How do you view the online/offline challenge in China?

We regard these two channels as complementary rather than competing with each another. With the slowing economy, consumers have become more conservative about spending in recent years. High rents and labor costs are the key challenges to offline stores, while the online store is more about pricing, now that discounts and promotions have become the norm. We have a strict discount policy but we don't want consumers to buy Birkenstock products purely based on price. We strive to offer customers the best retail experience and let them choose the most convenient and pleasurable way to shop. We are optimistic and confident about the China market.

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