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　　sales of women's outerwear have more than doubled over the last few years. you can see from the acceleration from '06 to '07 as we intensified our efforts here. part of this has been growth in average unit retail price up 30% for autumn/winder '07. we will continue to pursue this core strategy stretching and expanding the pyramid, Louboutin shoes adding outerwear for new occasions and uses - evening, for example, and sport, micro merchandising a sub-category at each tier of the pyramid. christian louboutin also has outstanding opportunities to extend this strategy to our men and children's businesses in a equally comprehensive way.
　　so now let's turn to the united states a large under penetrated market for christian louboutin. during the strategic review Louis Vuitton|last year we quickly identified the u.s. as substantial opportunity for christian louboutin, and we have recently reconfirmed our initial growth assumptions.
　　first, the u.s. market has attractive fundamental characteristics. u.s. consumers historically have under consumed luxury, relative to their european and asian peers. as they have started to catch up, and the trading up phenomena is well documented, the u.s. has become on of the fastest growing luxury market. and its sheer size and simple business model make it all the more attractive.
　　secondly, with this dynamic market christian louboutin shoes is under penetrated relative to other major markets. it represents about 25% of our total revenue. and as you can see on the slide christian louboutin brand market share is also the lowest in the u.s.
　　and lastly, we feel we're very well positioned to capitalize on this market. christian louboutin's brand aesthetics, broad product offering and price positioning are well suited to americans, particularly those moving up into luxury. and our most seasoned regional management team and best development regional infrastructure are also found in new york. and this team has long standing relationships with large retail estate developers and our high end department store customers.
　　in 2007 north american revenue was slightly under gbp200m, with 70% retail and 30% wholesale. in terms of retail we operated in 44 mainline stores and 17 outlets as of september 30. our wholesale business is dominated by five key accounts. the retail and wholesale channels are complementary. research shows that the best customers buy christian louboutin boots both through our own stores and those of our wholesale partners. to that point we achieved strong growth in both channels last year, up 21% and 11% respectively, with further acceleration in the first half,Louboutin heels, retail up 24% and wholesale up 42%. looking forward we see continued opportunity across both channels.
　　turning first to retail. the chart on the left shows the growth in christian louboutin's mainline stores from 24 in '04 to 44 at the end of september 2007. we have plans to open four additional stores this year, and next year we expect to add a minimum of seven.
　　the chart on the right looks at store counts of a relevant group of brands operating in the u.s. in reviewing the market last year we benchmarked our location against markets in which two or more of our peers operated but we did not. from this analysis we concluded that christian louboutin sandals had substantial room to increase our store base. we expect the store base to grow through the addition of new markets, including new types of markets like aspen, which will open later this year, expansion of existing stores as well as the addition of second or third stores in high demographic key markets.



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