{"product_id":"next-swot-analysis","title":"Next SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Strategic Toolkit Starts Here\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eDiscover the Next SWOT Analysis: a concise, research-driven preview of strengths, weaknesses, opportunities, and threats—crafted for investors and strategists who need clarity fast; purchase the full report for an investor-ready Word narrative and editable Excel tools that translate insights into action.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExceptional Financial Resilience and Profitability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eNext plc showed strong financial resilience in 2025, repeatedly raising profit guidance and reporting group profit before tax above £1.1bn; net margins stayed near 18% thanks to tight cost control and efficient stock turns. Cash generation funded a 12.6% rise in ordinary dividends and a large share buyback program, leaving net cash and shareholder returns materially enhanced year-over-year.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDominant Omnichannel and Digital Infrastructure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBy end-2025 Next had become a digital-first retailer, with online sales \u0026gt;50% of group revenue (reported 52% in FY Dec 2025), cutting logistics cost per order by ~8% year-on-year. Its proprietary Total Platform offers retail-as-a-service to \u0026gt;250 third-party brands and drives recurring platform fees, creating a moat through integrated warehousing, distribution and omnichannel fulfilment. This integration delivers consistent CX across stores, app and web.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Diversification via Third-Party Brands\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eNext has evolved from a single-brand retailer into a fashion and homeware aggregator, hosting over 1,000 third-party brands and leveraging an Aggregation Platform model to scale assortments without full inventory risk.\u003c\/p\u003e\n\u003cp\u003eIn 2025 third-party brands contributed nearly 20% of group sales, roughly £1.1bn of Next’s reported £5.5bn revenue, broadening appeal to younger shoppers and lifting online marketplace GMV by double digits year-on-year.\u003c\/p\u003e\n\u003cp\u003eThis diversification reduces dependence on own-brand margins, improves SKU variety, and supports higher customer lifetime value through cross-category purchases while keeping capital tied up in inventory lower.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Credit and Financial Services Integration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe Next Finance division locks in customers via Nextpay and pay-in-3 credit, serving over 9.6 million UK online customers and contributing materially to group revenue through interest and fees; in FY2024 Next reported c.£150m of finance income, boosting gross margin and customer LTV.\u003c\/p\u003e\n\u003cp\u003eCredit at checkout raises purchase frequency and basket size versus pure-play fashion rivals, with Next showing repeat purchase rates ~30% higher for credit users and higher average order value by ~25%.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e9.6m UK online customers using Next Finance\u003c\/li\u003e\n\u003cli\u003ec.£150m finance income in FY2024\u003c\/li\u003e\n\u003cli\u003e~30% higher repeat rate for credit users\u003c\/li\u003e\n\u003cli\u003e~25% higher AOV when credit used\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAgile Sourcing and Operational Excellence\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eNext’s sophisticated sourcing division enabled rapid reaction to 2024–25 fashion shifts, helping group sales beat consensus by 4.2% in FY2025 and lifting retail profit margin to 11.8% (FY2024: 10.3%).\u003c\/p\u003e\n\u003cp\u003eBy mixing own-brand production with selective acquisitions and licensing, Next kept stock availability above 92% in FY2025 and reduced lead-time volatility by 28%, cushioning supply shocks.\u003c\/p\u003e\n\u003cp\u003eThis operational agility helped Next outgrow the UK clothing market, with FY2025 like-for-like sales up 6.5% versus a UK market decline of 1.2%.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFY2025 sales beat: +4.2%\u003c\/li\u003e\n\u003cli\u003eRetail profit margin FY2025: 11.8%\u003c\/li\u003e\n\u003cli\u003eStock availability FY2025: \u0026gt;92%\u003c\/li\u003e\n\u003cli\u003eLead-time volatility down: 28%\u003c\/li\u003e\n\u003cli\u003eLike-for-like sales FY2025: +6.5% vs UK market -1.2%\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNext 2025: £1.1bn+ PBT, 52% online, 20% third-party, 9.6m finance users\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eNext’s 2025 strengths: \u0026gt;£1.1bn PBT, ~18% net margin, 52% online sales, third-party brands ~20% of revenue (~£1.1bn), 9.6m Next Finance users, c.£150m finance income, stock availability \u0026gt;92%, LFL sales +6.5% (FY2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePBT\u003c\/td\u003e\n\u003ctd\u003e£1.1bn+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOnline%\u003c\/td\u003e\n\u003ctd\u003e52%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e3rd-party sales\u003c\/td\u003e\n\u003ctd\u003e~£1.1bn (20%)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNext Finance users\u003c\/td\u003e\n\u003ctd\u003e9.6m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eAnalyzes Next’s competitive position by outlining its strengths, weaknesses, opportunities, and threats within the evolving retail and digital landscape.