Adam Najberg: Let’s get to it. I want to ask you, luxury has been a bright spot globally in what’s been a fairly miserable year. And luxury has done especially well in China. Your study foresees China’s share of the global luxury market will have nearly doubled this year climbing about 50% to around 346 billion yuan. What do you see in terms of consumer confidence and luxury consumption in China now? Does the bounceback in retail there signal to you that it could or will happen somewhere else in the world? Or is this just one of these “China is bigger” or “China is unique” things?
Bruno Lannes: We should we should start by looking at the global situation. And as you pointed out, the global situation for luxury is actually not that great. We estimated that the luxury sector will decline by 23%, globally in 2020 versus 2019. And so that’s a very sharp decline, 23%. And on the contrary, you need to look at the China performance, which sees growth of nearly 50%, as you mentioned, so a very contrasted view. And you could see, of course, the effect of COVID. And the fact that many of the countries where luxury is on sale, people have been on the lockdown and so therefore, it was difficult for consumers just to go shopping.