James Reinhart: I’ll start with the strategy and then I’ll turn it over to Sean to just walk through some of the numbers. But, I mean, nothing has really changed since the IDFA piece for us or no news since the last time that we talked about it. We continue to focus on building sort of a wide range of channels, both direct response and then I think upper funnel as we continue to build the brand. So no real change, I would say, on the strategy, but I’ll let Sean talk about the math.
Sean Sobers: Yeah. On the marketing dollars is expected to go up from 2022, but down as a total percentage and think about that, this as us investing in the growth of the business. So think about that when you start to model out 203.
Blake Anderson: Great. Thank you, guys.
James Reinhart: Thanks.
Operator: Your next question comes from Ed Yruma from Piper Sandler. Please go ahead.
Ed Yruma: Hey, guys. Thanks for taking the question. I guess first is a follow-up on the marketing. Do you anticipate having to build marketing back kind of basically ahead of what you expect consumer turmoil be more coincidence? And as a follow-up, I think, you guys have experimented with different types of promotions, you kind of moved to like pricing transparency later comes back, where do you think you all on that now in terms of striking the price downs between kind of lowest price versus offering that promotional handle? Thank you.
James Reinhart: Hey, Ed. We couldn’t really hear you. It’s very garbled on our end. So I don’t know — I can’t — I couldn’t make out the question. Maybe try again?
Ed Yruma: Yeah. Let me give one more shot. Can you hear better now?
James Reinhart: No. It’s still bad.
Ed Yruma: Got it.
James Reinhart: Sounds like you are under…
Ed Yruma: I will step up.
James Reinhart: Okay. Sorry about that.
Sean Sobers: Thanks, Ed.
Ed Yruma: Okay.
Operator: Your next question comes from Dana Telsey with Telsey Advisory Group. Please go ahead.
Dana Telsey: Good afternoon, everyone. As you think about the trends with the European consumer from Remix and the U.S. consumer, what are the biggest differences that you’re seeing so far? And then as you plan for 2023, what are the — under the hood or the breakouts of how you’re thinking about the gross margin on both consignment and product and what the puts and takes may be? Thank you.
James Reinhart: Sure, Dana. I mean I think on the European versus U.S. consumer, I think, both consumer businesses, I mean, Remix operates in Central and Eastern Europe. They have some revenue concentration in a few key markets, where I think, it’s like — it’s incrementally less competitive than it is in the U.S. And so I think the resale business in Europe, I think, as we invest more dollars in that business can have greater sort of share gains across kind of value retail. So I think that European consumer has slightly less choice than they do in the U.S., where I think the U.S. consumer right now is certainly, I mean, frankly, the consumer is benefiting from how attractively priced apparel is for new stuff and I think that, that will be true at least for another quarter or two.
But I think you probably know as well as others that will certainly start to dissipate. So I think that’s how we think about the European consumer versus the U.S. consumer, and I’ll let Sean talk a little bit about the margin piece.