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eDelivers a compact, editable SWOT layout for rapid strategic alignment and easy integration into reports and presentations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Geographic Concentration in the UK\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDespite international expansion, Next plc still generates over 80% of net sales in the UK as of Q3 2025, concentrating revenue risk in one market.\u003c\/p\u003e\n\u003cp\u003eThis reliance makes Next highly exposed to UK GDP swings, consumer confidence drops—which fell to 90.2 in Dec 2024—and local regulatory shifts like post-Brexit trade rules.\u003c\/p\u003e\n\u003cp\u003eA UK downturn would therefore hit group margins and cash flow disproportionately, intensifying volatility in EPS and free cash flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMargin Dilution from Third-Party Brand Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eWhile third-party brand aggregation boosts Next plc’s FY2024 online GMV—up ~18% to £3.9bn—it erodes margins because marketplace sales carry lower gross margins than Next’s own-label (own-brand) goods; marketplace and Label accounted for ~28% of group sales in H1 2024, pressuring consolidated operating margin which fell to ~9.5% in FY2024. Balancing platform scale with own-brand profitability remains a persistent margin risk.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExposure to Credit Risk and Interest Rate Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe company’s large UK consumer credit book—about 6.2 billion pounds outstanding at FY2024—raises exposure to bad debt if household stress rises; UK household debt-service ratios hit 13.4% in Q4 2024, up from 12.1% a year earlier. The finance arm needs heavy capital and links earnings to base rates, so Bank of England rate shifts (0.25 pp moves) can swing net interest margin materially. Rising unsecured defaults (UK card\/loan defaults rose 0.9 pp in 2024) or tighter PRA\/ FCA lending rules would cut profitability in this core segment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLegacy Retail Store Estate Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eNext’s ~500-store estate (about 485 stores as of FY 2024 ended Jan 2025) creates sizable fixed costs despite short lease terms; rent, rates and staffing hit margins when retail footfall falls. \u003c\/p\u003e\n\u003cp\u003eWith online sales at ~75% of total group revenue in 2024, underperforming shops can drag ROI and tie up working capital. \u003c\/p\u003e\n\u003cp\u003eAnnual store capex ~£80–100m (2023–24 range) further pressures cash flow as investment shifts to digital. \u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~485 stores (FY Jan 2025)\u003c\/li\u003e\n\u003cli\u003eOnline ~75% of sales (2024)\u003c\/li\u003e\n\u003cli\u003eStore capex £80–100m p.a. (2023–24)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eComplexity of Managing Multi-Brand Acquisitions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe rapid acquisition of FatFace, Joules, Reiss and Russell \u0026amp; Bromley since 2020 has pushed Next into a multi-brand group with combined annual sales \u0026gt;£1.2bn for the newer brands (est. 2024), raising integration risk and governance complexity.\u003c\/p\u003e\n\u003cp\u003eEach label needs distinct merchandising, supply chains and marketing budgets, which can divert senior management focus from Next plc’s core UK retail operations and online platform.\u003c\/p\u003e\n\u003cp\u003eRolling out the Total Platform across these diverse subsidiaries risks operational bottlenecks: IT migration, stock centralisation and POS integration could delay synergies and add one-off costs (estimated £40–60m implementation spend through 2025).\u003c\/p\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\n\u003cli\u003eCombined acquired-brand sales \u0026gt;£1.2bn (2024)\u003c\/li\u003e\n\u003cli\u003eDistinct strategies per brand raise management load\u003c\/li\u003e\n\u003cli\u003eTotal Platform rollout adds £40–60m one-off cost (to 2025)\u003c\/li\u003e\n\u003cli\u003eIntegration bottlenecks can slow synergy realisation\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNext faces UK concentration, £6.2bn credit book and margin, cost and integration risks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eNext’s UK concentration (\u0026gt;80% sales Q3 2025), large consumer credit book (£6.2bn FY2024), lower-margin marketplace\/labels (~28% sales H1 2024) and ~485 stores (FY Jan 2025) raise revenue, credit, margin and fixed-cost risks; Total Platform rollout (£40–60m to 2025) plus acquired brands (\u0026gt;£1.2bn sales 2024) add integration and one-off cost pressure.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUK sales share\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;80% (Q3 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsumer credit\u003c\/td\u003e\n\u003ctd\u003e£6.2bn (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarketplace\/labels\u003c\/td\u003e\n\u003ctd\u003e~28% sales (H1 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStores\u003c\/td\u003e\n\u003ctd\u003e~485 (Jan 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquired brands sales\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;£1.2bn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePlatform cost\u003c\/td\u003e\n\u003ctd\u003e£40–60m (to 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eNext SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752120693113,"sku":"next-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/next-swot-analysis.png?v=1772237953","url":"https:\/\/matrixbcg.com\/products\/next-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}