Now we are going to see how the different business models, are located in the marketplace. So, the market for fashion and luxury, can be visualized and represented as a pyramid. Of course as a pyramid it has a bottom where you have the so-called mass market and then going up. You have a premium middle segment in terms of price and image levels. And then you have the top of the pyramid where luxury and high fashion brands compete. As in any market for fashion and luxury, the higher you go up the more the price increases. And the former, the value proposition of companies is more and more characterized by a higher level of creativity. Emerge Exclusivity, going, of course, from bottom to top. But the interesting thing in the market is that even within the same price range, you might have different positionings according to how reactive to fashion trends your supply chains are. So in the market, you have business models. That are classic, i.e. less reactive to fashion's trends and seasonality. And on the other side. At the same price level there are business models that are more reactive, to fashionability, seasonality, and market trends. Such as fast fashion. But let's go in a more structured way to look at the different business models in the market. So, if we start from the top, price ranges that indicate what we call luxury or high fashion usually we find a territory where two business models are located. The first is the business model of Luxury Brands that usually are more conservative; Less dependent on fashionability. More based on iconic contents, legacy, and heritage. And on the other part actually on the market more fashion sensitive. Fashion based designers that are more or less in the same price range but, with a different business model, more reactive to fashion. Going down into a more premium segment, price-wise. We again have the business model of premium brands, that might be more or less reactive to fashionability and seasonality. And we have in the area of less reactive models. The so called premium brands imagine brands such as Diesel, Boss, and Bull and Shark. Brands that have a premium content. An iconic collection, but not such a strong fashion content. On the other side, you have brands with a very strong fashionability. Very reactive to market trends. With very short product life cycles, and this is the area of faster premium brands. Here we have French brands such as Sandro and Isabella Maron; you have Italians such as Pinco, Patrizzia Pepe, and Luigio. The last segment in the market is the market that is defined in general as mass market, but actually it is not so mass. Because even here, even in this segment, we have many price positionings and many ways to interpret the business model. Again, we have models that are less reactive to fashionibility and seasonality, and we call them mass basic retailers. Think about brands such as The Gap or Uniqlo. And other retailers that are on the contrary more reactive to seasonality. That we call is faster fashion retailers. Think about the brands of the Inditext group. So Zara, Bershka, Stradivarius so. Or even, the Spanish mango, while a retailer such as H&M, is a little bit in the middle between the mass market, and the more basic brands. I think that it is very important to know that in the mass market nowadays we mainly have retailers. In fact in this market segment we will study in particular the business model of that we define as vertical retailers. Progressive companies in this market space evolved from being manufactured into a model where actually they control. They are verticals because they control all the phases of the value chain from design to retailing.