being more efficient than before? Or do you need to go China to more than 15% of sales and to grow market share in China to reach this ambition?
Bjorn Gulden: Well, Cedric, that’s kind of 1 hour speech, if I should answer all those questions. And I hope that when we get to our new midterm strategy, that’s what we’re going to tell you. But to simplify it, I do think that we need to have a different business model than Nike. You have to remember again that Nike has a centralistic business model coming out of the U.S. where they generate what I call the American street culture and they export it. It’s an efficient model as long as that works and then we will see down the road if it still works. I think we, sitting in Germany, doesn’t have a German street culture to export so we need to do it in a different way. And that’s why the strategy for us in the future is to have creation centers that works on Lifestyle products out of Herzo, out of L.A., out of Tokyo and out of Shanghai, and the sum of that is our offer.
