We’ve got bonded ware houses. We’re able to, within some degree, reposition inventory. We’ve got inventory in China. We feel good about the quality of that inventory. And as that starts to reopen, we think we are really well-positioned there as return to growth in the second half in China.
Brooke Roach: Thank you.
Operator: Our next question is from Oliver Chen of Cowen.
Oliver Chen: Hi, thank you. Great quarter. With CDP, the customer data platform has been pretty impressive. How does that intersect with pricing? And also it’s been very positive that the new customer that you’re seeing are coming in higher AURs? What are some of the factors underpinning that? And then on the future of the platform, less is more and thinking about Bandit versus Willow, Tabby and Rogue. What’s the head for platform development and SKUs as you continue to rationalize and do more with less than decomplicate the product matrix. Thanks.
Joanne Crevoiserat: Thanks, Oliver. The consumer and the consumer data that we have are — have been a real meaningful driver. In terms of our understanding of our consumer and where they are and their expectations for our brands, we’re leveraging that data in a number of different ways. We are leveraging it through the full value chain from product creation as we understand and do market mapping and understand what our consumers are looking for from our brand as well as from our product, including the younger consumer and we are leveraging it as we think about how we market and which products resonate with which consumer bases. We have, importantly, a technology infrastructure that allows us to harness this data and really embed it into the decision making that’s happening day-to-day.
And as we see those, it does show us opportunities to drive higher lifetime value. We understand how customers are coming into our brands, what they’re likely to purchase next in terms of driving frequency and how we engage them more fully in our brand and not just in one product at one price. And I think you’ve seen that through the second quarter. That is, again, a huge advantage of our direct-to-consumer platform. We are continuing to build on the platform, and we are applying new technology every day. And having a modern technology infrastructure allows us to move very quickly to apply new technology, to allow us to utilize that data even better. And I think our results show it. It’s new customer acquisition, but you also see it in increased spend per customer as we lean into the learnings from that and our teams leverage it throughout the business.
And Todd, I don’t know if you want to take the SKU — SKU question on Coach.
Todd Kahn: Yes. Overall, again, it’s so amazing what we are able to see and do with the platform we have with Tapestry and how rich the data is. And we are really understanding how best to animate the individual icon. So we are testing ideas earlier. Our merchants, our creative teams, we’re bringing in our timeless Gen Z customer to influence some of that very early. So a great example is Tabby and Shearling in the quarter did exceptionally well. And when I walked through the showroom looking at fall next year, we took some of that learning and how to amplify it. We also recognize that this idea of time placed and occasion matters. So how we focus on each time place and occasion, one of the opportunities we identified in outlet was to have a compelling backpack.
