Aneesha Sherman: I want to ask a follow-up about your earlier comment about order books, but I want to ask about FY ’24. So on the last earnings call, Bjorn, you talked about starting to meet with vendors to place spring/summer orders. So assuming that wholesale remains the majority of your business, is it fair to say that now, you have a pretty good idea of your H1 ’24 sales makeup and sales growth? And can you remind us, you made the point about cancellations for 2023. Can you remind us of the timing here? I mean, to what extent is there flexibility for your partners to then ramp up or pull down those order books? And like at what point of time are those order books pretty much set in stone? Is it more like the second half or even Q4?
And then I have one other follow-up on your previous comment about target inventory normalization by Q3, I assume that means on your own balance sheet. Can you talk about any expectations you have about inventory in the channel with your partners and when you expect that to normalize?
Bjorn Gulden: A couple of clarifications. The cancellations on the order book was not ’23, it was ’22. So if you compare the order book in ’23 against ’22, it’s not a fair comparison because the ’22 order book never happened. It was huge cancellations, and in many brands had on order books that were very, very high, and then most of the retailers canceled with everybody because they didn’t believe in the beginning that they will get all the products and then when they suddenly got deliveries, they started canceling. So that was in ’22, not in ’23. The visibility for H1 ’24 is not there at all. We haven’t started placing those orders. Normally, an order book is being built 6 to 8 months before deliveries, so we are currently in the process with our retailers to fill the Q4 order book.
When it gets to building relationship and giving visibility, we have showed them Q1, Q2 in ’24 and even further because for us, of course, it’s important that they see there are plans for franchises. There’s innovations going forward, even into ’25, but there is no order book yet for ’24 in the system. So I — even if I would, I couldn’t tell you the order book for ’24. What I can tell you is that I think the fact that we are now saying that we are much more wholesale-oriented, and you see it’s now 66% or 64% of our business. And the fact that we have opened up our campus again for all these retailers that we have partnership meetings in general. We had them on soccer and we had them on running. It’s, of course, something new, and I think that’s giving them the feeling that adi is again what adi used to be, and I think they really appreciate that.
And then of course, it’s up to us then to fill their pipeline with products that they sell because without the sell-through, relationship doesn’t matter, so. But I think we all feel better now than we did 3 months ago when it gets to the relationship with our vendors. And then we all know that you can’t be friends with everybody from the beginning, so of course, we still have a lot of work to do. But I feel that most vendors in the world, if not everybody, would like to have a strong adidas and are appreciating the direction we’ve taken.
Aneesha Sherman: And then could you address the question about inventory normalization in the channel? And do you have any expectations for that versus on your own balance sheet?
