So, to sum up. What luxury is not. Saying what it is not will help us to better define what luxury is. I would start saying that luxury is never just an object. When we talk about, at least in this world of the luxury business, about luxury, growth and the luxury dynamics, we are always making a reference to a business where beautiful, excellent objects are connected With great brands, great business models that are helping the products that, by the way, are the center of the luxury value proposition to appeal an audience also through stories service customer experience on the point of sales. Second element, luxury is not completely replicable. So, luxury's never a series. Luxury's limited. You have to wait for it. You have to wait two years to buy a Ferrari. You might not even buy an Hermès bag. So limited editions, waiting for something that you desire is, and that is made to measure and let me also say that due to the fact that this course are connected with craftsmanship sometimes, products are even different one from the other, customization is very important. So, it's the opposite of the industrial series. Then luxury is not just expensive. Luxury has to give a value. So for sure as we said price premium is important. High price is usually a definition, a signal of quality and exclusivity, but we cannot say luxury equals expensive. So, luxury is desire, luxury is pleasure, and has the right price for that kind of value proposition. Another thing that luxury is not. Luxury is not easy. is, is close to what I said before. Is not easy to get, is not even easy to understand. So, you need to have a certain culture to understand luxury. To understand how a product is made. Understand the leather, understand a wine understand a jewel, understand a story. So, is not for everyone, also from a cultural perspective. So, last point just to make a difference between luxury and fashion. Luxury is not fast, it might be that in companies that do have also a fashionable collection, you might have the idea that, they are fashion, but, true luxury is never fast. It is not fast in the way the product is delivered to the market. Is not even fast in the way you consume, you buy it, you interpret it. So, luxury needs time. And talking about time let's conclude saying a few things about how the luxury market evolved in the last 20 years. Because time is important, also from the perspective of the market evolution. Luxury started booming at the beginning of the 90's, when, brands that were very exclusive at that time started a sort of democratization process, entering into more accessible price points. Then around the end of the 90’s there was a booming of the aspirational luxury also with a brand extension into new product categories. And an internationalization process of these companies entering for the first time into new markets other than Europe, US, and Japan. We are now in terms of timing in a very complex moment where as I said, the geographies are very, very different; where after the crisis of the year 2008, 2009 attitudes, opinions, tastes about luxury are reshaped. Millennials came out as people with a totally different approach to luxury as a culture, luxury as a product, luxury as an experience compared to the baby boomer generation or the senior generation of the past. So, talking about millennials will be really the the great challenge for the time to come.