We are reiterating our Buy rating, $37 price target and projections for Guess? as we begin our Milan tour with the global rollout of the new Guess Jeans line, which debuted last week. For Milan, Guess Jeans launched at La Rinascente's (the leading Italian luxury department store) flagship Milan location (across from the Piazza del Duomo) with an intense merchandising campaign, including taking over the front of the store, in-store signage and a key event with influencers. Guess Jeans is highly environmentally focused, designed for a younger customer and offers compelling items that are focused on the company's early history of denim driven looks, and casual wear. We believe the new brand will resonate with a generation focused on the environment and looking for great basics with multiple uses. We expect further expansion of the line, both from owned boutiques and wholesale relationships, in 2024 and beyond. We believe Guess Jeans has the potential to, longer term, become a key growth driver both in Europe and North America and believe the line increasingly differentiates Guess? as an environmentally friendly apparel player. As such, we are reiterating our Buy rating and $37 price target on GES.