Marc Maurer: Yes. So I think we shared and Martin shared in the script how Double 11 went. We’re seeing really, really good traffic in the stores. We are seeing very strong sell-through in the stores. I think this is really also reflected in our Q3 numbers. We’re also super positive around APAC in general but also especially China and Japan for Q4. Unfortunately, especially when you look at Japan, there’s quite some currency effects that are going against it. But if you really look at the number of products and how that growth is coming together, it’s extremely positive. And the focus now is — in China is going to be to continue to scale obviously Tmall and everything that we’re doing on e-com to work with our social channels.
WeChat Mini program, for example, is working super well. But then to continue to expand the store, on a number of stores, but mainly also on footprint. So we want to invest in bigger stores in China. Currently, the traffic is almost too high for the size of the store, so we can’t really capture all of that. So as of 2024, we’ll definitely start focusing around finding bigger locations in some key traffic areas. In general, I think there’s quite a difficult environment in China right now for many brands. We don’t see it, and we can — we’re gaining market share at full price, which is very, very positive.
Operator: Your next question comes from the line of Anna Andreeva of Needham & Company.
Anna Andreeva: Great. Congrats on nice momentum in the business. We have a couple. I just wanted to follow up on wholesale. So you mentioned looking at the third quarter and fourth quarter together is a good proxy to think about growth going forward just given all the timing shifts. And apologies if I missed this, but what was the constant currency growth in wholesale in 3Q? Just sounds like there should be improvement from high single digits into next year even with the door closures. And then secondly, really great to hear about the Loewe collab working so well at a healthy price point. Can you talk about how you think about additional collabs that are right for the brand going forward? And how do you think about price elasticity there? I know you’ve taken prices up on footwear in the last year here in the U.S. and in Europe, just curious if you’re seeing any pushback to those.
Martin Hoffmann: So on your first question on the FX impact in — basically, the FX impact was quite equally spread across wholesale and D2C. So you have about 11% growth impact in wholesale and 12% growth impact in D2C from the FX in Q3. So very similar to the overall number.
Caspar Coppetti: Yes. And then on the collabs, look, we believe less is more. So we’re aiming for very high-quality collabs, where there is really a connect between the 2 brands and the 2 designers like in this case, JW Anderson and Thilo Brunner on our end actually do spend time together working on the collection. This is not just about combining our social media following. And by being very selective, I feel we can support our premium positioning. And the ones that we do make, like the Loewe one will be more meaningful. And Loewe has become quite successful, not just from a brand perspective, but also from a revenue perspective.
Operator: Your next question comes from the line of Ashley Owens of KeyBanc Capital Markets.
Ashley Owens: Great. Just focusing on doors, it looks like the new stores in Miami and London are showcasing that high apparel share you guys are working towards. Is there a certain layout or tactics that you’re seeing help increase apparel share in these stores? And then I have a follow-up.
Marc Maurer: Yes. So I mean you’re referring to the 24% and 19% apparel share that we’re seeing. And we’re — I think we spoke about, again, at the Investors Day, how we want to continue to grow apparel and [ own ] stores are a key element in there. We are very excited about the upcoming Paris launch. So we’ll have a story in Paris Saint-Germain opening up on the 17th of November. And this is we feel really the first store where you kind of see our take at how we want to bring apparel to life in the future in the store. So apparel will get way more space. We focused a lot on merchandising the right product. We’re focusing a lot on creating categories for different — for the different communities that shop at the store where we’re focusing a lot on branding and storytelling.
So you shop apparel way more in a self-service environment versus footwear. So you want to be kind of — you want to find elements of education as you’re shopping in that environment. And some of these things are already happening in Miami and London, and that’s reflected in the apparel share.
