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Transcript

Jose Gomez on ETAM’s US Expansion & Global Growth | WRC 2026 · Omni Talk Retail

• 0:00
  Hello,
• 0:00
  everyone.
• 0:00
  This
• 0:00
  is
• 0:01
  Omnitalk
• 0:01
  Retail.
• 0:01
  I'm
• 0:02
  Chris
• 0:02
  Walton
• 0:02
  and
• 0:03
  we
• 0:03
  are
• 0:03
  coming
• 0:03
  to
• 0:03
  you
• 0:03
  live
• 0:04
  from
• 0:04
  the
• 0:04
  World
• 0:04
  Retail
• 0:05
  Congress
• 0:05
  in
• 0:05
  Berlin
• 0:06
  from
• 0:06
  the
• 0:06
  Vusion
• 0:07
  podcast
• 0:07
  studio.
• 0:08
  Now,
• 0:08
  joining
• 0:08
  me
• 0:09
  is
• 0:09
  a
• 0:09
  man
• 0:09
  we've
• 0:09
  had
• 0:09
  on
• 0:10
  the
• 0:10
  program
• 0:10
  before,
• 0:11
  Jose
• 0:12
  Gomez,
• 0:12
  the
• 0:13
  Chief
• 0:13
  Development
• 0:13
  Officer
• 0:14
  of
• 0:14
  etam.
• 0:15
  Jose,
• 0:15
  welcome
• 0:16
  back.
• 0:16
  It's
• 0:16
  been
• 0:16
  a
• 0:16
  couple
• 0:17
  years
• 0:17
  since
• 0:17
  we
• 0:17
  saw
• 0:17
  you
• 0:17
  in
• 0:17
  Paris.
• 0:18
  It
• 0:19
  has
• 0:19
  been
• 0:20
  time
• 0:20
  flies.
• 0:20
  Thank
• 0:21
  you
• 0:21
  for
• 0:21
  having
• 0:21
  me.
• 0:22
  Yeah,
• 0:22
  it's
• 0:22
  great
• 0:22
  to
• 0:22
  see
• 0:23
  you.
• 0:23
  So
• 0:23
  what
• 0:23
  brings
• 0:23
  you
• 0:24
  back
• 0:24
  to
• 0:24
  World
• 0:24
  Retail
• 0:25
  Congress
• 0:25
  this
• 0:25
  year?
• 0:26
  How
• 0:26
  many
• 0:26
  times
• 0:26
  have
• 0:26
  you
• 0:26
  been
• 0:26
  here.
• 0:28
  Since
• 0:28
  the
• 0:28
  beginning,
• 0:29
  2007?
• 0:30
  I
• 0:30
  haven't
• 0:30
  missed
• 0:31
  one.
• 0:31
  You
• 0:31
  haven't
• 0:31
  missed
• 0:32
  a
• 0:32
  single
• 0:32
  one?
• 0:32
  I
• 0:32
  haven't
• 0:33
  missed
• 0:33
  a
• 0:33
  single
• 0:33
  one.
• 0:33
  Only
• 0:34
  the
• 0:34
  one
• 0:34
  that
• 0:34
  they
• 0:34
  did
• 0:34
  not
• 0:35
  do
• 0:35
  through
• 0:35
  Covid.
• 0:37
  I
• 0:37
  guess
• 0:37
  I
• 0:37
  have
• 0:38
  a
• 0:38
  pass
• 0:38
  since
• 0:38
  it
• 0:38
  wasn't
• 0:39
  happening.
• 0:39
  Oh,
• 0:39
  my
• 0:40
  God.
• 0:40
  Yeah,
• 0:40
  you
• 0:40
  do.
• 0:40
  So
• 0:40
  you're
• 0:41
  almost.
• 0:41
  So
• 0:41
  next
• 0:41
  year
• 0:41
  will
• 0:41
  be
• 0:41
  like
• 0:42
  20
• 0:42
  years
• 0:42
  of
• 0:42
  experience.
• 0:42
  Next
• 0:43
  year
• 0:43
  it
• 0:43
  will
• 0:43
  be
• 0:43
  like
• 0:44
  20
• 0:44
  years.
• 0:44
  I
• 0:44
  was
• 0:45
  the
• 0:45
  original
• 0:46
  members.
• 0:46
  I
• 0:46
  was
• 0:47
  in
• 0:47
  the
• 0:48
  advisory
• 0:48
  board
• 0:49
  as
• 0:49
  well.
• 0:49
  And
• 0:51
  listen,
• 0:51
  I
• 0:51
  keep
• 0:52
  coming
• 0:52
  because
• 0:53
  this
• 0:53
  is
• 0:53
  a
• 0:53
  great
• 0:54
  gathering
• 0:54
  of
• 0:55
  sea
• 0:55
  level
• 0:56
  executives.
• 0:57
  The
• 0:57
  quality
• 0:58
  of
• 0:58
  the
• 0:58
  talks
• 0:59
  and
• 0:59
  what
• 0:59
  we
• 0:59
  share
• 0:59
  there
• 1:00
  is.
• 1:00
  It's
• 1:01
  a
• 1:01
  phenomenal.
• 1:01
  It's
• 1:01
  a
• 1:01
  phenomenal
• 1:02
  Congress.
• 1:02
  It
• 1:02
  really
• 1:03
  is.
• 1:03
  It
• 1:03
  really
• 1:03
  is.
• 1:03
  Yeah.
• 1:03
  The
• 1:04
  caliber
• 1:04
  of
• 1:04
  people
• 1:04
  here
• 1:04
  is
• 1:05
  very,
• 1:05
  very
• 1:05
  topping.
• 1:06
  What
• 1:06
  is
• 1:06
  different
• 1:07
  about
• 1:07
  it
• 1:07
  now,
• 1:08
  say,
• 1:08
  versus
• 1:09
  19
• 1:09
  years
• 1:09
  ago?
• 1:09
  What's
• 1:10
  the
• 1:10
  biggest
• 1:10
  difference?
• 1:10
  I'm
• 1:11
  curious.
• 1:11
  You
• 1:11
  mean
• 1:12
  about
• 1:12
  the
• 1:12
  Congress
• 1:12
  or
• 1:13
  about
• 1:13
  the
• 1:13
  Congress?
• 1:14
  The
• 1:14
  Congress
• 1:15
  evolves
• 1:15
  every
• 1:16
  year.
• 1:16
  Yeah.
• 1:17
  Every
• 1:17
  year
• 1:17
  is
• 1:18
  a
• 1:18
  different.
• 1:18
  Because
• 1:18
  the
• 1:19
  Congress
• 1:19
  evolves
• 1:20
  with
• 1:20
  what's
• 1:20
  going
• 1:20
  on.
