PERY
#We've always ---+ our intention is definitely to expand our ---+ the brand like Original Penguin and to develop that higher tier consumer and retailer.
And that is our premier brand for that channel of distribution.
Our Macy's business continues to grow within golf as well as Perry Ellis, and we feel that our brands do have the opportunity to stretch beyond its current channels, either going ---+ more going up and bringing in a better product assortment, more luxury.
Like I've mentioned about Rafaella, adding a luxe assortment which is a higher price point as consumers definitely want better product at value price points.
<UNK>, I would like to add that Laundry is currently in the same ---+ in the higher channel of distribution in Bloomies and Saks, et cetera.
That's another brand that we have in that level of distribution.
Thank you, <UNK>.
Yes, <UNK>.
We've seen an increase as it relates to the Rafaella business on taking some of that market share that's available.
We have grown our knit business as I mentioned.
We also feel that there's a big opportunity in linen going into the fourth quarter and spring season next year.
And just continuing to develop better product and at the higher level, like the luxe assortment that I mentioned.
Also, what it's opening up is an opportunity for Laundry sportswear as we continue to evolve that and hopefully see a launch early next year.
And that will create additional opportunity for us as well as we expand the Laundry brand.
Retailers are looking to replace the Jones market share with other brands as well, and remember also that both of these brands have continued to perform well.
Laundry has a great fit within its evening and dress business currently today, and as mentioned our Laundry licensees are doing exceptionally well, especially our outerwear licensee which has done an exceptional job in developing the Laundry brand.
It's a combination of ---+ I'm sorry, it's a combination of growth of current licensees and the acquisition of new licensees.
So we are looking at both.
So from that standpoint, it's sometimes hard to focus exactly, although we have been growing consistently and maybe next conference we'll have a better ideas of how we'll see the growth on a percentage basis generated for your formulas.
But it has to do again with both the growth of each one of our licensees, plus the fact that we almost don't have licensees in Asia.
We have very few licensees in Europe.
So the potential for growth in the licensing in the international business is really very, very big considering the brand that we have.
Yes, <UNK>.
As you know, we cut about $12 million out of SG&A and COGS last year.
We've realized year-to-date another $5 million this year.
And as we look at some of the initiatives that we talked about, like consolidation of our foreign offices, looking at freight negotiations as we go forward, we mentioned on our last call that we saw another $5 million to $6 million kicking in going into the fourth quarter.
So I would say in terms of the overall look of the business, we're probably a good 75% to 80% through that.
But we continue to evaluate because as we look to invest and grow in international as we have mentioned, direct-to-consumer, shops, et cetera, we're trying to stem the inflationary creep in SG&A as well as those investments.
So the ultimate goal as we drive to that 10% EBITDA is get our SG&A to about 28% of revenues.
That's our ultimate goal.
Thank you.
Well, thank you very much to all of you.
We are pushing full steam ahead for the future.
This quarter is a clear proof of the results of hard work.
We have full confidence in the capacity of our people and our organization to achieve great success, making this Company a leading player in the apparel industry.
Thank you very much for your support and your interest in the Company.
Good-bye.
