🥁 Luxury Retail It refers to the sale of high-end, often exclusive and prestigious goods or services. These goods typically exhibit superior quality, craftsmanship, and exclusivity, which often command premium prices. Luxury retailers focus on providing an exceptional shopping experience, personalized customer service, and often operate in upscale locations. Examples of luxury retail sectors include fashion, jewelry, watches, automobiles, accessories, cosmetics, and high-end electronics. Key characteristics of luxury retail include: 1. Exclusivity : Luxury brands often limit the availability of their products to maintain an aura of exclusivity, which enhances their appeal to affluent consumers. 2. Quality and Craftsmanship : Luxury goods are typically made from the finest materials and undergo meticulous craftsmanship to ensure superior quality and durability. 3. Brand Image and Prestige : Luxury brands invest heavily in cultivating a strong brand image associated with prestige, sophistication, and status. 4. Price Premium : Luxury items command higher prices compared to their mass-market counterparts, reflecting their superior quality, craftsmanship, and exclusivity. 5. Exceptional Customer Experience : Luxury retailers prioritize providing exceptional customer service, personalized shopping experiences, and often offer additional services such as customization and concierge services. 6. Iconic Design and Innovation : Luxury brands often set trends and push boundaries in design and innovation, creating iconic products that become status symbols. 7. Selective Distribution Channels : Luxury brands carefully control their distribution channels, often opting for exclusive partnerships with high-end department stores or operating their standalone boutiques in prime locations. 8. Heritage and Tradition : Many luxury brands boast a rich heritage and legacy, which adds to their allure and contributes to their timeless appeal. Overall, luxury retail is driven by the desire for status, exclusivity, and superior quality among affluent consumers, and it plays a significant role in shaping trends and consumer preferences in various industries.
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𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴'𝘀 𝗟𝘂𝘅𝘂𝗿𝘆 𝗥𝗲𝘁𝗮𝗶𝗹 𝗥𝗲𝗻𝗮𝗶𝘀𝘀𝗮𝗻𝗰𝗲 “I teach and talk about Luxury in Asia” is part of my profile headline and earlier this week I posted about luxury retail at its best with the opening of the new Sotheby’s Maison in Hong Kong’s prime retail location. Combining art and exploration, retail and inspiration. I am honoured to be recognised in Inside Retail Asia's latest article, "The art of luxury retail: How Hong Kong is reclaiming its name as a VIP hotspot," where I shared my perspectives on the evolving luxury market in Hong Kong. 𝗥𝗶𝘀𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 Despite economic headwinds, luxury brands like Cartier, Chanel, Hermes, Prada, and Van Cleef & Arpels are expanding their presence in Hong Kong. Improved leasing conditions and an anticipated recovery in luxury spending are driving this renewed confidence. Brands are strategically positioning themselves to benefit from future economic improvements. 𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿 𝗔𝗱𝗮𝗽𝘁𝗮𝘁𝗶𝗼𝗻𝘀 & 𝗙𝘂𝘁𝘂𝗿𝗲 𝗧𝗿𝗲𝗻𝗱𝘀 Luxury retailers in Hong Kong are enhancing in-store experiences and integrating digital innovations to attract UHNWIs. Personalised shopping experiences, VIP services, exclusive events, and seamless omnichannel retail are becoming standard practices. To stay attractive to both loyal and new visitors, brands will continue to offer more immersive shopping experiences, leveraging digital innovations such as AI and virtual reality, with a focus on experiential and sustainable luxury. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝘂𝗿𝗴𝗲𝗻𝗰𝗲 The easing of COVID-19 restrictions and the strategic positioning of Hong Kong as a global luxury hub are contributing to the sector’s resurgence. High-profile events like Art Basel and unique offerings from luxury houses are drawing attention back to the city. 