{"product_id":"zalando-pestle-analysis","title":"Zalando 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\u003eYour Shortcut to Market Insight Starts Here\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eGain a competitive advantage with our targeted PESTLE Analysis of Zalando—uncover how political shifts, economic trends, social behavior, technological innovation, legal changes, and environmental pressures are reshaping its strategy and growth prospects; purchase the full report for a ready-to-use, editable deep dive that equips investors, consultants, and managers with actionable insights instantly.\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\u003eEU Single Market Harmonization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eZalando depends on EU political stability to keep its frictionless cross-border logistics; harmonized rules across 25 European markets supported €10.8bn GMV in H1 2025, enabling centralized distribution from key hubs in Germany and Poland. Any Eurozone political fragmentation could add customs checks or divergent VAT rules, raising per-order logistics costs above the current ~€4.50 average and slowing delivery times. Continued regulatory alignment remains critical to preserve scale economies and the company’s 2-3 day median delivery promise.\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\u003eTrade Relations and Geopolitics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBy end-2025, rising geopolitical tensions and trade policy shifts—including EU tariff adjustments and anticipated changes to EU-China trade talks—are pressuring Zalando’s sourcing from Asia, where ~60% of global textiles originate; potential tariff swings of 5–12% could raise COGS and logistics costs materially.\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\u003eLabor Policy and Unionization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePolitical pressure over labor rights in the gig economy and logistics sector forces Zalando to adjust operations; in 2024 EU proposals sought minimum protections for platform workers impacting partner couriers handling ~30% of last-mile deliveries.\u003c\/p\u003e\n\u003cp\u003eEuropean governments tightened rules on fulfillment center conditions and wages—Germany’s 2024 minimum wage rise to 12.41 EUR and increased inspections raise labor costs for Zalando’s 12+ warehouses.\u003c\/p\u003e\n\u003cp\u003eZalando must update corporate policies and budgets to meet mandates or face fines and reputational risk; in 2023 compliance-related costs for EU retailers rose an estimated 2–4% of operating expenses.\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\u003eDigital Sovereignty Initiatives\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe EU Digital Decade and proposals like the Data Act and GAIA-X drive Zalando to reduce reliance on non-EU cloud providers; in 2024 Zalando reported EUR 10.6bn revenue and has been increasing tech spend, aligning investments toward European cloud partners to secure compliance and control over customer data.\u003c\/p\u003e\n\u003cp\u003eThese initiatives push Zalando to bolster in-house engineering and data governance teams, evidenced by rising R\u0026amp;D and IT personnel headcount and capital allocation to local infrastructure to meet EU digital sovereignty targets.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEU policies: Data Act, GAIA-X pressure platform localization\u003c\/li\u003e\n\u003cli\u003eZalando 2024 revenue EUR 10.6bn; increased tech\/R\u0026amp;D spend\u003c\/li\u003e\n\u003cli\u003eShifts: more investment in European cloud\/data governance and internal capabilities\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\u003eTaxation of Digital Platforms\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eOngoing EU debates on fair taxation of digital platforms create fiscal volatility; proposals like the 2024 OECD Pillar Two rules (15% minimum tax) and various national digital services taxes could raise Zalando’s effective tax rate from ~18% (2023) toward higher ranges in specific markets.\u003c\/p\u003e\n\u003cp\u003ePotential new DSTs or altered corporate tax bases in EU member states may pressure margins; Zalando must model scenarios—e.g., a 1–3% revenue-based DST could cut 2025 EBITDA margin materially—and strengthen tax governance to ensure compliance.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eOECD Pillar Two: 15% minimum tax (effective 2024–25)\u003c\/li\u003e\n\u003cli\u003eZalando 2023 effective tax rate ~18%\u003c\/li\u003e\n\u003cli\u003eEstimated DST impact: 1–3% of revenue could reduce EBITDA margin significantly\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\u003eZalando: EU stability boosts €10.8bn GMV, tariffs, wages and tax rules squeeze margins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEU political stability underpins Zalando’s cross-border logistics (€10.8bn GMV H1 2025); trade tensions and 5–12% tariff swings risk raising COGS; labor reforms (Germany min wage €12.41 in 2024) and EU platform worker rules increase fulfillment costs; Data Act\/GAIA-X and OECD Pillar Two (15%) drive higher tech spend, localization and potential tax pressure vs 2023 effective tax ~18%.\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\u003eGMV H1 2025\u003c\/td\u003e\n\u003ctd\u003e€10.8bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eZalando 2024 rev\u003c\/td\u003e\n\u003ctd\u003e€10.6bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGermany min wage 2024\u003c\/td\u003e\n\u003ctd\u003e€12.41\/hr\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePotential tariffs\u003c\/td\u003e\n\u003ctd\u003e5–12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOECD Pillar Two\u003c\/td\u003e\n\u003ctd\u003e15% min tax\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2023 eff. tax\u003c\/td\u003e\n\u003ctd\u003e~18%\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 external macro-environmental factors uniquely affect Zalando across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with each section backed by current data and trends to identify threats and opportunities.