Joann

Fortune Editors

This year’s Fortune 500 marks the 68th running of the list.

Fortune 500

This year’s Fortune 500 marks the 67th running of the list.

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Joann (JOAN): Company Profile, Stock Price, News, Rankings

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Joann | Fortune

Joann (JOAN): Company Profile, Stock Price, News, Rankings | Fortune

As AI takes hold, so do the risks for the next generation. In this important conversation, filmmaker and children’s rights campaigner Baroness Kidron joins WeProtect Global Alliance founder Baroness Shields, OBE to explore how AI is impacting childhood – and what we must do to protect it.  

Who’s Protecting Our Kids from AI?

Conferences

CEO Joanne Crevoiserat talks growth at Coach and its other brands, Kate Spade and Stuart Weitzman.

How Premium Luxury Brand Coach Has Built A Moat For Parent Company Tapestry

Photo Illustration By Fortune. Photo provided by Tapestry. 

Leadership

Adena Friedman, Chair and CEO, Nasdaq
C.S. Venkatakrishnan, Group Chief Executive, Barclays
In conversation with: Lee Clifford, Executive Editor, Enterprise, Fortune

Fortune Global Forum 2024: The Next Decade in Finance

Photograph by Michael O’Shea for Fortune

Hello, everyone. Uh well, be out. We're going to dive right in. Uh tell us what you make of the US election results and did Wall Street get what it wanted? Um Well, the markets think so. Uh Thank you for, for Lee, for having me and uh being part of this wonderful panel with Lena. So the election results, I think obviously saw a great premium that kept into the equity markets. Markets did well. Uh they did well for banks and financial firms and they did well more broadly. I think there are a couple of reasons. One is clarity is always welcomed by Wall Street. Uh Second is there's a greater clarity. It doesn't matter which side you're on when all the three parts of the legislative and, and, and, and the executive align the President House and Senate. Um and it happened quickly and people were fearing that it would not happen quickly. So I think those three things and then thoughts about what might happen in terms of regulation or might attack the economy all led immediately to the, to the, to the rally in the market, I think uh when you step back and especially if you look at it from abroad. You know, I work at a British Bank. Uh People will start asking themselves deeper questions about what does this mean for trade? What does this mean for defense expenditure? What does this mean for geopolitical realignment? How do the countries, especially the ones in Europe which are having growth challenges fund themselves in what this new world will be? And then ultimately, where does it go into broader social questions of ESG and climate? Well, Adina, you were saying that you see what's happening in the markets the past week or so as a sugar rush, are we gonna come off the high or what? What's your prediction? Well, I actually, II, I would say not specifically a sugar rush but certainly a honeymoon uh associated with everything that the Vin cat just described. Uh and, and what's happening right now is you've got one thing that's very certain, which is with the way that the um the legislative branches and the administrative branches are aligned, there's going to be a tax policy change. There actually has to be a tax uh tax discussion within the next year because the current tax rates, the tax um plan expires. So with knowing that it's aligned um down down the line with the Republicans, I think that there's an expectation that will benefit um you know, the corporate world or at least retain the benefits we already have. And I think that that's obviously seen as a positive in terms of, of Corporates and, and the ability for them to generate profit and retain those profits. I think that's AAA benefit. And then the second thing is uh the notion of, of smart regulation, you know, how do can we get to an era of what I call smart regulation, outcome oriented re regulation as opposed to input oriented regulation, looking at regulations and saying, did we actually achieve its original intent? Are we measuring the those outcomes as opposed to just creating activity traps within the financial industry and others industries that frankly suck capital away from more productive activities? And if that also is kind of, there's a general sense that that's a possibility and that also could create a lift both in terms of, you know, the ability to retain those profits, but also in terms of being able to deploy those profits into growth and into liquidity in the markets. So I think all of that is kind of manifesting themselves, but there are the super questions, there are the longer term impacts. I think those people want to wait to see what actually does come out of um the, you know, kind of the the policy decisions around tariffs and other things to know how that might impact um different sectors over time. I I think that there's still that to be played