I could add to that - "We continue to observe strong underlying...

I could add to that

- "We continue to observe strong underlying brand health metrics, in particular in China,including market share expansion,and growth of brand awareness and loyalty measures"

all that is good stuff. But in short term, well, it looks like we are back to square one. Seems to me HY1 is not a problem anymore. with just a bit more than a month till the end I'm sure they will meet the target. The problem now is HY2. Unfortunately today DOB did not show confidence in their forecast for the second half and in my opinion, that what is driving price now. So, short term we are going to see more volatility for another three months at least till HY result, with shorts counting on downgrade for the second half. With any meaningful international travel unlikely to resume till second half of 21 to help retail daigou they might have a valid reason. Mid-long term I'm still more than happy with the company but short term expect crazy sh.t