• 1:21
  And
• 1:22
  in
• 1:22
  20
• 1:23
  years.
• 1:23
  And
• 1:23
  you
• 1:23
  don't
• 1:24
  have
• 1:24
  to
• 1:24
  go
• 1:24
  back
• 1:24
  20
• 1:25
  years.
• 1:25
  Yeah,
• 1:25
  the
• 1:26
  war
• 1:26
  from
• 1:26
  20
• 1:26
  years
• 1:26
  was
• 1:27
  very
• 1:27
  different.
• 1:28
  But
• 1:28
  war
• 1:28
  from
• 1:29
  10
• 1:29
  years
• 1:29
  ago
• 1:30
  is
• 1:30
  where
• 1:31
  most
• 1:31
  of
• 1:31
  the
• 1:31
  troubles,
• 1:32
  you
• 1:32
  know,
• 1:32
  started
• 1:32
  happening.
• 1:33
  Right.
• 1:34
  And
• 1:35
  it's
• 1:35
  the
• 1:35
  new
• 1:35
  normal.
• 1:36
  Yeah,
• 1:36
  right.
• 1:37
  Yeah.
• 1:37
  And
• 1:37
  even
• 1:37
  with
• 1:38
  the
• 1:38
  AI,
• 1:38
  you
• 1:38
  know,
• 1:39
  like
• 1:39
  AI
• 1:39
  coming
• 1:39
  on
• 1:40
  the
• 1:40
  scene,
• 1:40
  that's
• 1:40
  been
• 1:40
  a
• 1:40
  topic
• 1:41
  today
• 1:41
  for
• 1:41
  sure.
• 1:42
  AI
• 1:42
  is
• 1:42
  a
• 1:43
  big
• 1:43
  topic,
• 1:43
  of
• 1:44
  course,
• 1:44
  this
• 1:44
  year,
• 1:44
  but
• 1:45
  it
• 1:45
  was
• 1:45
  also
• 1:46
  last
• 1:46
  year
• 1:47
  and
• 1:47
  it
• 1:47
  was
• 1:47
  also
• 1:48
  when
• 1:48
  I
• 1:48
  met
• 1:49
  you.
• 1:49
  Yeah.
• 1:49
  For
• 1:50
  the
• 1:50
  first
• 1:50
  time.
• 1:51
  Because
• 1:51
  it
• 1:52
  was
• 1:52
  just
• 1:52
  starting
• 1:52
  off
• 1:52
  and
• 1:53
  it
• 1:53
  was.
• 1:54
  It
• 1:54
  was.
• 1:54
  And
• 1:55
  it
• 1:55
  is
• 1:55
  developing
• 1:56
  story
• 1:56
  at,
• 1:57
  you
• 1:57
  know,
• 1:58
  light
• 1:59
  speed.
• 1:59
  Right,
• 1:59
  right.
• 2:00
  So
• 2:00
  similar
• 2:00
  question
• 2:01
  then.
• 2:01
  I'm
• 2:01
  curious
• 2:02
  too.
• 2:02
  So
• 2:02
  because
• 2:02
  you've
• 2:02
  been
• 2:03
  Chief
• 2:03
  Development
• 2:03
  officer
• 2:04
  Since
• 2:04
  what,
• 2:04
  2015
• 2:06
  at
• 2:06
  a
• 2:06
  time.
• 2:06
  Yes,
• 2:07
  2015.
• 2:08
  Yeah.
• 2:08
  How
• 2:08
  has
• 2:09
  development
• 2:09
  changed
• 2:10
  over
• 2:10
  that
• 2:11
  period
• 2:11
  of
• 2:11
  time?
• 2:11
  Like,
• 2:12
  or
• 2:12
  has
• 2:12
  it
• 2:12
  not
• 2:12
  changed
• 2:13
  that
• 2:13
  much?
• 2:13
  I'm
• 2:13
  curious.
• 2:14
  It
• 2:14
  has,
• 2:16
  it
• 2:16
  has.
• 2:17
  In
• 2:17
  the
• 2:17
  way
• 2:17
  we
• 2:18
  do
• 2:18
  development.
• 2:19
  Okay.
• 2:19
  The
• 2:19
  business
• 2:20
  models
• 2:20
  continue
• 2:20
  to
• 2:21
  be
• 2:21
  the
• 2:21
  same,
• 2:22
  but
• 2:22
  we
• 2:22
  apply
• 2:22
  them
• 2:23
  differently.
• 2:24
  We
• 2:25
  continue
• 2:25
  to
• 2:25
  do
• 2:25
  franchise,
• 2:26
  we
• 2:26
  continue
• 2:27
  to
• 2:27
  do
• 2:27
  consignment,
• 2:28
  we
• 2:28
  continue
• 2:29
  to
• 2:29
  do
• 2:30
  joint
• 2:30
  ventures.
• 2:31
  We
• 2:32
  apply
• 2:32
  them
• 2:32
  very
• 2:32
  differently.
• 2:33
  Franchising
• 2:34
  20
• 2:34
  years
• 2:34
  ago
• 2:35
  was
• 2:35
  a
• 2:35
  lot
• 2:35
  more
• 2:35
  prominent
• 2:36
  because
• 2:37
  the
• 2:37
  economic
• 2:37
  conditions
• 2:38
  at
• 2:38
  the
• 2:38
  time,
• 2:38
  globally,
• 2:39
  in
• 2:40
  a
• 2:40
  global
• 2:40
  world,
• 2:41
  allowed
• 2:42
  for
• 2:42
  the
• 2:42
  proliferation
• 2:43
  of
• 2:43
  that
• 2:44
  type
• 2:44
  of
• 2:44
  model.
• 2:45
  Today,
• 2:45
  depending
• 2:46
  on
• 2:46
  what
• 2:46
  parts
• 2:46
  of
• 2:47
  the
• 2:47
  world,
• 2:47
  is
• 2:47
  a
• 2:47
  little
• 2:48
  more
• 2:48
  difficult.
• 2:48
  So
• 2:49
  you
• 2:49
  need
• 2:49
  to
• 2:49
  apply
• 2:49
  other
• 2:50
  types
• 2:50
  of
• 2:51
  business
• 2:51
  model
• 2:51
  like
• 2:52
  consignment,
• 2:53
  when
• 2:53
  you
• 2:53
  can
• 2:54
  do
• 2:54
  it,
• 2:54
  or
• 2:55
  if
• 2:55
  the
• 2:56
  country
• 2:56
  has
• 2:58
  significant
• 2:58
  potential,
• 2:59
  then
• 3:00
  is
• 3:00
  where
• 3:00
  we
• 3:00
  are
• 3:01
  ready
• 3:01
  to
• 3:01
  go
• 3:02
  in
• 3:02
  and
• 3:02
  franchise.