out. Yeah. Well, drilling down a little bit, I know you love to talk about fixed income. So tell us what's ahead. Well, the bond markets have backed up a little, which means rates have gone up. I think what they're seeing or looking for is that, uh obviously with lower taxes, uh greater spending might be inflationary interest rates will have to be higher for, for longer. Uh We'll, of course, you know, have to look at what the fed does and what central banks around the world do. But stepping back, we're in a place where I think you've had a very soft landing. I sometimes call it a featherbed landing. That's happened certainly in the US and in the UK where if we had asked ourselves two or three years ago, would we have got, had growth come back to be normal, inflation come back to be normal levels and had held on to the very strong levels of employment. Then we would have all thought that, that, you know, we would have welcomed such an outcome and thought it not likely to be possible, right? But here it is. And here we are. So we started that very, very good place. Now, economic issues clearly had an effect on the uh on the election, but that was probably more about inflation than anything else. So I think the bond markets are looking for a period of some calmness but probably with higher levels of inflation. What do you see happening in the equity markets? Well, I I everything that, that Vinca just talked about to um you know, we always say cost of capital matters, right? And right now, we still have a pretty big delta between actual inflation that's occurring in the country and the interest rates that people are paying. And while I do agree with you that the citizens in this country really were impacted by inflation. And that was definitely um a a key element of the election outcome. They're also on the flip side, like on the back side of now, seeing lower prices going up less fast, they're having a much higher cost of capital. So they're kind of been hit with a double whammy. Um And so if we can start to and we're starting to see the fed, you know, taking those slow actions to normalize rates against the inflation rate. I think that's a positive in terms of both from a corporate perspective and from a consumer perspective and that obviously creates a lift in the markets. But I agree with Vinca that they're gonna, you know that right now they've taken, they've taken two actions pretty quickly. The question, do they kind of start to slow, roll it because of the fact that they won't know what this, what, what any sort of policy decisions are with the new administration. But they also do see the fact that the economy at the aggregate level has remained strong and therefore they can take a slower, slower process going forward. But there is an opportunity to continue to bring rates down over the next year. Just depends on how fast. Yeah. Um, well, we all love big predictions. So we're here to talk about the next decade in finance. Uh Could you give us a couple big forces or predictions that you see playing out over the next decade? Then you can go first. Well, look, technology and technological change is very much a part of the financial landscape. And you know, if you look at the period through the up to the financial crisis, it was financial technology, it was the way in which you did what was called financial engineering. I think now it's going to be much more straightforward. It's going to be how do you analyze data? How do you take information and make better decisions, financial decisions and investment decisions which have an impact on the financial system and then how do you continue to manage money? You know, we run a large retail bank uh digitally and make that broadly available to your society and do it with all the trust and the security that people are coming to expect. And that's harder to provide in an age when you know, there are as many bad guys out there trying to get into the system. I mean, I, I think that there's, this is a renaissance period for technology in the industry and it will be for the next decade. Uh I, I think it'll unleash a lot of opportunities for us to continue to globalize capital flows, reduce friction in terms of global payments, make it so that we have more of an opportunity to create more. I would say a a more what we're approaching is because we provide technology to 100 and 30 other markets around the world. In addition to our own, we provide very scale technology around risk management, regulatory reporting and anti fin crime to the banking industry to the extent we can create a more harmonized experience across the capital markets in the world with tech. So absolutely, a domestic market is something that will continue to be a a critical component of every economy. How do we to drive more liquidity into those domestic markets by opening up the capital flows, making there be less friction and and having flows go across the world in addition to and that's a lot of a lot of technology, payment rails will modernize et cetera. Having