Welcome back, today is Friday, August seventh, and we begin with Ralph Lauren, where The Business of Fashion reports a quarterly revenue beat driven by young and affluent shoppers. The Business of Fashion reports Ralph Lauren's quarterly revenue came in ahead of analysts' expectations. Strong sales among young and affluent shoppers helped drive it there, on that account. That attribution is where the read sits. A quarterly beat traced to the upper end of the customer base sets a marker for how demand at the top of the apparel market is holding, and it hands premium peers still to report a comparison point they will be measured against. Industry reaction leans toward reclassification rather than a simple beat. Several analytical takes argue the brand now trades and behaves like a luxury house rather than a premium retailer, pointing to low price sensitivity, tighter co-movement with European luxury groups and looser co-movement with mid-tier peers, and crediting a deliberate exit from off-price and lower-tier department-store distribution. A recurring counterpoint is that the headline strength may be flattered by timing shifts within the quarter, with some observers cautioning that the underlying growth rate, and the durability of Asia-led demand from younger shoppers, matters more than the size of the beat. Now, a few more headlines moving the trade today. Following our report on Bernard Arnault's open letter, Bloomberg reports he has named insider Aymeric Le Clere to lead his holding company, Financière Agache. Following yesterday's Capri numbers, The Business of Fashion reports the group has cut its revenue outlook, citing port congestion in Asia and war-weakened demand across Europe and emerging markets. Staying with luxury's second quarter, British Vogue's read is that South Korea was the standout region, singled out in results from Hermès, Kering, Moncler, Richemont and Burberry. And finally, EssilorLuxottica's first-half profit rose fifteen percent, ahead of expectations, with revenue growth driven by demand for AI-enabled glasses and myopia products, according to The Business of Fashion.