COTY
#Yes, so let me start with the organization.
So, I think we will have with the P&G merger a much stronger organization in place than what we've had on either side before.
So, not only do we have a better structure, which I think will be more competitive in the marketplace simply because it is more focused.
It is more focused from a portfolio point of view ultimately once we do execute the divestitures.
But it is also more focused from an organizational set up point of view.
We would have Coty luxury competing heavily in the prestige channel on two or three categories, the same for Coty beauty in the mass channel in two or three categories, and the same basically for Coty professional in the professional channel on two or three categories.
So, I think we are leaving ---+ we are putting in place a much stronger, more focused organization which is also staffed with better talent.
On the first four levels in the organization we have selected every [individually] by looking at the P&G people, the Coty people and in a number of cases external people.
That staffing process is pretty much completed.
So, I think from an organizational set up and staffing point of view we are in much better shape.
In terms of the key initiatives that we have in the fourth quarter, we had DAVIDOFF Horizon, which is a new fragrance; Rimmel's Super Gel Nail Polish; Marc Jacobs [Splash]; OPI's Hello Kitty; and the adidas UEFA Championship League Edition.
All did very well.
Having said that, we are still not where I want to be from a growth point of view.
We have a number of new initiatives going in the marketplace.
We have Calvin Klein Deep Euphoria to re-launch the Euphoria line; and Marc Jacobs Divine Decadence to build on the Decadence success; Chloe's Fleur de Parfum to further enhance Chloe's image in top-line growth.
We have launched Sally Hansen's Color Therapy line which adds argan oil to the nail system to nourish and moisturize the nail for healthier looking nails.
We are launching Rimmel basically Scandaleyes reloaded, which is an extended wear mascara which is very easy to remove.
So we are launching a number of new initiatives.
Having said that I still think, like I said before, that we have room for further improvement.
We need to make ---+ get more productivity out of our investments.
We still have opportunity to improve our in-store execution to improve how we digitally engage our consumers.
So there is a number of buckets where we have further opportunity.
So we are putting in place a much better organization, much better structure, much better staff, more focused.
So, we are positioning ourselves well for growth.
So I am very hopeful that with that, and an intense focus on a number of areas where we can improve, that we are ultimately going to deliver from a growth point of view.
Well, thank you very much for attending the call on the fourth-quarter results and the full-year results.
Like I said, I think we are well positioned for the future and we had some nice results, so thank you all for attending the call.
Thank you and have a good day.