more of a cloud orientation towards running markets will create more scalability, the ability to manage the data more effectively and will open them up the exchanges and the market participants up to new services. So the next decade and obviously A I plays a huge role in all of that. And then on the on the protection side, I do think it's critically important that the banks and providers like us who provide services to the banks that we are able to leverage the A I capabilities to the best of its ability in order to catch the bad guys. And because you can, as I can assure you, the bad guys are gonna use it to the best of its ability, as fast as they possibly can. And to the extent that A I is a force that can be used for good purpose, which it really is in terms of um finding criminal actors getting them out of the system. It's really important that I think we unleash the power that takes technology for those defensive purposes. And so that's a big part of our, of our mandate. It's a big part of the mandate that banks have and it's something that we're very aligned on with many of the governments around the world. So very excited about what we can do there to advance um the ability to, to manage crime out of the system. Yeah, I'll say if anyone has a question, please put up your hand and one of our Mike Wranglers will find you. I wanted to shift gears for a second. And you know, if we're looking at 10 years, the types of people that you might need to hire, you don't even know what jobs they're going to be doing 10 years from now. So what are you looking for now in the people that you're bringing into your organization and promoting up through your ranks of leaders? Yeah. And I think, you know, it's, it's one of the toughest questions which any large organizational leader faces because it's not just what kind of people you want now, but what will the skills they need to have? 1020 30 years from now? Um As they are then senior people in organizations, I think clearly in the banking industry or in finance, some amount of economics and finance and accounting is important. But the technological skill set and the ability to use it, understand it, deploy it, understand its potential and its risks is absolutely important in all the ways in which Tina said, which is just efficiency, automation protection and, and service delivery and, and and then equally how is it that you understand where your clients are going and how they are going to use the technology and how do you serve them better? So you know, what's the role for bots and customer service? What's the role for digital payments? And then how do you help? Because we reach lots of retail customers. How do you help the people who are slower on adoption? Yeah, that's actually really an interesting point in terms of wealth, there still is very much a role for the human in manage, helping people manage their wealth. But there are a lot of tools that even those humans can use now to augment their, their capabilities. And I think that'll accelerate. But in terms of skills, uh we are a technology company. So and we have about 50% of the people inside of NASDAQ are in the development and engineering organization. And so obviously, as we continue to bring more A I capabilities into our products and embed them into the agile teams. Data science is a critical component of our skill set, um Data engineering as well in addition to traditional engineering um development abilities. But then I also would say there's always going to be relationships that you, you know, the soft skills are still very important as well. And one of the things that we really focus on are kind of having a culture where we have constant curiosity, you know, a growth mindset, which means in humility and in terms of what you know, and what you don't know um as well as curiosity about the world around you and what can change and how you wanna bring that change into the organization, serve our clients team orientation, so low ego. Um and as well as I think a way as well as like hard expertise, whether it's market structure expertise or engineering expertise or, you know, uh governance expertise or other things in terms of the services that we offer. And, and that's a, you know, that's a well rounded person. Yeah. And at the end of the day, we are always, we will always look for well rounded people regardless of the role they're in. But that data science capability is gonna be an increasing part of the skill set that we bring in. If I may just add to what I said, there's something, you know, deeply important there because the only thing we know for certain is there will be change. And so those people who are then adaptable and resilient are the ones who will then thrive. Agree. Agree completely. You're looking for the low ego, people who wanna go work on Wall Street. I think we have um a question up here. Well, now that you put it that way, I thank you all so much for the insightful conversation. Uh My name is Ashton Jackson. I'm a reporter at C NBC. And I feel