Speaker maintains an Overweight rating, calling the stock at a nine-year low a "good risk return" for patient investors, but highlights key areas needing improvement: China initiatives and DTC channel demand. The turnaround is complex, but North America shows signs of progress and wholesale distribution is growing. For the stock to work, investors need to hear concrete plans to fix China and see the DTC channel—a true demand indicator—show sustained improvement. The stock is under-owned and at an attractive entry point for a turnaround, but it is not yet a clear "long" as critical pieces (China, DTC momentum) are still in need of proof points from management. Management fails to articulate a credible China turnaround strategy, and DTC growth remains weak, indicating underlying brand demand issues are not resolving.