{"product_id":"wacoalholdings-pestle-analysis","title":"Wacoal Holdings PESTLE 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\u003ePlan Smarter. Present Sharper. Compete Stronger.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock how regulatory shifts, consumer trends, and tech innovation are reshaping Wacoal Holdings—our concise PESTLE highlights key external drivers and risks to inform smarter strategy and investment decisions; purchase the full analysis for the complete, actionable breakdown ready for presentations and planning.\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\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Trade Tensions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGeopolitical trade tensions among Japan, the US, and China materially affect Wacoal Holdings, with Japan-US-China textile tariff shifts contributing to input cost volatility—Japan’s apparel imports from China fell 8.5% in 2024 while US tariffs on selected textiles rose to an average effective rate near 12% in 2024, pressuring margins in North America and Europe. Fluctuating tariffs undermine pricing strategies and squeezed gross margins, which for Wacoal were 41.2% in FY2024. Management is diversifying production into Southeast Asia—Vietnam and Indonesia now account for about 28% of group manufacturing capacity—to reduce single-nation exposure and stabilize costs.\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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegional Stability in Southeast Asia\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eWacoal’s manufacturing footprint in Vietnam and Thailand—accounting for an estimated 40–50% of group production capacity in 2024—makes Southeast Asian political stability critical; disruptions like Thailand’s 2023 protests and localized unrest in Vietnam could trigger factory shutdowns and delay exports, risking revenue impact given Wacoal’s ¥200–¥250bn annual sales concentration in ASEAN-linked channels. The company actively monitors political risks to protect assets and maintain export schedules.\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\/PESTLE-Content-Political-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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCorporate Governance Reforms in Japan\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe 2021 Stewardship Code and 2018\/2021 Corporate Governance Code updates push Japanese firms toward greater transparency and shareholder returns; in 2024 Japan recorded 1,500+ engagement cases by the TSE promoting these reforms. Wacoal faces investor pressure to raise ROE (currently ~6.2% FY2024) and improve board diversity—women on boards in Japan averaged 8.9% in 2023—affecting access to foreign institutional capital. Meeting these standards is critical to sustain high ESG scores and secure long-term funding.\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\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIncentives for Female Labor Participation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eJapan’s policies to raise female labor participation—target 73% by 2025 vs 70.1% in 2023—expand Wacoal’s working-woman customer base, boosting demand for functional office intimates and shapewear.\u003c\/p\u003e\n\u003cp\u003eWacoal has shifted product R\u0026amp;D and marketing toward professional wear needs; higher female employment correlates with increased spending on quality apparel, supporting revenue resilience.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFemale labor participation rising: 70.1% (2023), government target 73% by 2025\u003c\/li\u003e\n\u003cli\u003eHigher workforce share → greater demand for functional office intimates\/shapewear\u003c\/li\u003e\n\u003cli\u003eWacoal aligns R\u0026amp;D\/marketing to capture professional-woman segment\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\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eImport and Export Regulations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eWacoal faces divergent customs and labeling rules across the EU, North America, and Asia, impacting time-to-market and compliance costs; EU textile regulation updates in 2022 raised labeling verification costs by an estimated 3–5% for apparel importers.\u003c\/p\u003e\n\u003cp\u003eShifts in trade pacts like CPTPP affect tariff rates and input costs—tariff reductions could improve gross margins on APAC exports by 1–2% annually.\u003c\/p\u003e\n\u003cp\u003eThe legal team must refresh protocols continuously to avoid fines and delays; non-compliance penalties in major markets can exceed $50,000 per violation.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eDivergent labeling rules increase compliance costs ~3–5%\u003c\/li\u003e\n\u003cli\u003eCPTPP tariff changes may boost APAC export margins 1–2%\u003c\/li\u003e\n\u003cli\u003eNon-compliance fines can exceed $50,000\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\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTrade tensions squeeze Wacoal margins; SEA stability and governance vital for ROE uplift\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical risks: Japan-US-China trade tensions raised textile tariffs (US effective ~12% in 2024) and cut Japan apparel imports from China 8.5% (2024), pressuring Wacoal’s FY2024 gross margin 41.2%; Southeast Asia accounts ~28–50% of production, making regional stability vital; Japan’s governance reforms and shareholder engagement (1,500+ cases TSE 2024) push ROE improvement (Wacoal ROE ~6.2% FY2024).\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\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross margin\u003c\/td\u003e\n\u003ctd\u003e41.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eROE\u003c\/td\u003e\n\u003ctd\u003e~6.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUS textile tariff\u003c\/td\u003e\n\u003ctd\u003e~12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJapan imports from China\u003c\/td\u003e\n\u003ctd\u003e-8.5%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSEA production\u003c\/td\u003e\n\u003ctd\u003e28–50%\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\u003eExplores how Political, Economic, Social, Technological, Environmental, and Legal forces uniquely shape Wacoal Holdings’ operating environment, with data-driven trends and region-specific examples to identify risks and growth levers.