like with young people, young millennials, Gen Zers, there's kind of this like FOMO about investing and it's leading them to invest in or make speculative investments and things like Cryptocurrency and uh and um uh meme stocks. So my question you is, what advice do you have to give young people when it comes to balancing risk, reward and long term financial planning in such like a fast paced hyper competitive environment? All right. So I have uh two sons who are in their mid, mid to late twenties. And so I'm, I, I, I'm living that OK. And it's really interesting because I learned so much from them. Uh One of my sons the other night was showing me um how he was engaging on an event marketplace. And um and he was calling and he was making a market so he was taking different sides of the trade all night long on like what the temperature of New York was gonna be overnight. Um And it was just fascinating and he was showing me the app and he was showing me how he was laying in his orders and what it was. So and I mean, I'm talking like $10 increments. I just want to be very clear. But what was so cool about it is he was learning market structure. He didn't even realize he was learning market structure, but he was learning market structure. That is awesome. So, of course, my, my first question is always, how much money are you spending? Not? How much money are you investing? How much money are you spending? Because it, you know, if he ends up making money great, but if he ends up losing money, I want him to think about it as I'm spending money on, on enter, you know, to entertain myself, you know, in this particular case, and I might have an opportunity to learn and I might have an opportunity to make money on it. But, but he's not, you know, kind of spending his life on it. He's not and he's, and he's experimenting in it. Uh Now, when it comes to what we see in terms of a very engaged retail investor base, the most important thing that you can do as a retail investor is get educated. Um And in some way of getting educated is just learn by doing. But with small amounts of money, learn by doing with small amounts of money or even on platforms where you don't actually have to use real money because there are platforms like that. Um But at the same time as you get more engaged and more educated, then you can start to take more risk if you feel like you understand the risk reward that you're really, really entering into and, and, and then you get, you know, kind of get more confidence, but you recognize at any point, those strategies can go either way. And so you have to be ready for any outcome and if that's the case then get engaged, you know, and, and one of one of the great things about the US, and I would say we've been looking at this, um you know, it's, it's one thing to kind of take, take some, some of your dollars and investigate and explore and, and experiment and learn. But at the end of the day, it's another thing to make sure you are investing for your future. And with that, be thoughtful, be long term, be fundamentally oriented because that's what's going to make it so that you can uh afford your schools or your children's schools, afford a home and, and afford to travel the world and experience the world. And those are more serious things that you want to make sure that you're having a long term orientation around while you take a little bit of your extra cash and, and, and apply it in some of the short term. And so it's, it's something I care a lot about because we um we're very excited by the fact that, you know, 39% of household income in the United States is invested directly in equities that is the highest in the, in the world. Um But actually Sweden is 36. I just want to point out it was really interesting to, to look at the Sweden as a, as a real marker there. Whereas other parts of Europe and other parts of the world are really in the twenties and below. So that is important because it, it is a foundational element of wealth creation in this country. And so it should remain that while people can experiment on new things. Sorry. Yeah. No, no, I absolutely agree. I think the most important thing for young people is to understand that investing in their future is really one of the biggest decisions they can make that they should start young with that first paycheck, have a really long term view and the equity markets are a really important part of that. And you have to think about building that future and you've got to get interested, right? And the most important problem I see. And I've got three kids, the youngest of whom is 18 is the risk of disengagement. Um And you know, you mentioned equity market participation in the UK. It used to be like the US 30 years ago and now it's just barely into the double digits and part of it is the pension system and so on. But the equity market is a fundamental part of growth and a part of everybody's investment portfolio and I think we have to end it there. Thank you guys so much for such a great conversation. Thank you.

