Yes, I've spoken to a couple of people at Farfetch, so I think I understand how they work. Now, I'm trying to understand Cettire and how they grew from nothing to very big in a few years, how they work differently, and that kind of stuff. I'm also trying to understand how they compare to other marketplaces. Roughly, how big are your total sales between all your stores, the marketplaces, and potentially a bit of gray market here and there? How big is it?

Cettire is a marketplace that is growing significantly, primarily because it is very user-friendly. Compared to other marketplaces, it's just easier to use. For example, when you need to ship a product, you only have to print a couple of papers, and then you're set. It integrates seamlessly with any ERP system, so you don't have to manually upload products. Whatever you have in your system is already live. It's a system that is well-prepared, easy to use, and manage. You also have a clear understanding of the markup because you offer a small discount to start, and that's the only commission you have. There are no direct costs related to this platform. Additionally, they're doing an excellent job in marketing, which is why they're growing so rapidly.

Yes, and if I compare it to two years ago, were brands more open to marketplaces, or has this always been the case?

The changes are getting worse year by year. For example, a few years ago, it was an honor for a brand to be on Farfetch. Now, everyone wants to be on Farfetch, but they say it's not possible. Many brands that had special agreements with Farfetch now don't want to be there because they fear their brand image will be diluted, and they do not want that at all.

Yes, why were so many boutiques selling to the gray market over the past 10 years?

It started with a few, and then everyone realized it was beneficial. They could have a budget of 1 million from one brand and make money without having to sell items one by one. China was growing, and it was easier to buy and sell 1 million pieces than just 10,000 in boutiques. Everyone decided to do that, but the brands were aware. If you're in a small town buying millions of a product, it's obvious.