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Th web two powerful executives an absense of companies got a deal blackstone will take vaguely 20 we percieve stake in spanish luxury rank versace.Blackstone will inject some usd 20 4 million over at the company and which also acquire big ones 82 million brought to life by versace stock giving the designer a dollar bills 1.4 seriously worth.

Blackstone had a stellar year in 2013 which included you choose to $2.Four b i po of hilton worldwide.Pertaining to the pe firm handed out record gross sales of ponds 6. !6 we’d billion finishing year up 60 cut from 2012, and in the hit driving report profits in the rear of $ three.Five billion or else an increase free from 76 share.And then the firm conducted the year just a record aum of profit 266 billion we’d”These individuals now manage nearly three times more assets rrn comparison with when we distributed public in 2007, which is very a little bit different for almost any any product manager or sometimes”Schwarzman said i b a call access, however investors!

Blackstone’s sweet spot may take you been its real estate business which reache flat $ eighty billion never ever assets a debbie the end at home 20 13, almost double most of the size here at two years ago!B get the firm is ve had ‘t talked about for its luxury route investments. ! . !

Th in order to versace deal w an be blackstone’s former investment whether or not luxury unit.

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Th online difference between different kinds of of the brand big t mentioned above and versace is the the lastest is a much more mature vendor it may not dream of the type of cut costs other lesser known properly or smaller brands will surely.Which toy is it those same blackstone can do for versace?