Chris Cocks, Chief Executive Officer, Hasbro
Joanne Crevoiserat, Chief Executive Officer, Tapestry
In conversation with: Matt Heimer, Fortune

Fortune Global Forum 2024: Brands We Love

Joan. Good morning. Thank you so much for joining us. Um A and Alex, thanks for the introduction. Um So Alex mentioned the sort of idea of uh creating brand love and I'm kind of fascinated by that. Um talking about brand loyalty or brand love points to sort of the truth of what's a very um emotional and maybe arguably irrational connection, you know, between customers and the products that they're most uh loyal to. And at the same time you each have at your command, you know, endlessly growing amounts of data that were the kind of modify this irrationality and give you ideas about, you know, how to use it, how to shape those emotional reactions. So I'd love to hear a little bit about how that's playing out for you. What are you uh how are you, what are the kinds of data you're getting? What are they telling you and how are you reacting them to shape the brands? Um Chris, we were just talking about this earlier if you wanna kind of jump into. Oh, yeah, sure. Uh Well, first off, thank you for having me. Um Yeah, so it has where we use data quite extensively, I think is probably everyone in this audience does inside of their firms. Uh I started off at Wizards of the coast, which is a subsidiary of Hasbro. And in my six years there, I think we oct uh our data and insights budgets. I've been CEO now for about 2.5 years and I think we're on our way to tripling our data and insights budgets. So it's foundational for us to fundamentally understand our consumers and where they wanna go and we'll use that on everything from uh you know, what do parents wanna buy for their kids? And what are the hot new trends that uh little boys and little girls are looking for for the holidays to uh large scale digital games uh where we understand what players are, what classes of uh characters, players are choosing, what formats they're choosing um and how we should be affecting design and in a digital format, in some cases, you can tweak those products fairly quickly based on the way the players are using them, for example, with the digital games in the in the portfolio. Oh, yeah, sure. So magic, the gathering is our biggest brand. It's a billion dollar card game. Uh It's rather complex card game. There's over 20,000 unique cards inside of the, the domain of the game every quarter or so. We release another 250 to 300 cards which really shaped the quote unquote meta of the game. And uh digital allows us to understand how those cards are being used in real time. And if we have some power creep inside of one card, we can either uh nerf it and uh make it a little less powerful or help to edge up some other cards to help offset it, which helps drive satisfaction for the game. That's great. Joanne, you're in a very different sector, obviously, you know, tapestry is the parent company of Coach and Kate Spade and Stuart Weitzman. Uh But at the same time getting a big flood of data in and it's how is that shaping marketing decisions, design decisions. Well, it's great to be here and I'm learning new terminology. So I'm gonna use Nerf it going forward. We don't use that in our business, but um we do use data. So uh just to, to build on um that idea as a retailer, we have a lot of data and our focus has been to really harness that data and embed it in our organization. It's not enough to have the data and even to pull an insight out of that data. It has to be in the hands of the people who are really making the decisions every day in our business to have an action that has an effect on the consumer ultimately. And what we talk about at tapestry is this, it, it's a balance of what we call a balance of magic and logic. Our, our business is a lot about bringing creativity and innovation to consumers. But doing that with an understanding of what consumers value and you know, in, in the world today, the consumer moving pretty fast, there are lots of things that are impacting how the consumer feels from day to day, from region to region. Um And I'll give you an example, our tabby bag, which is uh now a a new icon for the business and it's been doubling in volume, uh pretty much every quarter for the last few quarters. Back in 2020 we had, we, we had seen the tabby start to fall off and um we were going through the pandemic and our normal cycle would have said, let's mark it down and bring in the next new thing. And our data said that actually this is a bag that young consumers are gravitating to. In fact, we're acquiring new young customers with this bag. So rather than so that insight informed our creative teams and that insight led to innovation behind the tabby bag, which was the creativity. This is the magic that came in and we developed a pillow tabby, which was, you know, we're in the middle of the pandemic. Everybody wanted, was staying at home, a soft uh brightly colored uh puffy version of the tabby went viral. Um And since then, we've launched uh a quilted tabby, a times square tabby, a square tabby tabby is uh taking on a life of its own. So it's, it's that it's the intersection of the data that informs the creativity when you bring those two together. That's when, that's when the real magic happened. Sure. Sure. Uh again, soft and pillowy, the nerf word comes to mind again, the different context. Um One of the big narratives around um the election that we just had last week was a sense that a lot of consumers felt uh felt cash strapped. You know, they didn't feel like they could splurge on things uh that weren't essentials. They felt like they were having to ramp back on treating themselves well, you know, you're each running companies where