Who are the luxury customers? Let’s talk about luxury as a customer then. I would like to start telling you that not all rich people are luxury customers. Nor are all luxury customers rich people. So, in the luxury world, in the luxury consumption, there is a lot of aspirational effect. So luxury brands, of course they position themselves with a very high-end offers and market segment. But at the end of the day a lot of their business is done through beauty, cosmetics, lip sticks, accessible leather goods. Because a lot of aspirational customers that might be actually with some money, but not so rich, are actually the the basis for the growth and success of the luxury world. So, this is a first thing that is very important to know. Not all the luxury customers are really rich, and sometimes the, what we call, the high-net-worth-individual, so the very rich customers are not sometimes consumers of luxury in terms of the fast moving consumer goods that we define within the luxury range. They might, cherry pick some experiential luxuries, so art, services, travel, real estate, but sometimes they are so sophisticated and so out of this kind of logic that they are not heavy consumers of what we usually associate with luxury products. So after this definition I would like also to introduce the concept that the luxury customer is very very heterogeneous. So most of the luxury market, the market for luxury goods and luxury brands now, is in Asia. Asia is booming very much. The Asian market, China first, Macao, Hong Kong, increasingly also South East Asia. They are very diverse in terms of generations, in terms of attitudes, lifestyle, from the European customer luxury brands were used to serve. So, I would say that, nowadays, the big challenge to attract and serve luxury customers has to do with a lot of customer insights: so, understanding who they are, where they shop, what they want, what are their desires? What are the millennials versus the seniors? How they will approach this brands, how they want to be informed, what is the role of internet, so there is a big, big investment from the companies in understanding better a very diverse customer-base. So customer will be, really understanding the customer, for luxury, will be a priority for the years to come.