Jean Madar: A good question. This is also something that we are monitoring on a daily basis. Retailers are quite prudent. They are not taking massive inventory. We are delivering daily. I was with many retailers in the last couple of weeks, and we have — they have given us a lot of smaller orders, but more sequenced in order for, I guess, to receive products in a cadence that is on a weekly basis. And that’s what we are doing. So they are not — they don’t have a huge amount of stock, but they are continuing to buy. And we have, I think, orders to ship up to Christmas. So I think it’s a prudent attitude from retailers, but I do not see any issue with their inventory level.
Hamed Khorsand: Okay. And my other question was for next year, other than Cavalli and Lacoste, what are you focused on as being important events for — into perfume next year?
Jean Madar: So of course, Cavalli and Lacoste are the new brand in the portfolio, but we are going to concentrate on the 5 biggest franchise in the portfolio. Number one is being Montblanc and Coach and Ferragamo and Jimmy Choo and GUESS. So these 5 brands will represent maybe 70% of the sales, and we will continue to invest. And what is very important is that this 5 big franchise will all have a blockbuster in 2024, where for 3 out of 5, we didn’t launch any blockbuster in 2023. So this is positive. In a couple of weeks, we’re going to give the sales guidance for 2024. We are optimistic but prudent because, again, the world conditions, these tensions also are not great for business, and we have to take this into account, of course.
Operator: We have reached the end of our question-and-answer session.
Jean Madar: I hope I was able to answer the right way. But again, I repeat, if there is more info that you need, we will be happy to have Michel’s team answer, you just have to call the office. I’m sorry, operator, yeah, you wanted to say something else? No?
Operator: No, I was just going to hand the call back over to you for closing comments.
Jean Madar: Okay. So before I end the call, I wanted to touch again on recent geopolitical tensions. As a global business with over 2,200 touch points across the globe, we do everything we can to help support our manufacturers and distributors. At Inter Parfums, we are in support of humanitarian efforts and the innocent people experiencing so much pain. We condemn the terrorist attacks in Israel, and we’ll continue to work to find more ways to provide support to our partners, consumers and all those affected by this war. We hope for a pathway to peace soon. And as I said, if you have additional questions, please contact Karin Daly from the Equity Group, our Investor Relations counsel. Her telephone number and her address can be found on our most recent earnings release.
Since this is our last conference call of the year, Michel and I hope you have a safe and pleasant holiday season and a prosperous New Year. We look forward to the next conference call. Thank you very much, and have a good day.
Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and enjoy the rest of your day.