• 3:03
  I'm
• 3:04
  sorry,
• 3:04
  enjoying
• 3:04
  venture
• 3:05
  and
• 3:06
  become
• 3:06
  partners,
• 3:07
  become
• 3:07
  real
• 3:08
  partners
• 3:08
  of
• 3:08
  the
• 3:09
  venture.
• 3:09
  So
• 3:10
  how
• 3:10
  do
• 3:10
  you
• 3:10
  decide
• 3:10
  which
• 3:11
  model
• 3:11
  is
• 3:11
  right
• 3:11
  for
• 3:12
  which
• 3:12
  areas
• 3:12
  of
• 3:12
  the
• 3:12
  country?
• 3:14
  Is
• 3:14
  there
• 3:14
  a
• 3:15
  formula,
• 3:16
  a
• 3:16
  framework
• 3:16
  that
• 3:16
  you
• 3:17
  tend
• 3:17
  to
• 3:17
  use
• 3:19
  more
• 3:19
  than
• 3:19
  a.
• 3:19
  Formula
• 3:20
  is
• 3:20
  the
• 3:21
  economic
• 3:21
  conditions
• 3:22
  on
• 3:22
  the
• 3:22
  environment
• 3:22
  that
• 3:23
  dictate
• 3:23
  different
• 3:24
  parts
• 3:24
  of
• 3:24
  the
• 3:24
  world.
• 3:26
  The
• 3:26
  country,
• 3:26
  whatever
• 3:26
  that
• 3:27
  country
• 3:27
  is,
• 3:27
  is
• 3:28
  very
• 3:29
  significant
• 3:29
  in
• 3:30
  the
• 3:30
  terms
• 3:30
  of
• 3:30
  potential
• 3:31
  and
• 3:32
  in
• 3:32
  terms
• 3:33
  of
• 3:33
  potential
• 3:33
  of
• 3:33
  the
• 3:34
  revenue
• 3:34
  you
• 3:34
  can
• 3:34
  generate
• 3:35
  and
• 3:35
  the
• 3:35
  units
• 3:35
  that
• 3:35
  you
• 3:36
  can
• 3:36
  open.
• 3:36
  I
• 3:37
  don't
• 3:37
  mind
• 3:37
  considering
• 3:38
  a
• 3:38
  joint
• 3:38
  venture
• 3:38
  in
• 3:38
  there
• 3:39
  because
• 3:39
  joint
• 3:39
  ventures
• 3:40
  have
• 3:40
  to
• 3:40
  have
• 3:40
  scale.
• 3:41
  Everything
• 3:41
  has
• 3:41
  to
• 3:41
  have
• 3:42
  a
• 3:42
  scale.
• 3:42
  But
• 3:43
  a
• 3:43
  joint
• 3:43
  venture
• 3:43
  has
• 3:43
  to
• 3:43
  have
• 3:44
  scale.
• 3:44
  So
• 3:44
  in
• 3:44
  there,
• 3:45
  for
• 3:45
  me,
• 3:46
  it's
• 3:46
  more
• 3:46
  than
• 3:46
  justified.
• 3:47
  It's
• 3:47
  probably
• 3:47
  my
• 3:48
  preferred
• 3:48
  way
• 3:48
  to
• 3:48
  go
• 3:50
  into
• 3:50
  one
• 3:50
  of
• 3:51
  those
• 3:51
  big
• 3:51
  strategic
• 3:52
  markets.
• 3:52
  Is
• 3:52
  it
• 3:52
  okay?
• 3:53
  Yeah.
• 3:54
  We
• 3:55
  have
• 3:55
  one
• 3:55
  going
• 3:55
  on
• 3:56
  right
• 3:56
  now
• 3:56
  that
• 3:56
  we've
• 3:56
  done
• 3:57
  a
• 3:57
  few
• 3:57
  years
• 3:59
  in
• 3:59
  Mexico
• 4:00
  and
• 4:01
  it's
• 4:01
  doing
• 4:02
  really
• 4:02
  good.
• 4:02
  And
• 4:03
  I'm
• 4:03
  considering
• 4:04
  others
• 4:04
  in
• 4:04
  other
• 4:04
  parts
• 4:04
  of
• 4:05
  the
• 4:05
  world.
• 4:06
  And
• 4:06
  the
• 4:07
  typical
• 4:07
  franchise,
• 4:08
  as
• 4:08
  we
• 4:08
  used
• 4:09
  to
• 4:09
  do
• 4:09
  it,
• 4:09
  continues
• 4:10
  to
• 4:10
  be
• 4:11
  alive.
• 4:11
  It
• 4:11
  is
• 4:11
  possible
• 4:12
  to
• 4:12
  do
• 4:12
  it.
• 4:14
  Conditions
• 4:14
  have
• 4:14
  changed
• 4:15
  a
• 4:15
  little
• 4:15
  bit
• 4:15
  in
• 4:15
  terms
• 4:16
  of
• 4:16
  what
• 4:16
  the
• 4:17
  brand
• 4:17
  represents.
• 4:18
  You
• 4:18
  need
• 4:18
  a
• 4:19
  strong
• 4:19
  ISP
• 4:20
  to
• 4:20
  be
• 4:21
  significant
• 4:23
  in
• 4:23
  the
• 4:23
  market.
• 4:24
  And
• 4:25
  normally
• 4:26
  the
• 4:26
  consignment,
• 4:27
  we
• 4:27
  do
• 4:27
  it
• 4:27
  in
• 4:28
  Europe
• 4:28
  mostly
• 4:29
  because
• 4:29
  it's
• 4:30
  the
• 4:30
  simple
• 4:30
  model.
• 4:31
  There
• 4:31
  is
• 4:31
  no
• 4:31
  customs
• 4:32
  where
• 4:32
  share
• 4:32
  one
• 4:33
  currency.
• 4:34
  So
• 4:34
  it's
• 4:35
  like
• 4:35
  managing
• 4:35
  your
• 4:36
  own
• 4:36
  stores,
• 4:36
  right?
• 4:37
  Yeah.
• 4:37
  Do
• 4:37
  you
• 4:37
  ever
• 4:38
  have
• 4:38
  anybody
• 4:38
  move
• 4:38
  from
• 4:38
  franchisees
• 4:39
  to
• 4:39
  another
• 4:40
  model?
• 4:40
  We
• 4:41
  have.
• 4:41
  You
• 4:41
  have?
