BIRK faces deteriorating quality and stagnant profits post-PE takeover, leading to a negative outlook.

And even Michael Bur has added something that you didn't comment that he bought Birkenstock. That's the stock we need to discuss with a significant portfolio position.

Now Birkenstock holding went public a few years ago the hairs of the Birkenstock holding bought a hotel in Split 10 years ago. That's in my country Croatia. Then they sold the company. So the owners left.

And here we come to another factor with fashion companies. when they go public then private equity takes over. Private equity is about making profits going public listing on the growth things.

If you make profits, what happens to quality? The last few years, Borkertop quality went down the drain. And that's something Michael Bur didn't check.

Growing, growing, then growing slower, stagnating profits. The private equity is cashing out. They don't care anymore. The management will likely take that situation there. They have these brands, but the quality is going lower.

Once the quality starts to be an issue, the private equity is out, the owners are out, it gets ugly.