What happened? Together with clients and the press, we were kindly invited to join CEO Josh Schulman and CFO Kate Ferry to celebrate the launch of Burberry''s new scarf bar in its Regent Street flagship store in London on Sunday. On Monday, 7pm UK, Burberry will close the London Fashion Week with a catwalk to present its latest Men/Women collection whilst we got a closer look to the Winter collection in store since September. Our conversations are a follow-up to the Breakfast with CFO Kate Ferry in London (Sept 11) and our 2Q/1H26 preview (Sept 17). Key points from our conversation with management: . With the Winter collection in stores, trends in EMEA were said to be doing well currently. . CFO spent a week in Asia last week (China, Korea, Japan). The messaging around China remained positive, ie. trends are improving also in the most recent weeks. . Scarves (HSD% sales) continue to outperform with outerwear. Handbags (c20% sales) are now enjoying a better pricing architecture with some models doing relatively well (eg. Bridle, B Clip). . Management is confident in delivering consensus and sequential topline improvement throughout the year. However, the message is fully unchanged on this year''s profitability profile being driven by costs rather than topline. . Paul Price, Chief Product Merchandising and Planning Officer, was also present. Management gave strong positive feedback on his ability to detect trends and what product can become a hit or not. In all, we found that the Winter collection currently in store is receiving good reaction and gaining traction. As a reminder, we expect Burberry to print +1% LFL in 2Q25 (with strongest improvement in ML China to +4%) and a small adj. operating profit of GBP10m in 1H. We have a c40% upside to current share price as we believe in the Burberry Forward strategy with increasing green shoots that should lead to an acceleration in 2H no matter the toughest comps and less discounts.