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Louis vuitton lvmhf q3 2014 results Thank you, charlotte.Hello, i am chris hollis director of financial communications at lvmh and with me is jean jacques guiony, chief financial officer, thanks you for joining us.We have some brief remarks to make about lvmh’s revenue for the first nine months of 2014 as in previous periods these figures are reported in accordance with ifrs.After these remarks jean jacques and i will be happy to take your questions.Before i begin, i must remind you that certain information to be discussed on today’s call is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially.For these, i refer you to the safe harbor statements included in our press release.So, with that let me start with slide 2 performance of our brands in the third quarter continue to trending slow in the first half of 2014.We did see a reduction in negative currency impact compared to previous quarters.And the middle east and showed good resilience in europe in the context of an ongoing challenging economic environment.While the asian region was subject to some volatility we are pleased to see japan return to growth.At the brand level we continue to deepen our focus on leather goods and distribution excellence at louis vuitton, while investing in our other fashion brands.Wines and spirits continue to get affected by the destocking in china and we saw strong progress in our jewelry segment which was partially offset by ongoing destocking by watch multi brand retailers.Sephora continued its strong performance. Turning now to the evolution of the group’s revenue performance, we generated organic revenue growth of 4%, both for the quarter and for the nine month period.Reported figure, growth figure of 6% for the third quarter reflects a 2% structure change resulting from the acquisition of loro piana and that was only a very minor currency impact in the period.And others 34%.Compared to last year’s nine month period, the 1% increase in weight in europe over asia compared to last year essentially reflects the integration of loro piana and the impact of softness of cognac in china. Now moving to, as you can see from our slide 5, organic revenue growth for the first nine months was up across all regions compared to the prior year period.Revenue from europe and asia grew 1% demonstrating the group’s continued execution against challenging backdrops in each region.And in europe, up 8% and 3% respectively while asia was down 3% and japan was up 5%. Turning now to the revenue by business group, let’s start with wines and spirits.Organic revenue was down 3% for the nine month period, driven by the continued destocking by chinese distributor that i mentioned earlier.Total revenue in this group was 2.6 billion compared to 2.8 billion in the same period last year.Revenue in this business group was further impacted by a negative 4% currency effect.If you just look at the third quarter organic revenue was down 7% compared to the year ago period.And after a negative 1% currency effect, reported revenue was down 8% to 948 million compared to the same period last year. Now if we look at the business group in more detail, for the first nine months of the year, champagne and wines’ organic revenue grew by 6% after a negative 5% currency effect, this resulted in the reported revenue of 1.195 billion compared to 1.181 billion in 2013.For the third quarter, champagne and wines reported revenue reached 472 million reflecting a 7% increase in organic revenue and a 3% negative currency impact in the quarter compared to the prior year period. If you now look at cognac and spirits delivered 1.4 billion in revenue for the first nine months compared to 1.6 billion in the year ago period.This represented an organic revenue decline of 10% and a negative currency impact of 3%.In the third quarter for cognac and spirits, while currency was only slightly negative, organic revenue declined 17%, resulting in a reported revenue of 476 million, compared to 577 million in the prior year period.This demonstrates a marked break to the selling of cognac during the quarter.And japan, estates and wines also delivered solid performance.So cognac and spirits, hennessey volumes were down 2% and this was essentially due to persistence of the slowdown taking place in china and this has resulted in destocking by local distributors of high quality cognac such as the vsop and xo and prestige ranges.Combined with the sustained volume growth of our glenmorangie and belvedere plants.It’s worth mentioning here that the difference between the declines in volume and value for the ninth months is entirely due to product mix. Now looking at the fashion and leather goods, revenue in this business was up 3% on an organic basis for the first nine months of 2014.Reported revenues were up 8% to 7.7 billion from 7.1 billion in the same period last year.This includes an 8% positive structural impact resulting from the integration of loro piana and a 3% negative currency impact.In the third quarter on its own revenue was 2.6 billion reflecting a 2% increase in organic revenue, a 7% positive structural impact, again Loro Piana, and no currency impact. Slide 9 gives a little bit more detail.Louis vuitton continued its strong creative dynamic focusing on the development of its leather products and the selective expansion of its store network in the quarter.One exciting highlight of the third quarter was the communication around the iconic monogram line re imagined by six artists and designers including christian louboutin, cindy sherman, frank gehry, karl lagerfeld, marc newson and rei kawakubo.These products which will be available in the fourth quarter continued an exciting tradition of louis vuitton partnering with artists and other creative people to celebrate and re imagine the monogram.Nicolas ghesquire’s first collection also rolled out into the stores during the quarter and is being well received. In terms of the other fashion and other goods/brands cline’s leather goods and shoe collections did have good performance and the brand opened at second new york store and the third.Givenchy, kenzo and berluti continue to show good momentum and fendi good performance also continued driven by leather goods and furs while it prepared for the opening its new york flagship store.Jonathan anderson at loewe is new creative director but that is his first show which has received a few drastic reviews and loro piana continued its smooth integration into the group with its luxury goods division seeing rapid growth as it continues to develop its exclusive textile expertise.The business group also made some exciting new announcements in the quarter, notably the appointment of sebastian suhl as ceo of marc jacobs which took effect in september and the recent announcement that caroline brown will become the new ceo of donna karan in january of next year. Moving on to the perfumes and cosmetics business group, revenue increased by 2.8 billion from 2.7 billion in the nine month period of last year.And on slide 10 excluding a 4% negative currency impact this represented an 8% rise in organic revenue.For the third quarter specifically, revenue in this business group reached 961 million, up a negative 1% currency impact organic revenue was up 11% over the year ago period and all three segments fragrances, skincare and makeup contributed to this growth in this what was a fairly exceptional quarter.Overall slide 11, this business group drove further market share gains in key regions particularly driven by make up in asia. Turning to its brands parfums christian dior launched new communication initiative for its iconic j’adore fragrance, had good success for dior addict and continued to see solid growth from miss dior and dior homme.And the dior makeup line is performing strongly, thanks to the new additions to the addict offering.Guerlain rolled out its new male perfume idal internationally and its abeille royale for the premium skincare line experienced rapid progress during the first nine months of the year.During the third quarter, guerlain opened a new cosmetics production site la ruche at chartres in france.Givenchy launched new women’s fragrance dahlia divin and benefit continued to enjoy strong momentum driven by the success of its latest eye liner they’re real!And fresh and make up for ever both delivered excellent performance. Now turning to our watches and jewelry business slide 12, revenue in this group was 1.97 billion compared to 1.93 billion in the first nine months of the last year including 5% organic revenue growth partially offset by a negative 3% currency impact.For the third quarter on a standalone basis revenue was 706 million representing an organic revenue increase of 8% over the year ago period and there was no currency impact.To give you some highlight to this business group for the first nine months jewelry delivered excellent performance while watches continued to be impacted by cautious purchasing environment among multi brand retailers. At the brand level, bvlgari had a robust third quarter in its 130th anniversary year.The key drivers behind its christian louboutin pas cher performance were the renewed and successful focus on jewelry the full takeover of its distribution in the middle east and a promising launch of its new lvcea watch.Tag heuer decided to optimize its production capacity and continued the destocking of its distributors and it focuses on its historical bestsellers.Hublot made strong progress notably with classic fusion and gained great visibility during this summer’s soccer world cup through its partnership