In Asia, Free People, along with World Co., Ltd. of Japan, will launch a shop in Shinjuku and a freestanding store and wholesale showroom in Harajuku.

Going forward, we are mindful of the challenges we face in the competitive retail landscape, but we have demonstrated that our concept of building compelling brands that focus on the customers' lifestyles can produce superior results. We will not waver from that concept.

The Free People brand plans to drive growth on three different fronts: product expansion, geographic expansion and improved marketing.

Each brand leader is focused on ensuring that the brand relationship with its customer is strong and differentiated. To accomplish this differentiation, we plan to offer her even more unique product and talk with her in new and exciting ways.

We must permeate the stores with creativity and offer service when and to the degree the customer wants it. Of course, it means offering all the omni bells and whistles they want, like in-store pickup, same-day delivery, and mobile point of sale, and all of this must be done every hour of every day the store is open.