They sell directly to the resellers, the actual gray market resellers.

Exactly, exactly. These five stakeholders work only in the gray market, not in wholesale. They typically operate in Asia. I heard the gray market was bigger in China. But now, China is no longer a big gray market. Everything has changed. The gray market is still present in Italy, but it's more local and smaller. When I mentioned Kering, I meant that these gray market stakeholders buy in massive quantities, like millions. This was during a time when China, Korea, Japan, etc., were growing rapidly.