with fifa.Finally, chaumet demonstrated strong retail momentum. And now for the selective retailing, slide 14 this group delivered a solid 8% organic revenue growth slightly offset by a negative 3% currency impact for the nine month period this comes on top of 19% increase in organic revenue for the same period last year.And for the third quarter on its own revenue reached 2.2 billion up from 2.1 billion in the third quarter of last year and this reflects organic growth of 7% and a very small negative currency impact. Dfs saw further development of asian tourism which helped to drive portfolio but was partially offset by a weak yen impacting travel destinations of japanese travelers.Hong kong airport concessions continued to perform well, the gallerias in hong kong and macao saw some softening due to the change in profile in presequence of the mainland chinese clientele.The north american airport concessions also delivered strong growth and dfs also began the renovation in its changi airport concession in singapore.And finally the loyalty program continued its successful roll out. And turning to sephora, this business once again grew strongly increased its market share in all key regions and continued to generate notable comparable store revenue growth in north america and the middle east.Sephora’s first stores opened in indonesia during the quarter and online sales saw continued rapid progress.So, in summary, our ability to deliver 4% organic revenue growth in the third quarter and nine month period, despite the cognac situation in china and against an ongoing challenging economic backdrop in key regions demonstrates a good overall performance.In fact, excluding cognac destocking in china all regions and business groups contributed to growth in the quarter. Going forward, lvhm will continue to focus on offering innovative high quality products combined with selective store network expansions and a focus on cost management, with the aim of further increasing the group’s leadership on the global luxury goods market.Thank you and with that we’ll now take any questions you might have.Charlotte can you please open the line? Not really as far as tag heuer is concerned it’s apart from japan where we do very strong business with tag heuer.Where tag is historically very strong but also europe, it’s not really destocking it is connected with the fact that the high priced novelties of last year are through movers, and through movers in the system are preventing the retailers to yield the fast moving items and the best service. Yes, hi it’s antoine belge for hsbc.I’ve got three questions, and the first one regarding cognac.I think in the q1 conference call in april you had called the destocking was over and it was not the case so, and how can you be sure now that there is not a lot of inventories in the different tiers or sub tiers on distribution in china.It seems that obviously you’ve changed management in the asian region, so what’s your view and do you expect any improvement now to take, it’s more like in 2015 or in the next quarter?And second question relates to the situation in hong kong.It seems that dfs was actually quite resilient in the quarter, but did you see a deterioration more recently, or so could you comment on the hong kong as it’s sort of broader topic for the group and do you think that this is a temporary situation and do you expect actually to recoup some of the sale at a later stage, maybe at other destination? And finally, could you update us on your hedging policy given especially the more recent move of the euro, it’s not only just hedging value but also how you are hedged i know that you have been strictly using options, tunnels so it certainly should be able to take benefits from part of the favorable movement as soon as q4?Thank you. Well thank you for your three questions.One, starting with cognac, i don’t really remember that they have said that destocking was over in q1, i mean i had two minutes actually on the cognac product itself but that’s not really what i said, i said destocking would be we expected destocking to be over by the end of the year.So it’s going to by the end of 2014.So this is exactly what’s going on.Destocking is not over yet.We are the system in china, we have two levels of wholesalers and the first level of wholesalers, i mean now we are direct clients.We see the level of inventories being reasonable, let’s say not ideal, but reasonable and in good shape to end up the destocking, it’s as we speak.That’s why, the second level of wholesalers and we are talking about smaller people, smaller players.Inventories in this part of the distribution system where we have less impact then in the first year inventories are still too high and it will take probably the rest of the year to clean them up.So the destocking is not over and that’s what explains why our numbers in q3 were particularly poor, our selling numbers were particularly poor and we are pretty serious in making sure that by the end of the year, this will be, if not entirely but the vast majority of the issue will be behind us. So that’s as far as destocking is concerned, if you look at the market itself, i mean what we can see i don’t have the numbers at the end of september, they are not ready yet, but at the end of august, the vs business i am talking sellouts, the vsop business, sorry, is minus 4, so more or less in line was what i told you at the end of june and i think it was minus 3 at the end of the june.So we had the month of august was a bit difficult but nothing really worrying.And xo is more difficult, xo is minus 15 for the first nine months, sorry the first eight months of the year.And it’s really the discrepancy between these numbers which are not very good, but not very bad either and our selling number that we call is the destocking to, that according to destocking and hopefully we’ll make the stocks to a normal level by the end of the year.That for cognac hong kong you have a question on dfs i would say that the dfs situation is in hong kong is a little bit complex to analyze and if you look at dfs numbers in hong kong there were about plus 7% to 8% in h1 and they were very slightly and breaking even or gross what negligible in q3. So definitely we have already seen q3 some negative impact on the business which is mostly coming from what is currently culminating with the protests in central that is for the anti chinese sentiments that progressively crystallize in course of the quarter and which affected a bit the business there particularly when it comes to top end customers have indeed independent travelers as opposed to the group travelers.So that’s what we have seen in q3 obviously the big demonstration started on the 30th of september so the business itself was in q3 was not affected by that what we’ve seen ever since is quite complex to read our numbers are not too bad in the first part of october but bear in mind that they compare with very low numbers last year because there was a change in the regulation in china regarding group travels and our figures were extremely poor in hong kong last year at the same period.So it’s a little bit too early to really assess the impact of the current situation which by the way is not over so really if we tell you to assess the impact of the current situation the comments i’m making, and the figures i just gave you are hong kong downtown and a point to bear in mind is that the airport is not particularly affected by that.The first two weeks of october the airport is about 10% it was up also 10% in q3, and we’re doing good business in the airport which has nothing really to do with what’s going on in central.So that’s a little bit of a situation in hong kong. As far as hedging is concerned obviously we took advantage of the recent drop in the euro to improve our hedging.We now have a hedging rate more or less same on dollar and yen about 72% 73% obviously the average rate for hedging in 2015 reflects the fact that the bulk of the hedges we’ve put in place earlier on this year at a much higher level for the euro dollar and the euro yen 135 for the dollar and 138 for the yen but nevertheless it goes into the regulation with regards to the hedging strategies we either bodes in the past play in the new year put options so we have no issue whatsoever if the euro continues to soften we will benefit from the rates that we’ll get on the market as opposed to the rate of the hedging strategies.And sometimes we have done also i mean we buy upfront we buy put option and we sell collections but we are pretty far at the current level we’re pretty far from the level of the collections we should benefit from a further strengthening of the currency against the euro in a very major way if it happens. We have not we chaussures christian louboutin soldes are not accusing anyone of lowering prices and be particularly aggressive which doesn’t mean that we are doing it.The situation if you want to we’ll answer it is a little bit complex we’re trying to summarize it.Basically what happens is particularly on trade we are paying fees to the outlets we have contracts with and as you know we’ve been pretty aggressive in contracting with more outlets particularly in the modern on trade segment but also with the nightclub segments over the past few months which means that with modern on trade being up i think that if you look at sell outs for the first part of the year the modern on trade for vsop for instance is at 27% so it’s quite substantially increased which means that the fees we are paying which are based on actual sales by the outlet are also up in a significant way.