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗔𝗵𝗲𝗮𝗱 While the outlook is promising, challenges remain. Geopolitical tensions, economic fluctuations, and changing consumer behaviours pose significant hurdles. Additionally, competition from other attractive luxury retail locations have increased, and the scrutiny of ostentatious spending by Mainland China can impact luxury sales. It is crucial for Hong Kong to attract younger, wealthy demographics and recover tourism momentum. Hong Kong’s luxury landscape is evolving, and these strategic developments are paving the way for a promising future. I am excited to see how these changes will shape the market and continue to solidify Hong Kong's status as a global luxury hub. Hong Kong, Tokyo, Singapore, or another place — which is your favourite hub for luxury retail in Asia? #luxuryinasia #hongkong #luxuryretail Hi, I am Matthias Weiskopf. I teach and talk about luxury in Asia and customer-centric strategies. I combine market insights and real-world experience to achieve sustainable sales and marketing excellence for my clients. ➡️ DM me for a discovery conversation
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One of the most common misconceptions about luxury is with regard to its cost. In a press interaction, American designer and brand owner Calvin Klein said, “The price tag doesn’t have to be steep for something to qualify as a luxury product”, debunking the common myth that luxury, by its very definition, has to be expensive. (article attached for full read) In today’s times, millennials hustle through their lives wanting to be able to experience an elevated lifestyle. There is a growing understanding that world class quality, design and craftsmanship comes at a price but it need not be sickeningly expensive. Value for money is no longer defined by cheap or discounted products but “price worthiness”. Brands and marketers are therefore striving to offer consumers the best of functionality, quality and design for a lot less making luxury more achievable. Other segments including SUV cars, premium two-wheeler motor bikes, beauty and skin care products, Health food and such others are witnessing better quality products being offered at a premium but achievable price. In this dynamic market, the challenge for brands will be adjusting their marketing strategies to align with evolving patterns of consumer engagement. We will see more brands enter the affordable luxury space either through brand extensions by incumbent luxury brands, international brand entrants or new home grown D2C brands creating waves in the affordable luxury space. The economic indicators support the trade up and premiumisation that is being witnessed in several categories. There is a need gap in this growing segment of aspiring customers who want to experience the best things in life, and want to do so Now! https://lnkd.in/gTEvhE97
Luxury doesn’t need to be expensive, says Calvin Klein
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💼 Louis Vuitton, Hermès, and other luxury brands are investing $600 million into transforming Hong Kong's Landmark Plaza into "Tomorrow's CENTRAL." This $1 billion project will double retail space to 220,000 sq ft, featuring high-end studios, private dining, and VIP salons, targeting the city's affluent residents and growing high-net-worth demographics. 💎 Despite challenges like competition from Japan and Mainland China, plus narrowing price advantages, brands are confident in Hong Kong’s potential. Strategic marketing and events like Chanel’s fashion show and Louis Vuitton’s store reopening aim to re-engage wealthy consumers. Is this massive investment a smart move?
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💰 Louis Vuitton and Hermès are pouring MILLIONS into Hong Kong luxury retail. Here's what you need to know. 🏙️ Iconic Hong Kong mall, Landmark Plaza, is undergoing a $1 billion transformation into "Tomorrow's CENTRAL," a luxurious retail hub. With a $600 million investment from premium brands like Louis Vuitton, Hermès, Chanel... and $400 million from Hong Kong Land, this investment will double the retail space to 220,000 sq ft. The GOAL? To help these luxury brands build more expansive flagship stores with high-end custom studios and additional services like private dining and VIC salons for high-net-worth customers. So, what fuels their confidence in this massive $1 billion renovation? 