• 4:41
  Yeah.
• 4:42
  How
• 4:42
  does
• 4:42
  that
• 4:42
  work?
• 4:42
  We
• 4:43
  have,
• 4:43
  but
• 4:44
  it's
• 4:44
  a
• 4:45
  process.
• 4:46
  You
• 4:47
  start
• 4:48
  on
• 4:49
  the
• 4:49
  season.
• 4:50
  No,
• 4:50
  basically
• 4:52
  it
• 4:52
  is
• 4:52
  a
• 4:53
  process
• 4:53
  in
• 4:53
  many
• 4:53
  ways.
• 4:54
  Right.
• 4:54
  In
• 4:54
  the
• 4:54
  logistical
• 4:55
  way
• 4:57
  a
• 4:57
  typical
• 4:57
  franchisee
• 4:58
  will
• 4:58
  come
• 4:58
  and
• 4:58
  buy.
• 4:59
  And
• 4:59
  then
• 4:59
  there
• 4:59
  is
• 4:59
  a
• 4:59
  lot
• 4:59
  of
• 5:00
  assistance
• 5:00
  that
• 5:00
  we
• 5:01
  provide
• 5:01
  to
• 5:01
  that
• 5:01
  franchisee.
• 5:02
  But
• 5:02
  we
• 5:02
  don't
• 5:03
  manage
• 5:03
  the
• 5:03
  stock.
• 5:04
  The
• 5:04
  consignment
• 5:05
  model,
• 5:05
  we
• 5:05
  do
• 5:06
  manage
• 5:06
  the
• 5:06
  operation
• 5:07
  like
• 5:07
  we
• 5:07
  will
• 5:07
  manage
• 5:08
  any
• 5:08
  other
• 5:08
  unit
• 5:09
  that
• 5:09
  we
• 5:09
  have
• 5:09
  in
• 5:10
  our
• 5:10
  chain.
• 5:11
  So
• 5:11
  we
• 5:11
  become
• 5:11
  not
• 5:12
  only
• 5:12
  the
• 5:12
  owners
• 5:13
  of
• 5:13
  the
• 5:13
  stock,
• 5:13
  but
• 5:14
  we
• 5:14
  also
• 5:14
  become
• 5:14
  the
• 5:14
  managers
• 5:15
  of
• 5:15
  that
• 5:16
  stock
• 5:16
  with
• 5:17
  the
• 5:17
  local
• 5:17
  assistance
• 5:18
  of
• 5:18
  the
• 5:18
  partner
• 5:19
  in
• 5:19
  that
• 5:19
  area.
• 5:20
  Okay,
• 5:20
  so
• 5:20
  it
• 5:20
  does
• 5:20
  happen.
• 5:21
  Okay,
• 5:21
  I
• 5:21
  was
• 5:21
  curious.
• 5:22
  It
• 5:22
  does
• 5:22
  happen.
• 5:23
  And
• 5:24
  every
• 5:24
  year
• 5:24
  I
• 5:24
  have
• 5:24
  a
• 5:25
  list
• 5:25
  of
• 5:25
  countries
• 5:25
  that
• 5:25
  I
• 5:26
  say,
• 5:26
  well,
• 5:26
  this
• 5:27
  one,
• 5:27
  it
• 5:27
  might
• 5:27
  work,
• 5:28
  or
• 5:28
  I
• 5:28
  may
• 5:28
  have
• 5:29
  more
• 5:29
  potential
• 5:29
  if
• 5:30
  I
• 5:30
  switch
• 5:30
  them
• 5:31
  between
• 5:31
  regular
• 5:32
  franchise
• 5:32
  and
• 5:32
  the
• 5:32
  consignment
• 5:33
  model.
• 5:33
  But
• 5:34
  there
• 5:34
  is
• 5:34
  a
• 5:34
  list
• 5:34
  of
• 5:34
  requirements
• 5:35
  that
• 5:35
  you
• 5:35
  need
• 5:35
  to
• 5:36
  hit
• 5:36
  in
• 5:36
  order
• 5:36
  for
• 5:37
  consignment
• 5:37
  model
• 5:38
  to
• 5:38
  work.
• 5:38
  Well,
• 5:38
  that
• 5:38
  was
• 5:38
  gonna
• 5:38
  be
• 5:39
  my
• 5:39
  next.
• 5:39
  Okay,
• 5:39
  that
• 5:39
  was
• 5:39
  gonna
• 5:40
  be
• 5:40
  my
• 5:40
  next
• 5:40
  question.
• 5:40
  Like,
• 5:40
  how
• 5:40
  do
• 5:41
  you
• 5:41
  think
• 5:41
  about
• 5:41
  how
• 5:42
  do
• 5:42
  you
• 5:42
  coordinate
• 5:43
  all
• 5:43
  that?
• 5:43
  Like,
• 5:43
  do
• 5:43
  you
• 5:43
  have
• 5:44
  a
• 5:44
  list
• 5:44
  of
• 5:44
  requirements
• 5:45
  depending
• 5:45
  on
• 5:46
  the
• 5:46
  model
• 5:46
  and
• 5:46
  a
• 5:46
  different
• 5:47
  structure
• 5:47
  of
• 5:47
  support
• 5:48
  depending
• 5:48
  on
• 5:48
  the
• 5:48
  model,
• 5:49
  or
• 5:49
  do
• 5:50
  you
• 5:50
  try
• 5:50
  to
• 5:50
  keep
• 5:50
  it
• 5:50
  as
• 5:50
  similar
• 5:51
  as
• 5:51
  possible
• 5:52
  for
• 5:52
  the
• 5:52
  brand's
• 5:52
  pur.
• 5:54
  No,
• 5:54
  it's
• 5:54
  different.
• 5:55
  Each
• 5:55
  business
• 5:56
  model.
• 5:57
  Each
• 5:57
  business
• 5:57
  model
• 5:58
  has
• 5:59
  its
• 5:59
  own
• 5:59
  characteristics
• 6:00
  and
• 6:00
  its
• 6:00
  own
• 6:01
  team,
• 6:01
  and
• 6:01
  it's
• 6:01
  work
• 6:02
  very
• 6:02
  differently.
• 6:02
  If
• 6:03
  you
• 6:03
  are
• 6:03
  on
• 6:03
  the
• 6:03
  traditional
• 6:04
  franchise
• 6:05
  model,
• 6:06
  we
• 6:06
  have
• 6:06
  conventions
• 6:07
  that
• 6:07
  the
• 6:08
  people
• 6:08
  come
• 6:08
  to.
