We’ve not added people. We’ve not fired people. We believe that the talent pool that has built G-III and not just an individual brand remains on and brings their talent to whatever brand they work at. That’s great. It’s not a new culture that has to be indoctrinated to new employees. So, we’re really — I hate to get off on a tangent but I always feel that’s the elephant in the room and let me address it. So, we — our AURs are up pretty much in all of our brands, which would even include, as I said in our presentation, Vilebrequin, which is a high AUR. We’re even taking an approach where we have EUR400 and EUR450 swim chart that we will concentrate on for a handful of doors to see how well we do with it. It’s a nice percentage of our business but we’re opening stores that will have that as the biggest percentage of their business.
So that’s working well. And our retailers’ AUR in all classifications have gone up. They’ve gone up somewhere around 10% and performing well. We don’t see any slippage because of price increase. So we’re really, really doing nicely. And if you look at — go back to our presentations, probably our last half a dozen presentations, we speak about our desire to grow Europe because Europe is the golden territory if you listen to our competitors speak about their performance. And the US is a nonperforming area for — or a poorer performing area for our competition. We prosper in the US. We do a great job of tending to the needs of the US retailer and our numbers show it and they have historically. But the opportunity for us is Europe and we grew our European business somewhere around 23% this year compared to the last year.
So we’re on every tentacle there is to find the best opportunities for this company for the future. I’m not sure I answered all your questions, but I probably answered some, Dana. If I missed one…
Dana Telsey: You answered most.
Morris Goldfarb: Okay.
Dana Telsey: Just a last thing, what’s your outlook on holiday? How you’re thinking about it? And given the diversification of wholesale accounts for Champion, how do you see wholesale evolving? Thank you.
Morris Goldfarb: So, the remainder of the year, I guess, our guidance tells you how we feel. We’re not aggressive on inventory ownership. We kind of learned our lesson. We weren’t able to manage as well as I would have liked the logistics crisis that occurred, and money is more expensive today than it was yesterday. So our inventory levels will be adjusted fairly dramatically. We’ll manage a different type of business which doesn’t give us the upside opportunity. If you own the inventory, you have a good opportunity to sell it. So our guidance has got — it’s got some upside opportunities, but not as huge as they had been historically because their inventory is managed differently. As far as what occurs for the future, there is — that’s political, it’s economical, it’s the economics of our country and our world.
It’s not all targeted as to whether we have the right fashion at the right price. We have all that embedded in our business. We’re doing all the right things. Not in control of what we can’t control. So…
Dana Telsey: Thanks.
Morris Goldfarb: And we do consider the inflationary issues and the politics that evolve around us when we do give guidance. So there is some level of conservativism that’s factored into our guidance that considers what we can’t control.
