Tom La Vecchia

Nowadays, you mentioned this, luxury today isn't about ownership.

It's about participation, having signal versus noise, and getting to those younger consumers who want access to these brands before they can afford them is really critical.

It's a seeding activity, as we call it in marketing, as you know.

The collaboration at this point allows millions of young people to get involved in the AP culture without dropping 50, 60K on the Royal Oak, right?

The idea is luxury brands, they have to create the aspiration and create their ecosystem before they convert.

What they're doing is the AP buyer 10, 15 years from now is going to look at the Royal Oak in a nostalgic fashion when they can afford the 50, 60K Royal Oak.

So this is a tremendous marketing activity and I see it no any other way.

Yeah, I'm torn on this one.

I understand the tactic and I agree with fundamentally everything you just said, but I sort of toil a little bit with Rolex didn't have to do this 20 years ago, 30 years ago.

And I know the times changed.

That's probably what we're going to talk about.

And social media has changed.

There weren't the avenues, but sort of that aspiration was driven by how available or can you actually get a hold of it?

And so if everybody can get a hold of it, does it have the same exclusivity?

Does it carry that cachet forward the way that other brands and luxury brands have?

Because it just wasn't attainable to get those.

But you still had athletes and pop culture and musicians and artists and rappers and everyone else that created sort of that bling and demand, desire.

And that's one level for, I'm talking about more the youth.

And then now if you kind of make it...

We'll let it go.