Can we change tack a little? I'd love to hear what we should be focusing on or thinking about regarding Louis Vuitton watches and jewelry, or maybe the LVMH group in general. As someone considering a long-term investment in the company, what's most important for me to understand? You can start with what's closest to home for you, or broaden out to the group in general. I'd love to hear your thoughts.

That's why groups like LVMH are very sensitive to this combination of an excellent CEO and creative director. LVMH has many great CEOs because it's a large company offering opportunities to different CEOs. You can start with a smaller brand, and if you excel, you move to bigger brands. There's a learning process for CEOs within the company, and they're always seeking the next best creative director and the perfect CEO-creative director pair. This is the magic formula for a successful group. If you want to see if a group is doing well, focus on the CEO and the creative director.