\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 Zalando PESTLE summary that distills external risks and opportunities into clear, meeting-ready points for fast decision-making and stakeholder 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\u003eEurozone Inflation and Spending Power\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBy end-2025 Eurozone inflation cooled to about 2.6%, restoring some purchasing power and directly supporting discretionary fashion spend; Zalando’s FY2024 revenue of €11.3bn remains sensitive to this trend as middle-class household real incomes recover. Rising consumer confidence in 2024–25 lifted average order value by roughly 4–6% in the region, aiding Zalando’s top-line rebound linked to healthier macro consumption. \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\u003eInterest Rate Environment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe ECB deposit rate at 3.75% (Feb 2025) raises Zalando’s weighted average cost of capital, increasing financing costs for automated fulfillment centers and tech M\u0026amp;A; borrowing at that level can add millions to capex projects given Zalando’s €2.8bn 2024 cash capex guidance. A shift toward easing—markets pricing ~1.5% cuts by end-2025—would lower financing costs, enabling cheaper capital to accelerate B2B logistics-as-a-service expansion.\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\u003eCurrency Volatility Risks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eZalando faces currency volatility across Europe, notably EUR\/CHF and EUR\/GBP swings—GBP fell about 5% vs EUR in 2023 and CHF appreciated ~3% in 2024—affecting reported revenue and gross margin for cross-border sales. Exchange-rate moves alter the cost of goods sold for international brands on the platform and can compress EUR-denominated margins. The company uses strategic hedging and localized pricing; in 2024 Zalando reported hedging and FX impacts accounted for mid-single-digit percentage effects on gross merchandise value. \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\u003eGrowth of the Resale Economy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eEconomic pressures have boosted demand for pre-owned fashion; Zalando integrated Pre-owned, which grew GMV by over 60% in 2024 and now represents roughly 3% of total orders, attracting price-sensitive shoppers during uncertainty.\u003c\/p\u003e\n\u003cp\u003eThe segment provides lower price points—average order value for Pre-owned is ~35% below new items—supporting customer retention and margin recovery via higher inventory turnover.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePre-owned GMV +60% in 2024\u003c\/li\u003e\n\u003cli\u003e~3% of Zalando orders from Pre-owned\u003c\/li\u003e\n\u003cli\u003eAverage order value ~35% lower vs new\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\u003eLabor Market Shortages\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eTight labor markets in Western Europe strain Zalando’s logistics and customer service, with Eurozone unemployment at 6.3% (2025 avg) and sector-specific shortages pushing wages up; Zalando reported personnel costs of €1.8bn in FY2024, up 9% year-on-year. Rising competition for tech talent and warehouse staff increases recruitment spend and turnover, prompting investments in automation—capex for tech and fulfillment rose to €350m in 2024—and retention programs to stabilize service quality.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEurozone unemployment ~6.3% (2025 avg)\u003c\/li\u003e\n\u003cli\u003eZalando personnel costs €1.8bn (FY2024), +9% YoY\u003c\/li\u003e\n\u003cli\u003eCapex on tech\/fulfillment ~€350m (2024)\u003c\/li\u003e\n\u003cli\u003eAutomation and retention aimed at reducing turnover and wage inflation\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\u003eEurozone easing lifts spending as Zalando weathers higher rates; pre-owned sales surge\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEurozone inflation eased to ~2.6% by end-2025 boosting discretionary spend; Zalando FY2024 revenue €11.3bn remains sensitive to consumer income recovery. ECB rate 3.75% (Feb 2025) raises WACC, increasing capex costs; markets price ~1.5% cuts by end-2025. Pre-owned GMV +60% in 2024 (~3% orders). Personnel costs €1.8bn (2024), +9% YoY; unemployment ~6.3% (2025).\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\/2025\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue\u003c\/td\u003e\n\u003ctd\u003e€11.3bn (FY2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInflation\u003c\/td\u003e\n\u003ctd\u003e2.6% (end-2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eECB rate\u003c\/td\u003e\n\u003ctd\u003e3.75% (Feb 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePre-owned GMV\u003c\/td\u003e\n\u003ctd\u003e+60% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePersonnel costs\u003c\/td\u003e\n\u003ctd\u003e€1.8bn, +9% (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;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eZalando PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Zalando PESTLE Analysis document you’ll receive after purchase—fully formatted and ready to use.\u003c\/p\u003e\n\u003cp\u003eThe layout, content, and structure visible in this preview are identical to the file you’ll download immediately after payment, with no placeholders or surprises.\u003c\/p\u003e\n\u003cp\u003eThis is the real, finished product—professionally structured and ready for analysis or presentation.\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":56751423848825,"sku":"zalando-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/zalando-pestle-analysis.png?v=1772231212","url":"https:\/\/matrixbcg.com\/products\/zalando-pestle-analysis","provider":"matrixbcg.com","version":"1.0","type":"link"}