Inventory allowance will be neutral in the second half because that’s the timing right now as we’re moving through the fall/winter ’22 inventory that will be normalized into the second half. And of course, as we move to the inventory first in China, second in Europe and then later in the year in North America as well, as Bjorn just mentioned, discounts are easing and should be more positive as well. And everything else is pretty much neutral. But that’s how we should look at the second half. That’s why I also repeat what I said, Q1 was the worst margin for the year, and we always see improvement in the second quarter and then more to come in the second half.
Operator: The next question comes from Jurgen Kolb from Kepler.
Jurgen Kolb: Two indeed. First one is really on your €200 million restructuring or business improvement plan. Have you any additional information for us on this front? Have you identified additional projects or something that you could share with us? And second one, thankfully, you detailed breakdown into wholesale, DTC, owned retail. At the same time, you talked about products, running, football, basketball, what have you. Could you also maybe give us an indication about the breakdown in the footwear category into the different categories, running, football, what have you? Or if not currently, then maybe what an ideal breakdown would be given that these individual categories obviously different in size from a global perspective?
Bjorn Gulden: The second question, the breakdown in each channel by category, what we have and what will be optimal, I think you and I should sit down and discuss that when we have product in front of us because it’s impossible to explain that on the phone. You know that as a brand, we need to have a certain performance business that carries the image of the brand. And in sports specialty, if you look at a running specialist, that should be 90% performance product. In a football retailer, it should be 100% performance. And then when you move into the family channel, I mean, is performance, right? So you have to, what should I say, be very detailed to look at that, and it’s hard to find numbers on it. In our own distribution, it’s obvious that if we have a concept store on Fifth Avenue, then we will try to showcase all the categories.
So normally, the mix will mirror the mix that you have as a brand. If you have a small store, then depending if it is in a pedestrian area or it’s in a strip center, it will be fashion and lifestyle in a pedestrian area and it will be more multi-category on a strip center. So it’s a very difficult thing to explain because there’s so many moving parts. A new trend that you might be interested in is that we see actually that the differences between performance and lifestyle is disappearing. If you look at brands like HOKA and ON, which you talk about as running specialty are now starting to sell even more products on the Comfort, and I would say, on the lifestyle area, and it’s the same product. So again, the consumer in the end decides what the product is for.
And I think you will start to see that distribution between fashion and performance is starting to be more loose, and that’s why the old segmentation and the old way of distributing product is going to be a little bit more, I would say, loose, and that will change some of the classifications even on the product. So I think that’s all I can say because it’s very, very difficult to give you any numbers on that which would make sense.
