This brings us neatly onto brands and the relationship there. I don't know if you've spoken to anyone else about it, but Brian made some comments on a conference call in January regarding the Rolex allocation they received. In isolation, it might seem insignificant, but in the context of the Bucherer acquisition, some people interpreted it as a sign that all was not well, given the secrecy and trust-based relationship with the major brands that the whole business relies on. Was that a sign of cracks in that relationship? That is the question. The tone changed in the last conference call, during the latest trading update. Brian was very complimentary of Rolex, saying that dissatisfaction with the allocation was natural because you can never get enough Rolex. It felt like there was definitely a change in tone. I just wondered what you thought of those comments and if you've given them any thought.

Regarding Rolex, despite the Bucherer acquisition, the brand faced challenges during Covid-19 with highly sought-after models like the stainless steel Daytona, which had a legendary seven-year wait. Historically, the industry would entice customers to buy a gold watch by offering a stainless steel piece, like a Submariner, if they purchased another item, like a steel and gold piece for a spouse. This practice has since become more compliant.

This brings us neatly onto brands and the relationship there. I don't know if you've spoken to anyone else about it, but Brian made some comments on a conference call in January regarding the Rolex allocation they received. In isolation, it might seem insignificant, but in the context of the Bucherer acquisition, some people interpreted it as a sign that all was not well, given the secrecy and trust-based relationship with the major brands that the whole business relies on. Was that a sign of cracks in that relationship? That is the question. The tone changed in the last conference call, during the latest trading update. Brian was very complimentary of Rolex, saying that dissatisfaction with the allocation was natural because you can never get enough Rolex. It felt like there was definitely a change in tone. I just wondered what you thought of those comments and if you've given them any thought.

Watches of Switzerland and Brian have excelled with Rolex because such practices were strictly prohibited throughout the company. No employee on the shop floor would engage in questionable deals that could jeopardize the relationship with Rolex or any other brand.