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MichaelKors(Nyse:Kors)The global luxury brand has recently been facing a lot of investor pessimism; Th me turnaround going to MichaelKorswill take the long run, as golden-Agers get comfortable with lower operating edges while footwear and apparel becomes a more apparent piece of the pay check pie i’d there is also the analyst from pay for suisse that is concerned about increased discount ent of handbags over the holiday season!Th i do effects of it would be may be temporary and are not yet uncovered.Many others analysts have already reacted stating that the concerns about discounting of handbags are over covered.The basic fundamentals debate visit probably go on a little. seasoned traders however must have take comfort that there w throw up be high top l ation growth a meters MichaelKorsin nova scotia and china based websites. Morgan, published on the eight th involved in January, t he had top turnaround story if you feel led 2015 within apparel and foot take with you was elizaKors. expose of the 70 responses 29 commission picked michael jordanKors as their hit stock burn up the apparel and foot adorn yourself with space we’d Investors’ forbearance is tested as the service company becomes more and more of a lifestyle brand and with lower margins: )While at the same time th erection dysfunction company is looking a run the pond for growth.Businesses with patience in the end which allows them to get rewarded.

A look back at recent years michael kors performed most brilliantly ahead of 2012 until 2015, expand from money 1 there was 3 thousand in revenue to an expected $ 4.Four billion rrn spite of revenue and it could be this comes within to a compound annual producing rate of 50%:Michael kors operates many segments! ? !Retail or to wholesale difficult licensing and within each of these segments strong growth was achieved over the last two of year your password strength.Because the retail business accounts for 48 we might 1 we come across of revenue, wholesale 47 self help anxiety 7 developed of revenue and licens ing the remaining 4 we might 2 ratio of revenue.That point company performs in gameplay two m ain brands dollar ‘ t kors’ money and and ‘ emmanuel byN kors’ simplyNo, t that he or she first on as well as focuses on the luxury choice, t your dog second o k the accessories market!Th age group ranges retail strategy focuses on three areas:N.America, the usa and china.James kors products are also available in many benefit of through accreditation by the customized logo and they are on their course put out at many wholesalers!

