roducts our diverse customer base will love. We’re also focused on expanding our shelf space and merchandising with our retail partners and driving growth by fostering deeper connections with our Milani Community. IR: What are the biggest challenges facing the retail industry this year, and how will you navigate them? MVP: One of the key challenges in beauty retail is the uncertainty around retail theft and stores putting product behind glass. It’s unknown how that might affect consumer spending this year. Milani has always been committed to offering inclusive assortments of prestige-quality products at affordable prices and we believe that commitment will continue to attract new customers and allow us to deepen our relationships with our existing customers. We’re confident our high-quality formulations, product innovation and strong team position us well to navigate any challenges that lie ahead. But accessibility is important and the retail experience is part ‘play,’ meaning seeing and interacting with the product matters. IR: What is a new development within the retail industry that you are excited about? MVP: The use of AI in retail, including in beauty, is particularly exciting. It’s changing how brands engage with consumers in many ways; for example, giving marketing teams the ability to create more immersive, personalized and seamless experiences.  From customized product recommendations and communications to virtual try-ons and advanced skin analysis, beauty brands have been using AI to power innovation. We expect to see brands use AI across product development, design, inventory management, social interaction and many other areas this year. IR: What is one skill you think is vital to have a CEO in 2025? And why? MVP: Being able to lead through uncertainty is key for CEOs, as we’re navigating an increasingly complex business environment. Challenges like economic fluctuations and shifting consumer behavior require CEOs and their businesses to be adaptable and agile.  Leaders must think ahead and set the strategy and resources, but they also have to respond quickly and practically to changes in an ever-evolving market. I always try to inspire our team to think beyond our limits and place winning bets. IR: What are your expectations for consumer sentiment and spending in the year ahead? MVP: We expect consumers to continue to engage strongly with the cosmetics category, despite inflationary pressures, because beauty brings joy and helps everyone feel their best.  We do expect to see some shifts in shopping behavior, though. For example, consumers will increasingly shop through an omnichannel lens, looking for options across both prestige and mass, and across channels ranging from traditional brick-and-mortar to social commerce.  We also expect consumers to prioritize brands and multifunctional, efficacious products that deliver clear benefits and skin-loving ingredients at accessible price points.