What's the difference in the percentage of inventory on discount? You mentioned 65% full price for the whole group. What is it for franchisees and those in outer markets?

In the corporate sector, we are close to reaching 70%, which is good. However, with the franchisees, it's around 60% or 62%. Working with franchisees is a partnership, so we have to provide them with stock. Otherwise, they will complain that their stores are empty, even if their sales are not very good. This is a problem that not only Mango but all companies working with franchisees face.

So you would start planning, doing the designs, and buying the fabric then?

No, we always purchase the final garment. We do stock some key fabrics, but in general, and also for Inditex, the buyers are allowed to negotiate for the finished garment, with all the trims, prints, etc. We don't buy the fabric. We can tell the supplier to reserve the capacity and give the okay for the fabric. This process sometimes happens when we are a bit late. We can tell the supplier to reserve, for example, 200 meters of a certain fabric, and we will provide the design in one or two weeks. But normally, we complete the order for the finished garment.