Violet Yi: Good evening. And thanks management for taking my question. So I got a question on the development of non-Tmall channel. So do you see any changes in the competitive landscape in the non-Tmall channel and any breakthroughs or strategies that you could share? And maybe a quick update on the take rate trends? Thanks.
Arthur Yu: Yes, this is Arthur again. Thank you for the question. I think non-Tmall channel has become more competitive, given the different platform has stopped to fight for the traffic. And what we have seen is many new brand partners has chosen a omni-channel strategy, which means outside of the Tmall, how they chose the channel becomes very important. And from Baozun’s perspective, we think each channel has their own character. The most important thing is to deploy the right product to the channel by understanding the customer base of each channel. So that’s how we currently helped a lot of the brands we partner with to design and to implement a suitable strategy for this omnichannel on the e-commerce. In terms of the take rate, I think it will depends on the different category. I think the take rate trend has become more competitive, but at the same time, if we can focus the right results on the right channel, we will be able to optimize that end result.
Operator: Next question comes from Andre Chang from J.P. Morgan. Please ask your question Andre.
Andre Chang: Thank you for taking my question. I have a two question actually related to the BBM business. So firstly is, as Andre mentioned we will do a lot of consolidation consultation and introducing the best talent and resources from Baozun. Can you elaborate more volatile what are the areas that do probably we will do the, I know we think that the most improvement can be done and also to — for us to understand the pace right now will the changes will happen for front loaded in the first half this year, i.e. leading to more financial pressure for the group in the first half or it will take time to show this kind of like consolidation and the financial impact maybe throughout this year into later part of this year? And secondly, is that I think beyond Gap, we are going to introduce more brands right and started to have a portfolio.
Can we talk more about this approach? What are the potential, say synergy and how we are going to manage the portfolio? And what kind of the scale we expect this to grow in the longer term? Thank you.
Sandrine Zerbib: Okay. So let me go one by one. I start with your first question, which is about if I understand it correctly, is about how we plan to leverage the resources that Baozun? And on this very clearly, and it’s already in action with Gap. We see primarily technology, logistics and e-commerce, e-commerce operation. As resources were Baozun is experts and can speed up and accelerate the recovery of Gap in Greater China. To take a very concrete example, I think I mentioned earlier that we are working at full speed to bring actually the portfolio of technologies of Baozun and to develop them to also be usable for a retail, physical retail operation. And for certain aspects of the supply chain. So this is really where we focus the integration, it’s not integration, it’s wrong word.