💰 Hong Kong boasts a high concentration of WEALTHY RESIDENTS. In 2023, 80% of Landmark Plaza's sales came from loyal high-net-worth customers who spend, on average, HK$1 million annually and visit the mall every other week. 💸There's also a growing influence of Generation X and baby boomers in the luxury market. As these demographics continue to accumulate wealth, their impact on luxury spending is expected to rise even higher, making them a potential top customer group. However, the following CHALLENGES remain: 🌏 As the yen-dollar exchange rate fell to a decades-low, neighboring JAPAN has taken over the luxury shopping boom that Chinese consumers previously experienced in Hong Kong and Europe. Additionally, Hong Kong is facing rising competition from Mainland China’s DUTY-FREE destinations like Hainan and Macau (see my recent LinkedIn post on this ;)). 💵 PwC also pointed out that the continued strength of the US and Hong Kong dollar may NARROW the luxury price gap, reducing Hong Kong’s price advantages. 🌟Despite these challenges, the strategic investment underscores the brands' belief in Hong Kong's potential. The city's unique position as a global wealth center with a significant number of high-net-worth individuals remains a compelling factor. Additionally, events like Chanel's upcoming fashion show in Hong Kong and Louis Vuitton's recent store reopening signal strong brand commitment to the region. 📊 With strategic marketing and retargeting efforts, brands can sustainably drive and re-engage Chinese consumers, whether they’re traveling to Hong Kong, shop in China, or other global markets. Do you think this massive investment by luxury brands in Hong Kong is a smart move? Thank you Drizzie Zuo for the insightful sharing on LadyMax. #HongKong #Luxury #CRM Image source: (1) LADYMAX
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I’m genuinely surprised to see how luxury is evolving in such a thoughtful direction. At Zurich Airport, this morning I discovered Pre-Loved Luxury. This is more than a marketing initiative – it represents real change. By offering unique, vintage pieces at attractive prices, each carefully selected and certified for authenticity, Pre-Loved Luxury illustrates how sustainability and timeless elegance can coexist seamlessly. This approach proves that luxury doesn’t always mean new; sometimes, it’s about valuing what has stood the test of time. Discover how sustainable style can be both fulfilling and beautiful, and let’s work together to reshape the future of fashion. The preloved luxury market is thriving, experiencing significant growth driven by changing consumer preferences, sustainability concerns, and digital advancements. Market Growth and Projections • Global Expansion: The secondhand luxury goods market was valued at approximately $31.12 billion in 2022 and is projected to nearly double, reaching $58.3 billion by 2028. • Growth Rate: This sector is growing four times faster than the primary luxury market, with an annual growth rate of 12%, compared to just 3% for new luxury goods. Regional Insights • Asia-Pacific Surge: The secondhand luxury market in Asia-Pacific reached $7.2 billion in 2022 and is expected to grow annually at 9.75%, reaching $12.5 billion by 2028. • China’s Market: China’s secondhand luxury market is valued at over $8 billion, reflecting a growing interest among consumers in preloved luxury items. Consumer Demographics • Younger Generations Leading: Millennials and Generation Z are the largest participants in the secondhand luxury market, with 54% of Gen Z and 48% of millennial luxury consumers purchasing preowned goods. • Sustainability and Affordability: These consumers are motivated by sustainability concerns and the desire for more affordable access to luxury items. Brand Participation • Luxury Brands Engaging: Brands like Gucci, Alexander McQueen, and Chloé are embracing secondhand sales to attract younger clients and promote sustainability. • Online Platforms: Digital platforms such as The RealReal, Vestiaire Collective, and ThredUp are fueling the preloved luxury market by offering authentication services and a broad selection of products.
