The Benefits of Vertical Integration

Jeffrey Fowler: The competition for vertical integration, if you want to own one of these really prestigious manufacturers or mills. I wonder if Kuchanelli got a really, really attractive offer from Chanel to kind of buy into it because there's probably not a ton of others out there to for Chanel to buy into. He says that prestige effect of like more big brands investing in the Italian manufacturing market is good overall on like the macro scale. But also vertical integration is very expensive. Not every company has Walmart money to play with.