So far with Stefania we spoke about the business models of companies that are directly selling to the final customers. Such as luxury brands, fashion designers, premium brands, and fast fashion retailers. But there are other companies, that are somehow hidden in the value chain. But they're fundamental in giving the product, the right aesthetics, value for money, fit, and quality. Those companies are the textile manufacturers, and those companies were, are one of the contributors to the strength of Made in Italy. What is the business model of textile companies? Let's refer to the framework that Stefania introduced. Let's start from the what, the value proposition. Especially in menswear, and especially in formal menswear. Most of the aesthetics but as well the quality and and hand, of the final government is given by the fabric. So they are very important, strong, value, proposition in order to convey the message, of the brand to the customer. Then let's speak about the customers. So who the customer that are interested in, knowing more about the fabrics. More and more the customers are becoming sophisticated. They want to know more, about a the product they're buying. They want to have reason why, so there is huge potential for, educating the customer and for having customer that because they are a connoisseur, they appreciate the quality of the fabric itself. Then there is the how, the value chain. Some textile companies, in the past, went from upstream to downstream, so they went in the process of vertical integration. Let think about Zegna, or Loro Piana. They got start, as spinning mill, and nowadays they also produce the finished products. And they are, as well, retailers. others stay in the business to business. In Italy, we have examples such as the Albini Group, which is the leading company, for cotton and linen fabrics, manufacturing. Montero and Ratti for the silk accessories. Vitalie Barberis Canonico and other companies for the wool fabrics. These companies decided to stay in the business to business, so they just sell the fabrics, not the final garment. But, however, even in the textile industry, there is a tendency towards higher level of vertical integration. So for example, Albini acquire a spinning wheel companies in order to control as well the yarn phase. And also open start, okay, cultivating the cotton in Egypt, in order to provide the best raw materials. And then the mechanism of revenues, the corporate governments. It is worth it to notice that, all those companies, the italian ones, are family run businesses. This is very, important because this is a very complex business that doesn't have the same level of margins than the, one of the finished products. In which you need to invest a lot in technology, but sometimes, as we will see, the value of creating, is not recognized because you have to deal with brands that have a huge bargaining power. So then interpreters, need to think about the future of the business across generation. Not just about quarterly results. Otherwise probably, they will not continue to invest in a business that is so fascinating, but also so competitive. So putting together, the key pillars, we now understand why the textile companies, are such a fascinating but also complex and interesting to study, business model