• 6:09
  You
• 6:09
  know,
• 6:09
  our
• 6:09
  franchisees
• 6:10
  come
• 6:10
  to
• 6:11
  Paris
• 6:11
  four
• 6:11
  times
• 6:11
  a
• 6:11
  year.
• 6:12
  They
• 6:12
  make
• 6:12
  their
• 6:12
  buys,
• 6:13
  and
• 6:13
  then
• 6:14
  we
• 6:14
  can
• 6:14
  refresh
• 6:15
  through
• 6:15
  our
• 6:15
  website
• 6:16
  every
• 6:16
  month
• 6:17
  what
• 6:18
  they
• 6:18
  may
• 6:18
  need
• 6:18
  additionally.
• 6:19
  Okay,
• 6:20
  if
• 6:20
  we're
• 6:20
  on
• 6:20
  consignment
• 6:21
  model,
• 6:21
  we
• 6:22
  manage
• 6:23
  from
• 6:23
  the
• 6:23
  central
• 6:23
  stock,
• 6:24
  like
• 6:26
  regular
• 6:26
  store,
• 6:26
  and
• 6:27
  if
• 6:27
  it's
• 6:27
  a
• 6:27
  joint
• 6:27
  venture,
• 6:28
  obviously
• 6:28
  belongs
• 6:28
  to
• 6:29
  part
• 6:29
  of
• 6:29
  the
• 6:29
  group.
• 6:29
  So
• 6:29
  it's
• 6:30
  like
• 6:30
  another
• 6:30
  store.
• 6:30
  Right.
• 6:31
  There's
• 6:31
  no
• 6:31
  difference
• 6:31
  in
• 6:31
  there.
• 6:32
  Yeah,
• 6:32
  man,
• 6:32
  you
• 6:32
  got
• 6:33
  a
• 6:33
  complicated
• 6:33
  job,
• 6:34
  but
• 6:34
  it
• 6:34
  sounds
• 6:34
  very,
• 6:34
  very
• 6:35
  cool.
• 6:35
  So
• 6:35
  last.
• 6:36
  Last
• 6:36
  time
• 6:36
  we
• 6:36
  talked,
• 6:36
  you
• 6:37
  guys
• 6:37
  had
• 6:37
  just
• 6:37
  gone
• 6:37
  into
• 6:38
  Miami,
• 6:38
  right?
• 6:39
  Yes.
• 6:39
  Right.
• 6:40
  So
• 6:40
  how's
• 6:40
  that
• 6:41
  going?
• 6:41
  Like,
• 6:41
  how's.
• 6:41
  How's
• 6:42
  that
• 6:42
  going?
• 6:42
  How's
• 6:42
  the
• 6:42
  US
• 6:43
  Market
• 6:43
  shaping
• 6:43
  up?
• 6:44
  It's.
• 6:44
  It's
• 6:45
  going
• 6:45
  well.
• 6:45
  You
• 6:46
  know,
• 6:46
  the
• 6:46
  US
• 6:46
  Market
• 6:46
  is
• 6:47
  a
• 6:47
  very
• 6:47
  challenging
• 6:48
  market
• 6:48
  as
• 6:48
  well
• 6:49
  as
• 6:49
  a
• 6:50
  lot
• 6:50
  of
• 6:50
  things
• 6:50
  that
• 6:50
  happened
• 6:51
  since
• 6:51
  the
• 6:51
  two
• 6:52
  years
• 6:52
  ago
• 6:52
  that
• 6:52
  we,
• 6:53
  we
• 6:53
  talked.
• 6:55
  Yes.
• 6:57
  You
• 6:57
  know,
• 6:57
  tariffs
• 6:59
  coming
• 6:59
  in,
• 6:59
  a
• 6:59
  lot
• 6:59
  of
• 7:00
  uncertainty
• 7:00
  of
• 7:01
  what's
• 7:01
  going
• 7:01
  to
• 7:01
  happen
• 7:01
  to
• 7:02
  the
• 7:02
  business.
• 7:03
  We.
• 7:04
  Since
• 7:04
  we
• 7:04
  talked
• 7:04
  to
• 7:05
  you,
• 7:05
  we
• 7:05
  opened
• 7:06
  55
• 7:08
  corners
• 7:09
  at
• 7:09
  Nordstrom's.
• 7:10
  Oh,
• 7:11
  yeah,
• 7:11
  that's
• 7:11
  right.
• 7:13
  It's
• 7:14
  going
• 7:14
  well.
• 7:14
  It's
• 7:14
  going
• 7:15
  really
• 7:15
  well.
• 7:15
  The
• 7:15
  customer
• 7:16
  likes
• 7:16
  it.
• 7:17
  But
• 7:17
  that
• 7:18
  adjustment
• 7:18
  that
• 7:18
  we
• 7:18
  have
• 7:19
  all
• 7:19
  through
• 7:20
  last
• 7:20
  year
• 7:20
  on,
• 7:21
  you
• 7:21
  know,
• 7:22
  trying
• 7:22
  to
• 7:22
  keep
• 7:22
  the
• 7:23
  price
• 7:23
  as
• 7:24
  close
• 7:24
  as
• 7:24
  possible
• 7:24
  to
• 7:24
  the
• 7:25
  regional
• 7:25
  while
• 7:25
  taking
• 7:26
  the
• 7:26
  impact
• 7:27
  of
• 7:27
  the
• 7:27
  tariffs
• 7:28
  in
• 7:28
  the
• 7:28
  US
• 7:29
  that
• 7:29
  was
• 7:30
  quite
• 7:30
  an
• 7:30
  exercise.
• 7:30
  But,
• 7:31
  you
• 7:31
  know,
• 7:31
  it's.
• 7:32
  Anything
• 7:33
  they
• 7:33
  throw
• 7:33
  at
• 7:33
  us
• 7:34
  at
• 7:34
  retailers
• 7:34
  today
• 7:35
  is
• 7:35
  just
• 7:36
  to
• 7:36
  prove
• 7:36
  and
• 7:37
  to
• 7:37
  build
• 7:37
  resilience.
• 7:38
  Right.
• 7:38
  Every
• 7:38
  time
• 7:39
  we
• 7:39
  come
• 7:39
  out
• 7:39
  of
• 7:39
  one
• 7:39
  of
• 7:39
  these,
• 7:40
  we
• 7:40
  come
• 7:40
  stronger
• 7:41
  than
• 7:42
  before.
• 7:43
  Do
• 7:43
  you
• 7:43
  ever
• 7:43
  wish
• 7:43
  you
• 7:43
  would
• 7:44
  just.