\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\u003eA concise, visually segmented PESTLE summary of Wacoal Holdings that eases meeting prep and slide insertion, highlighting external risks and opportunities for quick team alignment.\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\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency Exchange Rate Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a global apparel group reporting in Japanese Yen, Wacoal is sensitive to Yen-Dollar and Yen-Euro volatility; a 10% yen depreciation in 2023 raised imported fabric costs and, conversely, increased repatriated overseas revenue—overseas sales made up about 56% of consolidated net sales in FY2023 (¥154.3bn). A weaker yen lifts translated foreign profits but raises input costs, pressuring margins. Wacoal uses forward contracts and currency swaps to hedge exposures and stabilize retail pricing across markets.\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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInflationary Pressure on Raw Materials\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eGlobal inflation in 2024–25 pushed synthetic fiber and cotton costs up ~8–12% while energy costs rose ~15% year-on-year, squeezing apparel makers like Wacoal Holdings; higher input prices threaten gross margins reported at about 28% in FY2024 unless managed.\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\/PESTLE-Content-Economic-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\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConsumer Spending Patterns in Japan\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eJapan’s population fell to 124.6 million in 2024 and real wage growth has been near-zero for the past decade, constraining household consumption and retail sales growth (retail sales up only 0.4% YoY in 2024). Wacoal must balance its premium brand with value lines to reach price-sensitive segments and offset a domestic market where private consumption contributed just 0.7 percentage points to 2024 GDP growth. Sluggish home demand makes accelerated expansion in India and China—markets growing mid-to-high single digits—strategically imperative to sustain revenue growth.\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\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Interest Rate Environment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eCentral bank rate hikes raise Wacoal's borrowing costs and can prompt institutional investors to favor fixed-income over equities; Japan's policy remained ultra-loose in 2025 while US Fed rates averaged ~5.25%–5.50%, lifting global funding costs.\u003c\/p\u003e\n\u003cp\u003eHigher Western rates curb discretionary spending, with US retail sales growth easing to 1.8% YoY in 2025, pressuring demand for premium lingerie and sleepwear.\u003c\/p\u003e\n\u003cp\u003eWacoal's conservative balance sheet—net cash position reported ¥12.4bn at FY2024—helps it withstand tighter credit conditions and preserve capital for strategic investment.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFY2024 net cash ¥12.4bn\u003c\/li\u003e\n\u003cli\u003eUS policy rates ~5.25%–5.50% (2025)\u003c\/li\u003e\n\u003cli\u003eUS retail sales growth ~1.8% YoY (2025)\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\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eE-commerce Growth and Digital Investment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe shift to online shopping forces Wacoal to invest heavily in digital platforms and last-mile logistics, with Japan e-commerce sales rising 8.1% in 2024 to ¥30.6 trillion, pushing Wacoal to reallocate roughly 15–20% of capex toward IT and logistics.\u003c\/p\u003e\n\u003cp\u003eDirect-to-consumer online channels boost gross margins by 3–5 points but face elevated customer acquisition costs—digital marketing spend rose ~25% YoY in 2024 for the apparel sector, pressuring marketing ROI.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e15–20% capex shift to digital\/logistics\u003c\/li\u003e\n\u003cli\u003eJapan e-commerce +8.1% in 2024 to ¥30.6T\u003c\/li\u003e\n\u003cli\u003eOnline channels +3–5 ppt gross margin\u003c\/li\u003e\n\u003cli\u003eDigital marketing spend +25% YoY (apparel, 2024)\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\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eWacoal weathers FX and input inflation, pivots digital as overseas sales drive growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eWacoal faces FX-driven margin swings (56% overseas sales, ¥154.3bn FY2023); input inflation (cotton\/synthetics +8–12%, energy +15% in 2024) and weak domestic demand (Japan pop 124.6m, retail sales +0.4% 2024) push expansion abroad; net cash ¥12.4bn (FY2024) cushions higher funding costs (US rates ~5.25–5.50% 2025); e-commerce growth (Japan e‑commerce +8.1% 2024) drives 15–20% capex shift to digital.\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\u003eOverseas sales\u003c\/td\u003e\n\u003ctd\u003e56% (¥154.3bn FY2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet cash\u003c\/td\u003e\n\u003ctd\u003e¥12.4bn (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInput inflation\u003c\/td\u003e\n\u003ctd\u003e+8–12% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJapan pop\u003c\/td\u003e\n\u003ctd\u003e124.6m (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJapan e‑commerce\u003c\/td\u003e\n\u003ctd\u003e+8.1% to ¥30.6T (2024)\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;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eWacoal Holdings PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact document you’ll receive after purchase—fully formatted, professionally structured, and ready to use; the Wacoal Holdings PESTLE analysis content and layout visible now are the same file you’ll instantly download after payment, with no placeholders or surprises.\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":56751466021241,"sku":"wacoalholdings-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/wacoalholdings-pestle-analysis.png?v=1772231780","url":"https:\/\/matrixbcg.com\/products\/wacoalholdings-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}