Operator: Our next question comes from the line of Sylvania Chaudhary [ph] with JP Morgan.
Sylvania Chaudhary: Thank you for our questions. In yourprepared remarks you mentioned participating in some promotional events where you see an opportunity to acquire new customers and participation in key promotions more.Can you just add more color, especially, as previously the company’s stance was not too keen on promotions and also more on a broader level, how has your marketing plans overall changed on a with the change in management.
Eric Tiziani: Thank you so much for the question. So let me tackle the promotionality question first.This is very consistent with what we’ve talked about in the past, really, in that it is not our strategy to over promote the Olaplex brand. We don’t think that’s right for the equity of the business.When you look at the data, we continue to promote less than the category average, but we do see important moments and events with our customers, stylists and consumers, where we think it strategically the right thing to do to participate. We’ve been pretty consistent about that throughout the course of the year.We’re seeing good results when we participate in those events and we’re often just looking for the angles,how do we make this as strategic as possible?
How do we drive new customer acquisition?How do we drive further penetration through the regimen to make sure that that we’re using that as a way for consumers and stylists to buy deeper into the regimen as well and we’re pleased with those results so far and we can expect to continue that. In terms of any changes to our marketing investment or strategy with a change of management, as J.P. mentioned earlier, Amanda Baldwin, we’re so excited that she’s going to be joining the company in the middle of December.She has incredible experience in building brands and in driving marketing capabilities and we are really excited about what Amanda is going to be bringing onto this business as well.So that’s not a change in our marketing strategy quite yet, but I’ll just point to the comments I made earlier about testing and learning and optimizing.
We are using our marketing mix modeling analytics to optimize and shift our spend as we go.So in our Strength Starts Inside campaign, we noticed that certain assets were performing better than others and marketing channels were performing better than others.We were able to take that information anddeploy that into how we want to invest that money in the fourth quarter.
Operator: Thank you. Our last question is from Jonna Kim with TD Cowen.
Tom Nass: Hi, it’s Tom Nass on for Jonah. Thanks for the question.Can you talk a little bit more about the dynamics you’re seeing in market share trends and the competitive landscape and then just how does this play into your expectations for the balance between domestic and international growth ahead?And then lastly, if you could just provide an update on what you’re seeing in terms of growth of the overall Prestige Haircare category.
Eric Tiziani: Thanks, Tom. Great question.So let me start with market share trends. Very consistent. When we talk about stabilization of the sell-through trend, it quite naturally translates to relative stabilization of our market share trends as well that’s what we saw in third quarter versus second quarter, is that market share largely, stabilized and steadied out and that’s the right base, right? The idea is you stabilize the demand trend here with a very healthy foundation for the business and then return it to growth.We think there’s tremendous opportunity for value creation on that path. So market shares stabilizing. Between Domestic and International, you saw in the third quarter similar sales declines between the U.S. and International what we’ve said in the past is consistent again here in that some of our bigger international markets English speaking markets, the UK, Canada, Australia, have followed a similar trend, and similar headwinds, frankly, to what we’ve seen in the U.S. Now, that means we’re also starting to see similar stabilization trends in those markets as we’ve also selectively increased our investments in those markets whether it be in PR or in some of upper funnel marketing investments that we’ve made in the UK and Canada specifically.