• 7:44
  You
• 7:44
  could
• 7:44
  just
• 7:44
  say,
• 7:45
  okay,
• 7:45
  let's
• 7:45
  just
• 7:45
  not
• 7:45
  change
• 7:46
  anything
• 7:46
  for
• 7:46
  a
• 7:46
  Little
• 7:46
  bit,
• 7:47
  though,
• 7:47
  macroeconomics,
• 7:48
  like,
• 7:48
  let's
• 7:48
  just
• 7:48
  keep
• 7:48
  everything
• 7:49
  a
• 7:49
  little
• 7:49
  bit
• 7:49
  the
• 7:49
  same.
• 7:50
  My
• 7:50
  God,
• 7:51
  that
• 7:51
  happened
• 7:52
  when
• 7:52
  I
• 7:52
  started
• 7:53
  my
• 7:53
  career
• 7:53
  over
• 7:53
  20
• 7:54
  years
• 7:54
  ago,
• 7:55
  like,
• 7:55
  I
• 7:56
  don't
• 7:56
  know,
• 7:56
  25
• 7:56
  years
• 7:56
  ago,
• 7:57
  that
• 7:57
  the
• 7:58
  world
• 7:58
  was
• 7:58
  a
• 7:58
  lot
• 7:58
  more
• 7:58
  stable.
• 7:59
  We
• 7:59
  had
• 7:59
  recessions
• 8:00
  every
• 8:01
  five
• 8:01
  years.
• 8:02
  We
• 8:02
  had
• 8:02
  a
• 8:02
  recession
• 8:03
  that
• 8:03
  lasted
• 8:03
  one
• 8:04
  or
• 8:04
  two
• 8:04
  years.
• 8:05
  Now,
• 8:05
  since
• 8:05
  2008,
• 8:06
  the
• 8:06
  financial
• 8:07
  crisis
• 8:07
  since
• 8:08
  then,
• 8:08
  we
• 8:08
  have
• 8:08
  crises
• 8:09
  every
• 8:09
  year,
• 8:10
  every
• 8:10
  two
• 8:10
  years.
• 8:10
  If
• 8:11
  it's
• 8:11
  not,
• 8:11
  one
• 8:11
  thing
• 8:11
  is
• 8:12
  the
• 8:12
  other,
• 8:12
  and
• 8:13
  that's
• 8:13
  the
• 8:13
  way
• 8:13
  we
• 8:14
  are.
• 8:14
  You
• 8:14
  know,
• 8:15
  we're
• 8:15
  used
• 8:15
  to
• 8:16
  operating
• 8:16
  and
• 8:17
  I
• 8:17
  don't
• 8:17
  think
• 8:17
  it's
• 8:17
  going
• 8:17
  to
• 8:18
  change
• 8:18
  anytime
• 8:18
  soon.
• 8:19
  Yeah.
• 8:19
  The
• 8:19
  number
• 8:19
  one
• 8:20
  word
• 8:20
  in
• 8:20
  retail
• 8:20
  is
• 8:20
  resiliency.
• 8:21
  You
• 8:21
  said
• 8:21
  it.
• 8:22
  I
• 8:22
  mean,
• 8:22
  it
• 8:22
  is.
• 8:22
  You
• 8:23
  have
• 8:23
  to
• 8:23
  be
• 8:23
  resilient
• 8:23
  to
• 8:24
  have
• 8:24
  in
• 8:24
  this
• 8:25
  business.
• 8:25
  You
• 8:25
  know
• 8:25
  how
• 8:25
  you
• 8:26
  react
• 8:26
  to
• 8:26
  those
• 8:26
  shocks
• 8:28
  because
• 8:29
  you
• 8:29
  can't
• 8:29
  really
• 8:29
  prepare
• 8:30
  for
• 8:30
  them
• 8:31
  because
• 8:31
  you
• 8:32
  don't
• 8:32
  know.
• 8:32
  Right.
• 8:33
  So
• 8:33
  when
• 8:33
  it
• 8:34
  hits
• 8:34
  you,
• 8:35
  the
• 8:35
  success
• 8:35
  is
• 8:36
  in
• 8:36
  the
• 8:36
  reaction
• 8:36
  time
• 8:37
  and
• 8:38
  what
• 8:38
  you
• 8:38
  apply.
• 8:38
  Right.
• 8:39
  Yeah.
• 8:39
  And
• 8:39
  how
• 8:39
  do
• 8:39
  you
• 8:39
  take
• 8:40
  advantage
• 8:40
  of
• 8:40
  the
• 8:40
  opportunity
• 8:41
  that
• 8:42
  others
• 8:42
  may
• 8:42
  or
• 8:42
  may
• 8:42
  not
• 8:42
  see
• 8:43
  in
• 8:43
  front
• 8:43
  of
• 8:43
  them,
• 8:43
  given
• 8:44
  the
• 8:44
  situation?
• 8:44
  Because
• 8:45
  there
• 8:45
  is
• 8:45
  always
• 8:46
  advantage,
• 8:46
  There
• 8:47
  is
• 8:47
  always
• 8:47
  a
• 8:47
  possibility.
• 8:48
  It's
• 8:49
  hard,
• 8:49
  but
• 8:50
  there
• 8:50
  is
• 8:50
  always
• 8:50
  a
• 8:50
  way
• 8:51
  to
• 8:52
  find.
• 8:53
  There's
• 8:54
  always
• 8:54
  a
• 8:54
  way
• 8:54
  to
• 8:55
  find
• 8:55
  your
• 8:55
  way.
• 8:55
  Yeah.
• 8:56
  It
• 8:56
  reminds
• 8:56
  me
• 8:56
  of
• 8:56
  saying
• 8:57
  that
• 8:57
  like
• 8:57
  for
• 8:57
  every
• 8:57
  trend,
• 8:58
  there's
• 8:58
  a
• 8:58
  counter
• 8:58
  trend.
• 8:59
  Correct.
• 8:59
  You
• 8:59
  know,
• 9:00
  I'm
• 9:00
  curious
• 9:00
  though.
• 9:01
  So
• 9:02
  is
• 9:02
  there
• 9:02
  anything
• 9:03
  you
• 9:03
  wish.
• 9:03
  Well,
• 9:04
  let
• 9:05
  me
• 9:05
  ask
• 9:05
  it
• 9:05
  this
• 9:05
  way.
• 9:05
  Is
• 9:05
  there
• 9:05
  anything
• 9:06
  you
• 9:06
  wish
• 9:06
  you
• 9:06
  knew
• 9:07
  then
• 9:08
  that
• 9:08
  you
• 9:08
  know
• 9:08
  now
• 9:09
  about
• 9:09
  entering
• 9:09
  the
• 9:09
  US
• 9:10
  Market
• 9:10
  that
• 9:10
  other
• 9:10
  people
• 9:11
  that
• 9:11
  are
• 9:11
  considering
• 9:11
  entry?
