Andy Lew Executive President Good evening, good afternoon, and good morning to everyone joining us today. Thank you for taking the time to participate in Lanvin Group's Full Year 2025 Results Presentation. We truly appreciate your continued interest and support. Today, we will walk you through our financial and operational performance for 2025, discuss the progress we have made on our transformation journey, and share our outlook as we move into 2026. It has been a year of disciplined execution and important structural changes for the group, and we are pleased to begin sharing the story with you. 2025 was a year defined by both external challenges and internal transformation. On the one hand, the global luxury market remained under pressure, particularly in Greater China, with softer consumer demand and macroeconomic uncertainty. On the other hand, we continue to take deliberate actions to reshape our business, streamlining operations, optimizing our retail footprint and reinforcing our focus on core brands.…