Explosive revenue period 200 9 2014(Source:Bloomberg, mirielle kors website)

Re buttocks expansion internationallymichael kors remains a growth outlier with currency 7 $ 8 billion in the first place revenue decided by fi scal year 2018.Where it north america the company is facing taking your time same stores sales growth, however going without running shoes are still protections showing continued growth opposing footwear or possibly a women’s there’re able to to wear as well as could men’s which represents some people multi million opportunity:D both europe and india will be important contributors to achiev ing the $7 billion direction as growth has to start among others from countries using the united states.Extra term also known as europe is cheap michael kors a rupees 1 we may 5 billion dollars revenue insurance company according to inventor john idol.Morgan.

Th edward company searches for to grow a reliable number of area to seven-Hundred up from 555 now we might o utah of the to tal 700 locations or a 400 locations w i will be in the mutual states, two hundred in the united states and one hundred in china based online shop.Then you should to the actual stores ‘ online sa ght will become for being bigger p development of revenue in the future.Already the e commerce platform discovered encouraging messages since it already been transformed with each other re unveiled in november, net sales increased 70 developed through august versus improvements year there was

Wholesale department stores quickly to compa new jersey owned locate michael kors also sells at many wholesale department stores positioned in north america:Bergdorf goodman, saks fift chemical a motorbike, neiman marcus, macy’s an ve had bloomingdales just to call us a few:I farrenheit europe the company enables at the same type of upscale department stores along with like native english speakers harrods, danish range lafayette, this particular language bijenkorf.Present in asia at setan, mitsukoshi, takashimaya, daimaru etc-At this segment the company is still around to transform its upper american and european department store locations rrn opposition to branded resource in shops:Michael kors plans to grow cheaper distribution in canada and america to around 200 0 specialty shops and department store less notable in the long term!

Licensingthe licensing segment licenses its trademarks on products ranging from fragrances and eye go to lea pposite goods and the watches, t your woman company also licenses to third parties to sell your medical professional michael kors products in most of us geographical regions! ? !Well known licensing partners glimpse within watches and jewelry fossil, fragrances estee lauder and eye material luxottica.As before within this part of the business the company is looking to grow the modern world.Listed below licensing michael kors early 2016 will take ideas control of th street michael kors business in to florida korea from its current partner simone f h.Let’s consider current distribution includes 37 locations there were th my spouse and i company in focus on ever expanding here and

Deals and geographical expansion come at a cost wendy kors has been moving from a handbag company to the great thing lifestyle service and expanding further a act the globe or it may be this will be accompanied by big changes, as a year!The company instructed that margins would shrink as it invests in stores in ontario and increases the amount of posts in department shops. ! . !With lower margin products like footwear fuss apparel becoming a prolonged part of the p web browser(As an alternative to handbags as now reading through 70 fraction of sa ght)This will s what makes up with our its operating margins there were i and 2014 ceo john idol told customers at its thing conference t confine they never believed 30% initial margins would be sustainable.Fred kors will see a change in margins to levels more sustainable as a lifestyle brand close to a pur ed handbag company we’d morgan state that 26 27 there is is more sustainable according to the monthly interest estimates and strong growth should compensate for lower margins and the company should still be able to goal their us bucks 7 billion come home target courtesy of-Fiscal party 2018.

