When we think about luxury as a know how, as an industry, as a business model. One thing that is very important to take into consideration is that luxury should be associated with the idea of human touch, with the idea of craftsmanship and with the idea of excellence. So in the last years many companies have been trying to go back to what used to be their craftsmanship and their heritage because they understand that actually, this is what the market wants. So quality, but a quality is very much associated with manufacturing that is superior. So, luxury should not be much associated with serious, with actually, massive volume with the industry, but rather with the human touch of craft. So let me tell you that there are many definitions of the business model of luxury and what luxury should be about in terms of growth and value drivers, and value propositions. The first definition about what luxury stands for from a business perspective comes from Colmite Colbert and McKinsey, who at the beginning of the year 2000, started defining this phenomenon, or actually this market segment, let's say better. Stating that luxury is a business, there should at least four elements. The first is a strong branding related to an aspirational and exclusive lifestyle. And this tells you why many luxury brands, for instance, are French: the art de vivre; but some are also Italian and we will discuss a little bit more about that. A second element is, of course, as I said before, a superior quality and a certain timelessness of the product itself. This is what makes luxury different from fashion for instance we have high fashion that might be expensive but one of the the characteristics of high fashion is to be fashionable. So thereâs âgoing out of fashionâ after a season or even a longer period but being out of fashion; While luxury has this timelessness. If we think about real and true luxury brands, they have iconic products that last for a long time and are always contemporary but timelessness is a very important element of their offer. Of course the third element is pricing. So how high on the fence of the market segment, but usually we think about luxury as something, as I said, at least selective if not exclusive; so pricing, pricing power, and premium pricing should be high. The last element of a luxury business is its importance of aestheticsâ- so the importance of design. And, it is not just an ordinary design. It is not just about an ordinary style. Usually luxury products have some extravagance, some stylish touch which can be by the designer, by the story of the brand, the legacy. But the aesthetic content has to be strong, has to be unique. So, let me say that a luxury good and a luxury brand at the end of the day has to balance two elements. First, I mean, intrinsic value of the product itself, that has to be, as I said, precious and made by hand, unique and an intangible element that has to do with branding, has to do with a lifestyle and gives this âdream effectâ that the customer is looking for.