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Re-Envisioning the Luxury Model In a traditional social hierarchy, luxury serves the cultural role of social stratification. The wealthiest dictate trends in material culture. This is why Bordieu argues that taste is a function of social class (https://lnkd.in/gH69dsj2). In principle, the luxury model provides a set of management directives through which to engage in cultural influence and taste making. The parallels also make this a continuation of my exploration of the modern lifestyle brand (https://lnkd.in/gQqFpEaA). Luxury is, above all, a social dynamic (https://lnkd.in/gQH_HGyu). Taste is social codes. Lifestyle brands turn taste into a cultural activity. Learn the codes to join the club. It's active and dynamic. These are my considerations for re-envisioning the luxury model in fashion retail: 1. There are 3 segments to the luxury market absolute luxury, aspirational, luxury, accessible luxury. True luxury brands must have an absolute luxury product, rooted in craftsmanship. They become so skilled at their craft as to develop innovative techniques over time (https://lnkd.in/gzdTKmSN). 2. Super serve VIP customers. The core defines the brand. 3. Luxury is an expression of a creative identity. A distinct POV. Cultivate closeness to the arts for initiates (https://lnkd.in/g7EjuWkg) 4. Craftsmanship is table stakes. These management principles feed into my model of niche, self-sustaining ecosystems rooted in specialized craftsmanship. Further, the difference between lifestyle and luxury becomes a matter of product strategy. Still tinkering on this one. More to come… Image Source: https://lnkd.in/gJnZ9R8b
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💰 Louis Vuitton and Hermès are pouring MILLIONS into Hong Kong luxury retail. Here's what you need to know. 🏙️ Iconic Hong Kong mall, Landmark Plaza, is undergoing a $1 billion transformation into "Tomorrow's CENTRAL," a luxurious retail hub. With a $600 million investment from premium brands like Louis Vuitton, Hermès, Chanel... and $400 million from Hong Kong Land, this investment will double the retail space to 220,000 sq ft. The GOAL? To help these luxury brands build more expansive flagship stores with high-end custom studios and additional services like private dining and VIC salons for high-net-worth customers. So, what fuels their confidence in this massive $1 billion renovation? 💰 Hong Kong boasts a high concentration of WEALTHY RESIDENTS. In 2023, 80% of Landmark Plaza's sales came from loyal high-net-worth customers who spend, on average, HK$1 million annually and visit the mall every other week. 💸There's also a growing influence of Generation X and baby boomers in the luxury market. As these demographics continue to accumulate wealth, their impact on luxury spending is expected to rise even higher, making them a potential top customer group. However, the following CHALLENGES remain: 🌏 As the yen-dollar exchange rate fell to a decades-low, neighboring JAPAN has taken over the luxury shopping boom that Chinese consumers previously experienced in Hong Kong and Europe. Additionally, Hong Kong is facing rising competition from Mainland China’s DUTY-FREE destinations like Hainan and Macau (see my recent LinkedIn post on this ;)). 💵 PwC also pointed out that the continued strength of the US and Hong Kong dollar may NARROW the luxury price gap, reducing Hong Kong’s price advantages. 🌟Despite these challenges, the strategic investment underscores the brands' belief in Hong Kong's potential. The city's unique position as a global wealth center with a significant number of high-net-worth individuals remains a compelling factor. Additionally, events like Chanel's upcoming fashion show in Hong Kong and Louis Vuitton's recent store reopening signal strong brand commitment to the region. 📊 With strategic marketing and retargeting efforts, brands can sustainably drive and re-engage Chinese consumers, whether they’re traveling to Hong Kong, shop in China, or other global markets. Do you think this massive investment by luxury brands in Hong Kong is a smart move? Thank you Drizzie Zuo for the insightful sharing on LadyMax. #HongKong #Luxury #CRM Image source: (1) LADYMAX
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John Lewis & Partners: Missing out at the Luxury level. The photograph says it all. I took the image in Peter Jones Department store, the Chelsea branch of John Lewis & Partners. The customer with the heap of Fortnum & Mason bags was taken three weeks before Christmas, the most vital season in the retail calendar. The backstory to the photograph is crucial. Here’s what I see: Our couple have spent hundreds, possibly thousands of pounds at Fortnum & Mason on gifts. The Fortnum brand is a peerless marque of exclusivity. Products are purchased at premium prices all year round, predominantly as gifts and tourist souvenirs Departing Fortnum's, the couple taxi to Sloane Square where they continue their Christmas shopping splurge making additional high figure purchases at the up-market linen store White Company. (The White Company has a branch on Symons