Hi everyone. We are at Vente-Privee Milan, and we are here with Federica Beneventi, a PR manager for Vente-Privee, and Andreas Schmeidler who is a country manager for Italy. We are going to ask them about the evolutions of online channels. Tell us a little bit about how the channels are evolving and then we will talk about Vente-Privee. If you have to talk about Europe, you have to make some differences between countries. There are some countries in Europe like England, France, and Germany which are much more developed than Italy; this we have to say in firstly. Italy is growing and in my opinion it's like a bomb that has to explode. In the next year it will really grow. I hope that the numbers will be similar to that of these other countries; this is the first thing. Anymore, online is a new channel of distribution which is absolutely complementary to the retail of online shops, outlets, and traditional distribution of all brands. This is the basis upon which we develop our business model and our mission. Thank you very much Andreas. Federica, what about the business model of Vente-Privee, what is the innovation brought into the business by this company? The most important thing that Vente-Privee understood is that image for brands is becoming more and more important, and this is also the case for luxury brands. What we understood is that we would like to help brands transfer their image and products and sell them in a proper way without wasting their image, also to create a new and complementary way to sell their brands. Okay. Last but not least, what are the prospectives of Vente-Privee, and more generally online channels in the future? We say, as our founder says that there is no “e-commerce,” there is no “m-commerce,” we talk just about commerce. What is changing now is the consumer occasion, so what we would like to do in the future for Vente-Privee is to continue our business of course, of serving brands, but to be more and more like a portal, a point of reference for our customers and for our brands. What we can see now as a new trend is of course mobile. It's very important because it can boost e-commerce access. So this could be, in the future, one way to be more and more present abroad, and here in Italy. In addition to this, I would say as well, especially for Vente-Privee, one of its major functions is to help these brands to internationalize their brand awareness. Of course we can export through a huge communication and huge traffic, which every single morning arrives on Vente-Privee, their brand awareness. This is one of the major reasons why most of the brands work with us as well. When a brand says I want to go abroad, I want to start getting in touch with the French market or German market where it's hard to make it, it's very hard to make it, maybe Vente-Privee could really be helpful for this type of mission. Thank you very much. We understood that actually the online channel is not only about e-commerce and sales, but more and more it also has to do with brand building, with the building of image and awareness. So thank you very much, Federica and Andreas and good luck to Ventee-Privee.