let's welcome allegra perry. thank you so much for joining us on the program.er opened well, 42% higher. >> i think it underlines the extent to which luxury brands are valued today because at the end of the day there are few of them that have the heritage and credibility and authority to build that up. obviously this is a brand with 60 plus years of heritage and has a distinctive niche and is very specialized and outerwear. it is clearly the dominant player in that area. with thes we have seen last few ipos in italy, that tends to be demand for these brands because aren't that many around. >> it is something about heritage. at the same time, it is outerwear. how do you diversify? is associated with skiing. if you're going to grow brand, needs to be more than ski wear. >> that his right. on the one hand that is a big positive. the issue of how to diversify from that core category which is 75% of sales. if you look at what they have done over the last three years, the brand has really evolved. it is a credit to this management team for injecting more fashion and