Street, adjacent to Peter Jones.) White Company, started by Chrissie Rucker in 1994, has a product range which is matched, item for item, by John Lewis. White Company however has that essence of chic not matched by John Lewis. Finally, John Lewis & Partners receives some of our couples seemingly high budget Christmas spending money; two pots of tea in the cafe. Total JLP income is around £10 to £15. The thousands of pounds spent on gifts at stores with “exclusive status" (Fortnum's and White Company) should be going in to the registers of John Lewis. But John Lewis has no offering at the high-end stratum which is attractive to customers. JLP presents itself, and is perceived as, a utilitarian store. The “Any Day” house brand reinforces that perception. Supremely ironic is that under the JLP umbrella is Waitrose, recognized by customers as a high-end, high-quality food store chain. Sensibly priced Harrods. The John Lewis side of the business is missing out on year round revenue from the high-end, luxury and occasional luxury market segment. Remarkably, JLP have in their family of stores the germ seed to service precisely that segment: Peter Jones of Chelsea. The store overlooks Sloane Square, Chelsea, one of the most glamorous destinations in Britain, Europe and possibly the globe. Its breathtaking luxury potential is desperate to be exploited. The present floor space could be divided at the angle turn which divides the east and west portions of the building. The new luxury store would be radiant in the eastern, Sloane Square end. The utilitarian JLP would continue trading exactly as before in the western portion. If JLP do not feel the high-end market is in their partnership DNA, in spite of Waitrose, the east end portion of the store could be leased to a luxury retail developer to create an independent store. JLP would reap the colossal revenues from the lease while continuing to operate the John Lewis brand in the remaining parts of the Grade II* listed building. #creativity #innovation #luxury #branding #marketing #design
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www.DigiDay.com Digiday! What does luxury mean to you? For millennial’s and Gen Z, the luxury term no longer has the pure meaning of a status symbol. It refer’s to a lifestyle and the desire to own high quality that does not conflict with nature or human dignity. True luxury is in the EXPERIENCE. Luxury used to mean flashy handbag’s, 5 star hotel’s etc. Yet in the era of modern style, it’s no longer synonymous with exorbitance and exclusivity. Luxury has morphed beyond high price point’s, iconic label’s, and instead now revolves around everything from UNIQUENESS to MEANING to EXPERIENCE. Storytelling is an effective way to create an emotional connection with consumer’s etc. Employing the storytelling technique to market luxury brand’s can strengthen the feeling of an authentic connection between customer’s and the brand. No longer is luxury travel just about coveted brand’s or chic destination’s. Those thing’s still matter, but there’s a now new layer to the luxury EXPERIENCE, one in which the attainment of the most creative, adventurous or peaceful idealized version of ourselves is the ultimate goal. Millennials and Gen Z pay more attention to socially relevant issues such as sustainability and health which has led to a new sense of responsibility. Responsibility in term’s of action and consumption which does in return affect the topic of luxury. As a result, the need’s of luxury consumer’s and - in response - business model’s on the supply side have also adapted. Wealthy client’s expect competence. Luxury service’s are believed to provide psychological comfort by being reliable and personalized. Notion’s of luxury are now more dynamic and far harder to pin down. It’s a subjective and rapidly evolving concept. New luxury is not just about what you wear or what you experience – it is about what you know. The luxury sector is something of a paradox. As luxury becomes more accessible to everyone, there is an opportunity for it also to become more expressive, less restrictive, and refined in a traditional sense . . . #ONE #Experience #Hospitality #TohHospitality #FOCUS
www.DigiDay.com Digiday! What does luxury mean to you? For millennial’s and Gen Z, the luxury term no longer has the pure meaning of a status symbol. It refer’s to a lifestyle and the desire to own high quality that does not conflict with nature or human dignity. True luxury is in the EXPERIENCE. Luxury used to mean flashy handbag’s, 5 star hotel’s etc. Yet in the era of modern style, it’s no longer synonymous with exorbitance and exclusivity. Luxury has morphed beyond high price point’s, iconic label’s, and instead now revolves around everything from UNIQUENESS to MEANING to EXPERIENCE. Storytelling is an effective way to create an emotional connection with consumer’s etc. Employing the storytelling technique to market luxury brand’s can strengthen the feeling of an authentic connection between customer’s and the brand. No longer is luxury travel just about coveted brand’s or chic destination’s. Those thing’s still matter, but there’s a now