Let's talk now about luxury as a product. So there are so many product categories in the luxury world. We usually make a distinction between products that are durable investments. So let's think about cars. Real estate, jets, even expensive furniture, piece of design that you will keep for years, and on the opposite side, there are our personal goods that are not durable. Usually personal goods that are not so long lasting and so they might interact with a high fashion and I do mean apparel, leather goods, shoes. Beauty and the world of jewels and watches when they are not objects of investment. So in this wide and the originality of categories actually you always have a luxury segment that usually is beyond and up to the so called âpremium segment.â And the key success factors in each product category are, as you might think, different. The rise of interesting, studies done by Bane and Company. For Altagamma, that is the foundation of Italian high-end company in the business as they say, of excellence that are actually nowadays a reference for this market as theyâve been measuring since 1995, every year; the evolution of luxury as a category in the different products as I said. And we will focus in particular in this course and in these entire weeks actually on the luxury that is more personal. So we won't talk about durable goods, we won't talk much about cars. We won't talk much about real estate. We will rather talk about personal goods: so beauty, apparel, and leather goods. So part with, let me say, closer to a fast-moving consumer goods market. So in the last years what we have seen in terms of the evolution of the different categories, is first of all, the booming growth of leather goods. Now leather goods are a category when you think about luxury. There you'll find the brands that are everyone associates with luxury. It may be Hermes, may be Chanel, Bottega Veneta, Gucci, Prada. And in the past was not like that, because in the past luxury was very much about apparel, tailoring suit, pret-a-porter, haute couture, why now apparel is actually not so strong as a luxury category anymore. Let's say that another evolution in the market that we experienced recently is the growth of what is called as experiential luxury. so, a third category, with respect to the personal the durable luxury experiential luxury has a little bit to do with art with services. With hotels, with dining out, and a little bit with, also, fine food. So the idea that I want to provide in terms of luxury as a category, is really to make you preceive how many products, how many market segment and how many categories are falling into the luxury world. So you have to go industry by industry actually when you try to understand, what are the players and the key success factors.