Ike Boruchow: Thank you.
Operator: Thank you. Our next question comes from Dana Telsey with Telsey Advisory Group. Please go ahead.
Dana Telsey: Hi. Good morning, everyone. Stefan, as you think about the wholesale business and the enhancements for the quality of sales, you’ve mentioned North America and what you expect it to look like. How do you think of the percentage of sales coming from wholesale in Europe and how do you think of it for the brands both Tommy and Calvin? And as you enhance that quality of sales is there distribution in Asia also that needs to be adjusted? Thank you.
Stefan Larsson: Thank you, Dana. When it comes to quality of sales, as I mentioned, the quality of sales actions we take impacts positively both the wholesale channel and the D2C channel. So our focus on wholesale is to continue to get closer to our biggest and most important partners and they will benefit from the proactive actions we are taking in terms of cutting third-party sales of our brands to platforms, reducing the number of digital platforms we sell to have less inventory overall. So the quality of sales will be seen by our partners in Europe and across all regions and in D2C, and you will see us — you will see us in — what was your last question, Dana? Part of the question was that in Asia, was that an Asia question?
Dana Telsey: Yes.
Stefan Larsson: Okay. So in Asia, we have high-quality of sales. We are predominantly D2C. So no changes there.
Dana Telsey: Thank you.
Stefan Larsson: Thanks, Dana. We have time for one last question.
Operator: Thank you. Our last question comes from Chris Nardone with Bank of America. Please go ahead.
Chris Nardone: Thank you, guys. Good morning. How are you thinking about the impacts from this Red Sea disruption to both your European and US businesses? And just trying to find out if you’re incorporating any freight headwind in the back half of the year? And then as a related follow-up here, you talked about a slowdown in January and February throughout Europe, particularly in your two largest markets. Do you have any other color on how March is doing outside of your comments on this spring business picking up?
Stefan Larsson: Yeah. So let’s start on the spring business. So we are in the middle of the Easter selling period and Easter this year is earlier than last year and so far we are on plan. When it comes to Red Sea, it takes us ten days longer to ship around and avoid the Red Sea. So it takes us ten days longer. We don’t see it having a significant impact on our overall supply chain. All right. With that, thank you for taking the time today. We are relentless in consistency and focus of the PVH plus execution of driving long term sustainable growth from our two iconic, beloved brands, Calvin Klein and Tommy Hilfiger. And looking forward to catching up on this journey next quarter again. Thank you.
Operator: Thank you. This does conclude today’s PVH fourth quarter 2023 earnings conference call. You may disconnect your line at this time and have a wonderful day.