your brands uh are not essentials are about the last thing you're gonna throw out the window. How, how did you see that coming through in the data? How uh or did you see it coming through in the data? I should say and how have you responded to that perceived uh price pressure among your customers? So maybe I'll, I'll kick it off. Um uh So when we think about, first of all, as, as I mentioned, the customer is moving very fast and they're reacting to things that are impacting them including in inflation. But as we think about brand building, we think about the value equation with consumers and the value equation is more than just price um as a brand builder, we're focused on creating emotional connections with our consumer and delivering product and experiences that, that consumer values. So the value equation for a consumer is, yes, what does it cost? But what is the function, what is the style, what is the quality of the product and all of those things go into that evaluation of this is worth it. And so as we do a lot of work, understanding consumers and it's not just reading data, it's also going into their homes and talking to consumers and, and understanding the meaning behind the meaning that they might fill out a survey or you might see in the transaction data, it's really understanding what's on their mind and delivering that value equation that works for them. And when we build in the quality that they recognize when we build in styling and innovation, like the tabby bag, I just mentioned, um we understand what the value equation is for the consumer. Our job is to deliver product that they'll value and they'll buy at the price that, that we, that we can sustain. And so that's I think the essence of brand building and the essence of staying close to the consumer. I guess you also, there's an advantage in the sense of durability. It's easier to pay a premium if you think you're gonna have this for 10 years or 12 years, whatever, whatever the product might be, uh a great game or a great uh great bag. Um Chris, you've got a much wider assortment of things that you're selling obviously. But how uh have you seen price pressures um in your customer base? And how's that been playing out? Oh, I mean, absolutely. You know, the toy aisle, the dominant price point is $10 or less. I think it actually is the median price point inside of the aisle. So obviously, we have to deliver a lot of play value for the money. Um But I, I go back to something that Joanne mentioned that I think is a commonality between tapestry and Hasbro and how we think about things like at the end of the day, we're about delivering magical experiences to the consumer. Um You know, there is this combination, there is a very real and palpable sense of emotion in any purchase, whether it's a high end collectible for a 55 year old man or, you know, a birthday gift uh for a five year old neighbor. Um We need to bring magic and we need to bring it at every price point and it has where we deal with price points ranging from free for our digital portfolio of games all the way up to 500 to $1000 for a super high end collectible. I'm liking that there's the magic overlap between what you're doing even in very different fields. Um Just a reminder, uh speaking of magic, if you wanna make some magic by asking a question to either Joanne or Chris, put your hand up and we'll get a microphone over to you uh and don't be shy um flipping back to uh to brands and data for a second, you know, big portfolios for both of you. And you know, Joanne, uh t she's been pursuing an acquisition of uh of capri, which if it works out, which is admitted any question, but if it works out, you've got more brands and presumably more data. Um does that when you have a, when you're bringing data in from across many different products are the ways that it could kind of cross pollinate each other? I mean, you know, can team Mr Potato head learn something from team transformers or, you know, can can team coach, learn from team Stuart Weitzman, I mean, uh d does the data kind of move across the organization that way, I guess? Oh, well, we definitely see that. I mean, I suppose inside of our toy aisle, we share a lot of our designers across uh different brands. Uh There's a lot of commonality between consumers uh in the ages of like 4 to 8. Um And so the same kind of aesthetic that, you know, helps you create a great kind of my little pony experience often can be used to create a great candy land board game experience or a, a super high end action figure experience. Um And you know, the data, you know, parents usually have more than one kid. And so there's like two parts to our equation. It's what does the kid want and what does the parents want. Um and so understanding parent trends, understanding their price pressures, understanding what kids are asking for watching and consuming. Yeah, that has a lot of relevance for us. Makes sense. How about for you, Joan, I think similar in some ways but as I think about um how we build a portfolio of brands and, and the value that tapestry adds, we we have a purpose at tapestry that's to stretch what's possible. And, and that means that we help our brands stretch further than they could stretch on our own with capabilities that we're bringing to bear across the portfolio. So you mentioned one that's, that's data. Uh There are some data and sites that um are relevant across the portfolio. We we learned that one in three consumers this holiday will do most of their holiday shopping online. That's an interesting insight that all of our brands can use. Um But as we think about the platform, we have a platform where we allow our brands to have their own unique DNA. So their own designers, we do not cross pollinate design and merchandizing