• 9:12
  Because
• 9:12
  I
• 9:12
  talked
• 9:12
  to
• 9:12
  somebody
• 9:13
  at
• 9:13
  the
• 9:13
  Retail
• 9:13
  Technology
• 9:13
  show
• 9:14
  last
• 9:14
  week
• 9:14
  that
• 9:14
  was
• 9:14
  thinking
• 9:14
  about
• 9:15
  entering
• 9:15
  the
• 9:15
  US
• 9:15
  market
• 9:16
  from
• 9:16
  Europe.
• 9:16
  So
• 9:17
  I'm
• 9:17
  curious,
• 9:17
  like,
• 9:18
  what,
• 9:18
  what
• 9:18
  would
• 9:19
  you
• 9:19
  do
• 9:19
  again?
• 9:19
  What
• 9:19
  would
• 9:19
  you
• 9:20
  do
• 9:20
  differently
• 9:20
  if
• 9:20
  you
• 9:20
  were
• 9:21
  trying
• 9:21
  to
• 9:21
  enter
• 9:21
  the
• 9:21
  US
• 9:22
  Market
• 9:22
  for
• 9:22
  the
• 9:22
  first
• 9:22
  time?
• 9:24
  I
• 9:24
  don't
• 9:25
  think
• 9:25
  you
• 9:25
  can
• 9:26
  learn.
• 9:27
  You
• 9:27
  can
• 9:27
  learn
• 9:28
  a
• 9:28
  little
• 9:28
  bit.
• 9:28
  You
• 9:29
  can
• 9:29
  learn
• 9:29
  a
• 9:29
  little
• 9:29
  bit
• 9:30
  from
• 9:30
  other
• 9:31
  people's
• 9:31
  experiences,
• 9:33
  but
• 9:33
  I
• 9:33
  don't
• 9:34
  think
• 9:34
  what
• 9:35
  the
• 9:35
  experience
• 9:35
  of
• 9:36
  a
• 9:36
  different
• 9:36
  retailer
• 9:36
  will
• 9:37
  be
• 9:37
  exactly
• 9:37
  the
• 9:37
  same
• 9:38
  experience
• 9:39
  for
• 9:39
  another
• 9:39
  one.
• 9:40
  So
• 9:41
  I
• 9:41
  think
• 9:41
  you
• 9:41
  can
• 9:42
  all
• 9:42
  the
• 9:42
  more
• 9:42
  you
• 9:42
  can
• 9:43
  learn,
• 9:43
  the
• 9:43
  better.
• 9:44
  But
• 9:44
  being
• 9:45
  in
• 9:45
  the
• 9:45
  market,
• 9:46
  that's
• 9:46
  you
• 9:46
  the
• 9:46
  real
• 9:47
  learning
• 9:47
  curve
• 9:47
  and
• 9:48
  that's
• 9:48
  what
• 9:48
  you
• 9:48
  have
• 9:48
  to
• 9:49
  go
• 9:49
  through,
• 9:49
  especially
• 9:49
  in
• 9:50
  a
• 9:50
  market
• 9:50
  that
• 9:50
  is
• 9:50
  as
• 9:50
  important
• 9:51
  as,
• 9:52
  as
• 9:52
  the
• 9:52
  US
• 9:53
  and
• 9:53
  as
• 9:53
  competitives
• 9:54
  with
• 9:54
  all
• 9:54
  the
• 9:55
  shocks
• 9:55
  that
• 9:55
  the
• 9:55
  US
• 9:56
  Market
• 9:56
  has
• 9:56
  suffered
• 9:57
  in
• 9:58
  the
• 9:58
  last
• 9:59
  couple
• 9:59
  of
• 9:59
  years.
• 9:59
  So
• 10:00
  your
• 10:00
  point
• 10:00
  being?
• 10:00
  Do
• 10:01
  something,
• 10:01
  Try
• 10:01
  something.
• 10:02
  Learn
• 10:02
  from
• 10:02
  it
• 10:03
  to
• 10:03
  understand.
• 10:04
  Yeah.
• 10:05
  And
• 10:05
  course
• 10:05
  correct.
• 10:05
  And
• 10:06
  course
• 10:06
  correct.
• 10:06
  Got
• 10:06
  it.
• 10:07
  All
• 10:07
  right,
• 10:07
  well,
• 10:07
  let's
• 10:07
  get
• 10:07
  you
• 10:08
  out
• 10:08
  of
• 10:08
  here
• 10:08
  on
• 10:08
  this.
• 10:08
  So
• 10:09
  I'm
• 10:09
  curious,
• 10:10
  do
• 10:10
  you
• 10:10
  think
• 10:10
  that
• 10:10
  is
• 10:11
  there
• 10:11
  any
• 10:11
  market
• 10:11
  that
• 10:11
  you
• 10:12
  think,
• 10:12
  as
• 10:12
  you
• 10:12
  look
• 10:12
  at
• 10:12
  it
• 10:13
  geographically,
• 10:13
  that
• 10:13
  is
• 10:14
  under
• 10:14
  penetrated
• 10:16
  in
• 10:16
  your
• 10:16
  mind
• 10:16
  today
• 10:17
  and
• 10:17
  that
• 10:17
  if
• 10:17
  you
• 10:18
  cracked
• 10:18
  it,
• 10:19
  you
• 10:19
  know,
• 10:19
  it'd
• 10:20
  make
• 10:20
  a
• 10:20
  significant
• 10:20
  difference
• 10:21
  for
• 10:21
  you?
• 10:23
  Oh,
• 10:23
  I
• 10:23
  mean,
• 10:23
  there's
• 10:24
  a
• 10:24
  lot
• 10:24
  of
• 10:24
  markets
• 10:24
  where
• 10:24
  we
• 10:25
  underpenetrate.
• 10:26
  You
• 10:26
  know,
• 10:26
  we
• 10:26
  have
• 10:27
  around
• 10:27
  1500
• 10:28
  stores
• 10:29
  in
• 10:29
  around
• 10:29
  55
• 10:30
  countries,
• 10:31
  more
• 10:31
  or
• 10:31
  less.
• 10:33
  So
• 10:33
  in
• 10:33
  some
• 10:33
  of
• 10:33
  the
• 10:33
  countries,
• 10:35
  we
• 10:35
  are
• 10:36
  still
• 10:36
  a
• 10:36
  lot
• 10:36
  of
• 10:36
  markets
• 10:36
  were
• 10:37
  under
• 10:37
  penetrated
• 10:37
  even
• 10:38
  without
• 10:38
  going
• 10:39
  away
• 10:40
  in
• 10:40
  our
• 10:40
  home
• 10:40
  country.
