video transcript

I think we a brand X. Covering the union address book. Fashion sense from -- women. For more homeless situation but it's the same time. For the -- informal relaxed situation. -- what we see right now is a clear trend into. Being fit. Men and women and so being extremely interest have been in fashion. Which is -- to underline in this kind enough to move this trend so it's an infant. The very body conscious silhouettes. Are extremely strong. In August so when universe. But -- icon comes from that or story if you polled what's might it affect the -- in certain countries. In Southern Europe is already visible in all business. 2011 has been a very strong year. In all continents for us in Europe and Asia in the US. You know and retail model San -- it. We believe and we continue to be -- plus is the positive and X. Optimistic. For the growth potential of the brands. In all three continents. We think that the 2012 especially in the beginning might be effected by what we can't use. Times of crisis management. Around the Euro. We also see some. The situation in Asia own way markets. Stopped who will come down a little bit compared to the situation 2011. But nevertheless I continue to believe that. Page especially China will be -- the biggest growth opportunity. For the medium term. We would continue to invest into China. Not only income of opening new stores renovating existing stars. Booting because Paulson like Q what we are going to show. In Beijing as well as in Shanghai this year we're going to be in beating. On May eighteenth were -- full scale of fashion show so our commitment to the Chinese market. They're strong and have it. We see me. Strong ongoing momentum in Germany in Northern Europe. And the English market. The same as the case in France Southern Europe might become a bit more difficult but here we see. Especially. Difficult somewhat different situations fall all small and I'll say -- Collins because of liquidity management. But the same time we decided to move into more retail into mall full price controlled retail business and this could definitely help us. To contact corporate commonly seen in Southern Europe on the horse's side.