Many things happened in the distribution and retail world of fashion and luxury brands in the last decade. Many brands went retail and so many things happened also in the way they transformed the retail sector itself. I will introduce to you some of the main trends that are now present in the global scenario. And trends that will present opportunities but also threats for many of these brands. Let's start from the fact that in terms of formats compared to let's say a decade ago. Now in the world of retail, many, many new business models and formats came out. So, from the fast fashion format of Zara and fast fashion retailers to the online platforms of Azuz YOOX or Net-a-Porter. The transformation within department stores of corners into concessions so retail spaces that the brands might manage by themselves. Multi-brand stores that were a traditional format that became different, more appealing. Think about Collette in Paris or Suite in London. Think about Excelsior in Milan. Their transformation of department stores that, for instance, in luxury upgraded and created a much more appealing kind of selection. So formats, as I said, transform a lot. Second trend that I would like to name is actually the globalization of retail presence of many major luxury and fashion brands. So now all the brands are present in all the major capitals of the world side by side. And the location game is a very important word in retailing and is becoming really tough. So location, location, location is the key success factor in retailing. So, be in the right place, in the right street, in the corner in the right floor of a department store this is really important. And this is also an area where companies are, are playing and negotiating with their size actually. The bigger you are the more negotiating power you have. A third trend I would like to name is the actually the evolution of consumers on emerging markets that actually haven’t really emerged. So the fact that in these areas the retail scene might be very different from the retail scene that we have in Europe or US. New malls new department stores, new concepts, and new outlets are coming out. And the world, for instance, of retail in Asia is much more retail than wholesale-driven with respect to Europe and so companies need to face these trends and these opportunities to directly engage in retail formats. Last trend that I would like to name has to do with the customer experience. So, no matter the retail format, being this wholesale, being retail, being in department stores or your flagship it's very important that any brand will deliver the right customer experience to the right customer. That means as we said differentiated customer base. So, the right experience in terms of age, in terms of generation, in terms of nationality. And this is the latest challenge for these companies. I would conclude saying, consider that all this has to be made in an omni-channel kind of environment. So, location, deliver the best brand image, deliver the best customer experience, has to be done wholesale, retail, through different formats and considering your online presence being this direct. So managed by you, or your brand presence into platforms that are managed by someone else.