Dara Mohsenian
Morgan Stanley, Research Division

Good afternoon, everyone. I'm Dara Mohsenian, Morgan Stanley's household products and beverage analyst. I'm very pleased to welcome Estée Lauder to Morgan Stanley's Luxury Conference.

Just before we get started, I do have to note a quick disclosure. Please see the Morgan Stanley research website at www.morganstanley.com for important research disclosures and reach out to your Morgan Stanley representative with any questions.

So joining us today from Estée Lauder are CEO, Stephane de la Faverie; and Nadine Graf, who is president of EMEA, U.K. and Ireland and Emerging Markets. Thanks so much for being here, guys. We appreciate it.

Stephane de la Faverie
CEO, President & Director

Our pleasure. Thank you for having us.

Dara Mohsenian
Morgan Stanley, Research Division

So Stéphane, I thought we could start out. It's been 1.5 years almost under your leadership and Beauty Reimagined. A lot of work has been put in place and internal improvement. Can you give us an update on what you think is working well so far in the 5 pillars that you've laid out as being key to your strategy, where you've made the most strides and maybe also some of the areas where you're looking for more traction or to drive even more progress.

Stephane de la Faverie
CEO, President & Director

That makes sense. No, thank you, first of all, for having us. Glad to be here. Today, first time I do this conference. So when you think about it, almost like 1.5 years, like you said, but who's counting the