Core Insights - The company transitioned from a highly promotional model to a brand-led, full-price selling strategy, resulting in gross margin expansion of 380 basis points to 55.9% [1] - Achieved positive adjusted operating income of $11 million, a $48 million year-over-year improvement driven by aggressive cost-cutting and improved product margins [1] - Rightsized the cost structure by reducing SG&A by over $100 million in 2025, totaling over $250 million in savings over the last 36 months [1] Strategic Developments - Reenergized core licensed brands through strategic investments in point-of-sale and a renewed focus on specialty watch retail, yielding 2% global growth in traditional watches [1] - Leveraged strong momentum in the Indian market, which remains the company's fastest-growing geography with leadership across all channels [1] - Transformed the balance sheet to provide the liquidity and debt maturity horizon necessary to support the next phase of the turnaround [1] - Implemented a 'Store of the Future' strategy in the U.S. and EMEA, shifting retail culture toward proactive clienteling and personalized service [1]