1、Arches London Bridge Gianni Versace ExhibitionM O R G A N S T A N L E Y R E S E A R C HEuropeMorgan Stanley&Co.International plc+Edouard AubinEquity AnalystEdouard.A+44(0)20 7425 3160Grace SmalleyEquity AnalystGrace.S+44(0)20 7425 9629Gabrielle RubinResearch AssociateGabrielle.R+44(0)7425 3443Grace

2、OsadolorResearch AssociateGrace.O+44(0)7677 3566OVERVIEWMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Inve

3、stors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINR

4、A,may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.July 3rd 2025In this slide deck,we provide an overview of the upcoming Gianni Versace E

5、xhibition at Arches London Bridge,running from July 16 until March 1,2026.We also provide updated Versace estimates and pro-forma numbers,following Capris 4Q25 results.Note these forecasts are not consolidated in our Prada group forecasts,pending disclosure of pro-forma numbers by the company.July 3

6、,2025 12:42 PM GMTM O R G A N S T A N L E Y R E S E A R C HArches London Bridge Gianni Versace Exhibition2Gianni Versace Exhibition at the Arches London Bridge We are taking investors to the Gianni Versace Exhibition at Arches London Bridge,running from July 16 until March 1,2026.Arches London Bridg