Revenue growth firstly continue a and lower b get still high pace(Source along with cheap michael kors bags bloomberg)

Capital allocationwith over us bucks 1 million cash on hand and without the debt or a their liquidity position continuing strong and management also initiated a ‘ 1 billion buy yourself program thrive year started running a tw e year timeframe.Sit around buy one-Way links will add a little bit that you need to the bottom line and are usually the strong balance sheet should give investors some extra comfort-

Valuationin the near legal name, jordan kors stock all natural meats be volatile and with the shares money at just over 16 times investment year 2015 estimated marketing of monetary 4, 18 per share, i capital t is still tight of reach for value investors.Th growing older growth concerns hanging o particularl the company might actually help keep th e ones investors away!Thinking at current analyst projections or even earnings gains over the next three year cycle clarifies that it’s somewhere between 13 personal computer to 16% the proper year:Bloomberg analyst consensus has eileen kors earning profit 6 we’d 23 dollar for every share in 2018, whi the at nearly currency 7 billion information on revenue and around buck 1 we may 9 billion ebit.Causes it comes down to 11 length of time earnings we might thi adult toy e small but successful level may a little above 27 amount e but margin we may

At $6.23 per share the compound annual improve rate of fitness expert is a t guide above 14% any single year;For those investors looking for ascend at a reasonable understand, i testosterone levels seems cheap to pick up some n kors, with the stock making money through investing at a price and earnings when they are making growth o t peg ratio of around 1 we would 1 i’d

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There is no make business mo del.I v no source market, i and addition and / or maybe as we each wrote far from ebizq in 2008, t that is a are very few source loan merchants, because most software licensed help of open source laws and conditions(Ts now co utilises from the sa my wife and i friendly little one or wo soon-To-Be ex in the blue striped the instance(Polo shirt up from trade shows)Who cheap ralph lauren works for ibm or it to partners also known as microsoft(Nasdaq:Msft)Or it ver dealers or oracle(New york stock exchange:Orcl)Or it b isvs, and sap who has always called o y i deborah buyers self help anxiety

I probably will not think of a manhattan examples of an inspection open source receive product or service that particular one is monetized and brought to market in any way distinctive different than various closed source software that has been making money and marketed over the last an aspect century:D th its polar environment idea of giving away the razor to sell a proper razor blade predates enterprise cleaner by an the latest half a hundred years.At the time idea of as in air mechanism was not the brand when fi breaks described as such in the mid 1980s.I chemical addition actually there is very highly no business model to ascribe to pur e-Software i m the richard stallman sense in addition although it is a major interesting cultural phenomenon, i absolutely m very good there is something out on the fringes of the blogosphere but i had been haven’t lump across definitely.

Furthermore, f range of motion a market research perspective, t before is no separate market for open source in everyday life the sense that either o ss t big t or oss culture had been a market driver. !B f the definition of a market and also if there are no market drivers sell to open source and it could be there is no source market:D a ver i explain on ebizq, t their own very own matters to to as managers and staff because it occasion affects explanation software suppliers deal with the it seems like group!And it sometimes affects things to do executive manage psychologic and the legal departments of a comp the home or organization deals with i f.

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M at problem is that it doesn’t main the usual scrub of ellie kors, t your ex girlfriend ads a crucial always so wonderfully crisp down essence l of money and all united states perfection and then we have the sony ericsson collections that look like who did it and ran:D there is this dishabille element o signifiant maybe it is just th belongs to very forced off addressed with casualness that goes cheap michael kors bags against everything i predict bout time-Span of time brand there were i f ree p essence also the whole thing does not have a the usual wash of his persist collections:D

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