• 10:41
  In
• 10:41
  Europe,
• 10:42
  you
• 10:42
  know,
• 10:42
  we
• 10:43
  could
• 10:43
  do
• 10:43
  more
• 10:43
  in
• 10:43
  Germany,
• 10:45
  Spain,
• 10:45
  a
• 10:46
  little
• 10:46
  more,
• 10:46
  but
• 10:46
  we
• 10:46
  are
• 10:47
  pretty
• 10:47
  much
• 10:47
  France,
• 10:48
  definitely
• 10:48
  not.
• 10:48
  We're
• 10:49
  completely
• 10:49
  covered.
• 10:49
  We
• 10:49
  are
• 10:50
  the
• 10:50
  leader
• 10:50
  of
• 10:50
  lingerie
• 10:51
  in
• 10:51
  the
• 10:51
  market.
• 10:52
  We're
• 10:53
  not
• 10:53
  in
• 10:53
  Italy,
• 10:53
  so
• 10:54
  we
• 10:54
  could
• 10:54
  go
• 10:54
  to
• 10:55
  Italy.
• 10:56
  The
• 10:56
  US
• 10:57
  Is
• 10:57
  another
• 10:58
  big
• 10:58
  market.
• 10:59
  You
• 10:59
  know,
• 10:59
  despite
• 11:00
  the
• 11:01
  difficulties,
• 11:02
  you
• 11:02
  know,
• 11:03
  of
• 11:03
  entering
• 11:03
  a
• 11:03
  market
• 11:04
  like
• 11:04
  that,
• 11:04
  if
• 11:05
  you
• 11:05
  make
• 11:05
  it,
• 11:05
  you
• 11:05
  make
• 11:05
  it
• 11:06
  really
• 11:06
  big.
• 11:07
  There
• 11:08
  is
• 11:08
  Asia,
• 11:09
  where
• 11:09
  we
• 11:09
  exit
• 11:10
  through
• 11:10
  Covid.
• 11:11
  Okay.
• 11:12
  And
• 11:12
  we
• 11:12
  haven't
• 11:12
  been
• 11:13
  back.
• 11:13
  So
• 11:13
  that's
• 11:13
  on
• 11:14
  my
• 11:14
  plate
• 11:14
  again,
• 11:15
  coming
• 11:15
  over.
• 11:15
  But,
• 11:16
  you
• 11:16
  know,
• 11:17
  so
• 11:17
  the
• 11:17
  world
• 11:17
  is
• 11:17
  a
• 11:18
  very
• 11:18
  large
• 11:18
  place.
• 11:18
  So,
• 11:19
  yes,
• 11:19
  we
• 11:19
  are
• 11:19
  under
• 11:20
  penetrated
• 11:20
  in
• 11:20
  a
• 11:21
  lot
• 11:21
  of.
• 11:21
  In
• 11:21
  a
• 11:21
  lot
• 11:21
  of
• 11:21
  the
• 11:21
  markets
• 11:22
  that
• 11:22
  I
• 11:22
  wish
• 11:23
  that
• 11:23
  I
• 11:23
  wish
• 11:23
  I
• 11:23
  could
• 11:23
  be.
• 11:24
  Oh,
• 11:24
  my
• 11:24
  God.
• 11:24
  You
• 11:24
  got
• 11:25
  to
• 11:25
  be
• 11:25
  the
• 11:25
  busiest
• 11:25
  guy
• 11:25
  here,
• 11:26
  my
• 11:26
  friend.
• 11:27
  You
• 11:27
  got
• 11:27
  to
• 11:27
  be
• 11:27
  so
• 11:28
  busy.
• 11:28
  I
• 11:28
  think
• 11:28
  every
• 11:29
  retailer
• 11:29
  is
• 11:29
  very
• 11:29
  busy
• 11:30
  at
• 11:30
  the
• 11:30
  moment.
• 11:30
  True.
• 11:31
  That's
• 11:31
  very
• 11:31
  true.
• 11:31
  But
• 11:31
  different.
• 11:32
  Different
• 11:32
  retailers
• 11:32
  bite
• 11:33
  off
• 11:33
  different
• 11:33
  things,
• 11:33
  too.
• 11:34
  But
• 11:34
  I've
• 11:34
  been
• 11:34
  noticing
• 11:34
  you
• 11:35
  milling
• 11:35
  around,
• 11:35
  and
• 11:36
  you
• 11:36
  seem
• 11:36
  like
• 11:36
  a
• 11:36
  busy
• 11:36
  guy.
• 11:37
  A
• 11:37
  lot
• 11:37
  of
• 11:37
  people
• 11:37
  want
• 11:37
  to
• 11:37
  talk
• 11:37
  to
• 11:38
  you
• 11:38
  too.
• 11:38
  So
• 11:38
  thanks
• 11:38
  for
• 11:38
  taking
• 11:39
  the
• 11:39
  time,
• 11:39
  of
• 11:39
  course,
• 11:40
  Your
• 11:40
  busy
• 11:40
  schedule,
• 11:40
  to
• 11:40
  meet
• 11:41
  with
• 11:41
  us.
• 11:41
  It's
• 11:41
  always
• 11:41
  a
• 11:41
  pleasure
• 11:42
  to
• 11:42
  have
• 11:42
  back
• 11:42
  and
• 11:43
  enjoy
• 11:43
  catching
• 11:44
  up
• 11:44
  with
• 11:44
  you.
• 11:44
  It's
• 11:44
  a
• 11:44
  good
• 11:44
  time.
• 11:44
  Thank
• 11:45
  you.
• 11:45
  Same
• 11:45
  here.
• 11:45
  Thank
• 11:45
  you
• 11:45
  for
• 11:46
  having
• 11:46
  me.
• 11:46
  And
• 11:46
  I'll
• 11:47
  see
• 11:47
  you
• 11:47
  in
• 11:47
  a
• 11:47
  year.
• 11:47
  All
• 11:48
  right.
• 11:48
  Sounds
• 11:48
  great,
• 11:48
  man.
• 11:49
  Thank
• 11:49
  you.
• 11:49
  Bye
• 11:49
  Bye.
• 11:49
  Thank
• 11:50
  you.
• 11:50
  And
• 11:50
  to
• 11:50
  all
• 11:51
  our
• 11:51
  fans
• 11:51
  out
• 11:51
  there,
• 11:51
  as
• 11:51
  always,
• 11:52
  be
• 11:52
  careful
• 11:52
  out
• 11:52
  there.