Audemars Piguet, Hublot in some cases, IWC in some cases, Rolex as well. We have less defined competition in men's watches than we have in jewelry. In jewelry we have one
link main competitor, Cartier, with a portfolio which is very similar to ours. They have the entry jewelry, they
link have the medium jewelry, and they have the high jewelry. And our styles are a bit different. But when you look at Love on the one hand and Bulgari Bulgari on the
link other hand, it's not markedly different.
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