new layer to the luxury EXPERIENCE, one in which the attainment of the most creative, adventurous or peaceful idealized version of ourselves is the ultimate goal. Millennials and Gen Z pay more attention to socially relevant issues such as sustainability and health which has led to a new sense of responsibility. Responsibility in term’s of action and consumption which does in return affect the topic of luxury. As a result, the need’s of luxury consumer’s and - in response - business model’s on the supply side have also adapted. Wealthy client’s expect competence. Luxury service’s are believed to provide psychological comfort by being reliable and personalized. Notion’s of luxury are now more dynamic and far harder to pin down. It’s a subjective and rapidly evolving concept. New luxury is not just about what you wear or what you experience – it is about what you know. The luxury sector is something of a paradox. As luxury becomes more accessible to everyone, there is an opportunity for it also to become more expressive, less restrictive, and refined in a traditional sense . . . #Experience #TohHospitality
Experience, not expense: The evolving definition of luxury brands
digiday.com
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I’m excited to share my latest article published with Forbes: "Redefining Luxury: The Case for Quality and Sustainability in Today's Market." As consumers become more conscious of their choices, luxury brands that prioritize quality craftsmanship can not only enhance their reputation but also create lasting value. At Marge Carson Global, we believe that advocating for quality not only positions us as champions of sustainability but also tells a compelling story. I believe this conversation is vital for anyone interested in the future of luxury. How are you integrating sustainability into your brand's identity? #Forbes #Luxury #Sustainability #Quality #ThoughtLeadership #IndustryInsights #MargeCarson #LuxuryBrands #Retail #Manufacturing #Furniture https://lnkd.in/gZNdNXbx
Council Post: Redefining Luxury: The Case For Quality And Sustainability In Today's Market
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Gen AI Review of Bharat, A Luxe Story, shared by a friend: Dr. Mahul Brahma's new book, "Bharat: A Luxe Story", delves into the intricate relationship between India's rich cultural heritage and the evolving concept of luxury within the country. Unlike his previous works, which focused more on global luxury brands and their strategies, this book takes a deep dive into India's own luxury narrative, exploring how indigenous luxury has been shaped by history, tradition, and modernity. Key Themes in "Bharat: A Luxe Story": Indian Heritage and Luxury: The book examines how India's heritage—spanning centuries of craftsmanship, royal patronage, and artisanal expertise—has influenced its unique take on luxury. Dr. Brahma traces the journey of luxury in India from its royal courts to the modern marketplace, showing how traditional crafts and luxury goods still play a significant role in defining "Bharat Luxe." Cultural Influences on Luxury: Dr. Brahma highlights how India's diverse culture impacts the perception of luxury. He addresses the nuances of how different regions, traditions, and art forms across India contribute to a collective luxury identity, shaping both the domestic and global appeal of Indian luxury products. The Rise of Modern Indian Luxury: The book explores how modern India is balancing its ancient luxury traditions with contemporary demands. Dr. Brahma discusses the emergence of Indian luxury brands that are competing globally, while also retaining a strong cultural identity. He reflects on the fusion of traditional craftsmanship with modern business models, and how Indian luxury brands are evolving in areas like fashion, jewelry, and hospitality. Sustainability and Indian Luxury: Another important aspect is how the luxury sector in India is increasingly focusing on sustainability. Dr. Brahma examines how Indian luxury brands are aligning with global movements toward ethical luxury, tapping into eco-conscious consumerism while maintaining exclusivity and prestige. Luxury in a Global Context: He draws parallels between the heritage of luxury in India and how global luxury brands have leveraged their historical roots, discussing how India is carving its own niche in the luxury market. Impact and Reception: "Bharat: A Luxe Story" is expected to resonate with readers interested in luxury branding, Indian heritage, and the transformation of luxury in emerging markets. Dr. Brahma’s deep understanding of luxury marketing, combined with his insight into India's cultural wealth, makes this book a compelling read for professionals in the luxury industry, students of brand management, and anyone interested in the evolving concept of luxury in India. The book bridges the gap between India’s rich historical luxury tradition and its contemporary aspirations, offering a fresh perspective on how India is contributing to the global luxury narrative while staying true to its cultural roots.
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