When we talk about distribution and retail management in this world of fast-moving consumer goods, luxury and fashion, in particular, we always have to take into consideration the fact that there are actually two very different channels. One, the first, is the wholesale channel; a situation where the fashion or luxury brand that is usually an industrial company, not owning entirely the retail works with an intermediate player, actor in order to give to this middleman the rights and tools to distribute to retail the product. So the point is a service to retailers on the wholesale channel is a B2B actually kind of logic. We always say, this is a business op, sell-in, because you sell in to the trade, to the retailer. And then it's the retailer, the wholesaler that will sell out to the customer. Another logic is the retail logic, where the brand has a direct B2C kind of contact with the final customer. In this case, through different store concepts and different formats, the brand is able to engage directly with the customer, set the pricing, set the selection, the visual merchandising. So it becomes, in a sense, a retailer. Not anymore an industrial brand that has to distribute to a trade partner. This is very important to understand, because in the past the wholesale model, so distributing through a middleman, was the main channel for fashion and luxury brands in Europe in particular. Now, in the last I would say ten years, most of the luxury and fashion companies in many market segments, from luxury to premium to the mass market became retailers. So, they enter into the retail channel, they develop competences in order to directly manage the stores. So also capture the retail margin and have a better opportunity to show and engage with the customer protecting and valuing the brand image on the point-of-sale. When we talk about omni-channel and we talk about a very important trend, we talk about the fact that more and more wholesale and retail logic are mixing, and the brand has a challenge in managing the two channels in the same way, with the same perspective, that is the perspective of the brand identity and image.