Stefan Larsson: And Michael, one part that was exciting in Q4 was to see the domestic consumer. The focus we have had over the last year on winning more with the domestic consumer in North America to really see that we started to get traction there. And that’s something that we will continue to lean into.
Michael Binetti: Yes. We haven’t heard many other North America outlets improving. So it was nice to hear.
Operator: Our next question will come from Jay Sole with UBS.
Jay Sole: Great. I think you mentioned for the full year guidance, you expect revenue growth in all regions. Maybe just elaborate a little bit and maybe give us an idea of how you’re thinking about growth in North America versus Europe versus Asia?
Stefan Larsson: Yes, absolutely. Thank you, Jay. So in Europe, let me just take a step back to Q4 that we were able to drive a very strong holiday performance in a very tough macro in Europe and we see the momentum continue. And we see D2C, to Zac’s point, as he mentioned, we see D2C being the main driver. We see that being true for both Europe and North America and Asia. When we look at North America, it’s continuing to build strength with that domestic consumer in a brand accretive way. And then when it highlights on Asia is to come back of China and the Chinese consumer. And we are very encouraged by what we are seeing, early days there coming out of COVID.
Zachary Coughlin: Yes. And I think just to put some numbers behind that, we’ve talked about sort of that mid-single-digit range growth for the overall business. And that’s comprised of low single-digit expectations in both North America and Europe and then low double digits in Asia. I think both in North America and Europe, we wanted to make sure with the uncertain consumer backdrop that we’re planning prudently for the year. And I think we see some of that in terms of the work we have with our accounts, a bit more of a cautious approach. And I think considering the volatility we’re experiencing, we think that, that is a prudent way to plan for the year, focus on those things in our control. And then depending on how the year evolves, if there’s stronger consumer demand on that, we’re ready to address that, both in the U.S. and Europe as that comes.
Operator: Our next question will come from Dana Telsey with TAG Advisors.
Dana Telsey: Congratulations on the nice progress. As you think about Europe and the order book going forward and what you’re seeing in wholesale globally, what trends are you seeing? How are you seeing order books moving forward and the full expression of your new collection being distributed, balancing that, Stefan, with certainly DTC, how you’re thinking about the growth both for e-commerce and your own stores as we move through ’23?
Stefan Larsson: Well, thank you, Dana. So when we look out for 2023 in Europe, we see strong consumer demand. So if we look at Q1, we see strong consumer demand continuing from Q4 last year. So start of the year, strong consumer demand in both D2C channels and in wholesale sell-throughs. So consumers’ response to our spring product is strong. For the back half of the year, our whole partners are taking a more cautious approach and it comes back to the volatile macro. What really makes us have a uniquely strong position in this situation is that in Europe, in particular, we have a very, very strong ability to react into and fulfill in-season demand, both in D2C and in wholesale. So continuing to see the consumer strength that we see now for the rest of the year, we will be able to react and fulfill into that beyond the preplanned order books.
