Harm Ohlmeyer: No. I mean very clearly, there’s not one store is open or e-commerce business, and the warehouse is still operating because we still have — which is not a lot after 1 year, still some leftover inventory of Yeezy that’s still being transferred and sold in Russia, but that is part of winding down the business and clearing the warehouse and then finding somebody who is subleasing it or who would take it over, which is not an easy process in Russia nowadays but that’s what we’re working through. But nothing else has changed and no operations in Russia.
Operator: The next question comes from David Roux from Bank of America.
David Roux: Just two questions from my side. Just to go back to the points around marketing. Could you perhaps give a bit more detail as to how you plan on getting down to 11% of revenue? And just remind me, has adidas achieved that before? And then the second point is just on the OpEx. In terms of the cost savings from the existing €700 million BIP program that was flagged for this year, I think it was in the back end of last year. How much of the €700 million was realized in Q1?
Bjorn Gulden: The marketing, if you look at most successful companies in this industry, a marketing expense around 11%. It might be 10.5%, it might be 11.5%, it might even be 12%, have kind of been, at least what I have seen and what I manage my previous business, is that. And it is the same place where adi is. Of course, the percentage depends on what your top line is, and that means that it can vary a little bit. If I look at the activities that we have and the fact that we’re spending €2.6 billion ballpark in marketing, that does include also performance marketing, which is what you’re doing in your e-comm to drive traffic. Of course, that should be enough for us to kind of develop the business where we are. At the same time, there’s always changes so if you look at the big teams, if you look at the big players, there is some inflation, contracts have to be renewed.
So I have, at least in the brainstorming with Harm and the rest of the management, not even put in a target to save on marketing. We have said that let’s see what we used in the last 3, 4 years. Let’s go through all the assets we have. Of course, there’s some assets we don’t need, and then there’s some visions we have. Of course, we would have liked to have Holland, we lost him, but there are other prospects. And I think that will mean that we will not save on marketing. But again, being at 11% or 11.2% or 10.9%, I think right now that is not really relevant, to be honest. It is to make sure that we have, in absolute terms, enough money to do what we need to create the heat that we need. And again, €50 million up or down doesn’t make the difference.
And the percentage is a little bit the result of what the end of the top line is. So I feel that we have a good base of assets. I feel that we have, I would say, decent marketing plan. I do think we need more media money to actually tell the stories, and that’s just one of the challenges, how can we make sure that all the good stuff that we are going to bring in the next 12 months, how do we make that visible to the consumer both globally and locally. And I think that’s one of the challenges. But I would view, if you’re trying to model us, look at the marketing expense of 11%, 11.5% as a benchmark. And then if there are variance, let’s talk about it. But it’s not a goal to find leverage on the marketing right now. I think that will be the wrong signal.
