We talked about it last time, but I'd love to hear it again. What's the size of the boutique? Is it just one location, or are there multiple? Approximately how much revenue does a boutique like that generate annually?

Currently, it has only one location. In 2022, its revenues were around 40 million. It has several departments, including a boutique with a budget marketplace, export, pre-orders, and ready goods. Online contributes as well. I can say that 10% of the revenue comes from the physical boutique store. About 30% to 35% comes from export, pre-orders, and ready goods.

How much from the marketplace?

I think it's just a little bit less than the gray market, so around 25% to 30% from the marketplace.

So, the majority of revenue came from the gray market and marketplaces. How typical is that for other boutiques you've interacted with? How does that compare with other boutiques you've encountered?

It depends on the boutiques and their policies. I know there are other boutiques in Italy with 80% gray market. But I also know boutiques where a very small part of their business is the gray market. They prefer to work with physical stores, their own online platforms, and marketplaces. It's really a policy decision. It also depends on the exposure of multi-brand boutiques with the brands. For example, if a small shop has a half-million Ferragamo budget, it's obvious they sell these on pre-order already goods. So it depends on the goal of the boutique and their power.