and marketing teams. The place where we find uh the opportunity to share across our portfolio. It starts with the consumer insights and the data that I just talked about, it includes technology. So reaching consumers today in places where they are increasingly requires a technology infrastructure that allows you to show up in the right way. So all of our brands leverage the same technology infrastructure. They benefit from the ability to harness all the data that we have in similar ways. But they apply it very uniquely to their brand and their brand DNA. We have a supply chain. We haven't talked about the supply chain yet, but I'm sure I'm sure we'll get to that. But we have a globally diversified supply chain that all of our brands can, can leverage. And that has been incredibly critical all through, particularly for the last five years with all the disruptions and supply and demand. And then I would say last is talent. Um We do cross pollinate talent across um brands across regions around the globe and that provides opportunities for our team members to really grow their careers in new and interesting ways and ways that would be hard to do if we were one singular brand. And it provides an unbelievable um trove of, of ready now talent for our brands in different different areas. So a lot of positives that the tapestry platform brings to each of our brands. Uh Glad you brought up global supply chains. Uh The incoming uh the president elect has said that that uh the most beautiful word in the English language is tariffs. Um And uh I was gonna go with elbow but he went with tariffs. That's fine. Um But uh well, but in all seriousness. There's been a tariff regime in place for a while. Uh Trump started one Biden added uh added to it. Uh Trump has said he wants to expand it. Your supply chains truly are global and yet a lot of your customers are here in North America. Um What have you learned from the past few years about how to manage that? And what are some of the challenges you're looking at going forward? Yeah, I mean, if there's one thing, maybe that I disagree with that you said earlier that, that uh some of what we make is nice to have, like, you know, Hasbro is in the business of creating joy and community through the power of play. I, I think that's a staple for most households. And what we've generally found is what's good for the American household is good for Hasbro. And generally speaking, I think our government representatives going back to Hasbro has been around since Milton Bradley in the 18 sixties. So going back to the Lincoln administration, uh we've tended to have a pretty good uh, cohesion between government policy, but the Lincoln Logs probably weren't made in like Malaysia. So there's the, well, no, I mean, but you raised an interesting point which is if it's, and I, thanks for me interrupt, but I mean, if the price doubles is, it's, you know, I think I might still pay for it but some, some of the, some households won't. Well, I mean, we have quite a bit of um elasticity inside of our supply chain. Sure. Um we're making things in North Carolina. We're making things in Massachusetts. We're making things in Belgium. We're making things in Kyoto, Japan and we're making things in Southeast Asia. And so we have tend to have a great deal of flexibility about where we can make things and how we can react to different policies. And I would say to move production for one place to another. And I would say, but generally speaking, you know, what's good for, what's good for Americans tends to be what's good for Hasbro when you're dealing with like things like play and things like toys and things that bring uh wellness to your household. Makes sense, Joanne, how about you? Yeah, I would, I would just say in the topic of supply chains and tariffs uh over the last five years as I alluded to. Um I think the theme is agility is the New Black in fashion. It's something we we like to say. Um it, it is uh so critical with all the disruption and demand around the world. Um We saw really, really big swings, I think unprecedented swings in demand as countries shut down. Um We saw unprecedented swings in supply uh with also disruptions and to supply lanes and ports and container availability. And we have a supply chain that is globally diversified to allow us to navigate all of those challenges and, and we have really focused on being able to uh navigate those challenges and deliver for our consumers. Our supply chain is not reliant on China. Um So, from that perspective, we feel well positioned less than 10% of our finished goods um are produced in China. Uh So we're, we're not beholden to one country or at risk of having one uh tariff regime uh really impact our business. But again, our focus is to make sure that we can deliver for our consumers and that we have the agility, not only to make sure the product gets here, but it gets here with the quality and the value. And that those that shift in our supply chain has been uh one that has taken several decades to build, right? We have to build the capability. Um You know, the handbag business is, is one that's, it's really craftsmanship, its scale, it's uh it requires craftsmen and we, you know, we're focused on bringing that, that incredible value, durable, beautiful product to our consumers. Uh And that's, that's the uh the focus of our supply chain. And I think you've each pointed to something at different points in the conversation, which is if the customer loyalty is there, the challenges can be overcome by that momentum. Um And unfortunately, our time kind of flew. So that's the note I'm gonna end on. But uh Joan Carvo, Ra and Chris Cox, thank you so much for joining us. I really appreciate it.

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