The Power of Conglomerates

There's a little bit of a Walt Garden phenomenon where the best opportunities now sit inside these conglomerates. It's very hard for an upstart luxury brand to get the kind of cash aid that some of these older names have. The story about LVMH, I think, is also real estate. If you're one financial center in Shanghai, and you can bundle a lot of brands, and then you get really, really cheap real estate. And so that bundling is also really, really powerful - just like PNG trying to get shelf space.