In the last 15 years, one of the most interesting phenomenon in terms of governance in business models in fashion and luxury was the establishment of luxury conglomerates. Think about LVMH, Kering ex-PPR and Richemont. What are luxury conglomerates? Actually they are groups, conglomerates means that they have also activities that are not in their core business, but are diversified. They are groups with a very wide portfolio of brands 30, 40, 50 brands in different product categories. That actually tried in the last years to manage the portfolio, in order to have and to enjoy economies of scale backward in the management. For instance of manufacturing and in the management of purchasing in the negotiation with land lords in retail in the in the media the acquisition of advertising space, in then the negotiation for advertising. But, in the front end actually the brands are left autonomous in terms of design direction and positioning. This is a very interesting phenomenon of luxury conglomerates, because actually nowadays on the luxury and fashion market two models in terms of governance exists that those brands that are within the portfolio of conglomerates, and those brands and companies that decided to remain independent. Think about many Italian brands such as Zenga, Tod's, Armani, Ferragamo, or Prada that are actually still Most of the family owned and decided to remain independent. While other brands for many reasons that are related for instance to in terms of entrepreneurial succession or a willingness to be part of a group, to have more resources to get a global positioning. This brands decided to enter into the portfolio of these luxury conglomerates. Think about Loro Piana, Bulgari, Pucci, or the Pomellato in jewelry. Actually the conglomerates do have some advantages also in terms of management. Because in the conglomerate, you can have professional management moving from one brand to the other, and bringing skills in terms of advanced management process in retail, in digital, in store management, and not necessarily a family business has. So a big question in the future of these conglomerates will be how to manage the portfolio. Because nowadays in the portfolio you have brands that are, I would say, cash cow, brands that are well established with a long term positioning on the market. At the same time, they have newly acquired companies that are almost start-ups, or brands that are on a different positioning in terms of maturity that might be the stars and the cash cows of the future. So again, this is something very important that changed completely the landscape of the luxury and high-fashion business.