Morning, everyone. Thank you for joining us at such short notice for this call. I'm Alexandre Girolami, and I'm here with Thibault Hignon, who's the Managing Director of International Operations at Epsilon. We thought it would be useful for you to have some context on the Retail Media joint venture we've announced this morning with Carrefour. Thibault will do a short introduction accompanied by a few slides that you probably have received by now and you'll be able then to ask your questions.
So the idea is to focus on operations and strategy and finish the call by 9 a. M. CET. And you'll find, of course, all the disclaimer notices in the slide deck. Of Thibaut.
Over to you.
Thank you so much, Alexandre. Welcome everyone and thank you so much for joining this call in this short notice. Let me start with a very brief snapshot of Retail Media and then I will move into the principle of the partnership that we just announced with Carrefour this morning. So why is Retail Media booming today? And what is the key values that it is bringing both to brands and to retailers?
For brands, Retail Media is really delivering on the promise that they have been looking for, for years, providing them direct access to customers, both in the retailer environment, would it be in store or on their e commerce footprint, but also leveraging the retailer data to be able to talk to customers outside of the retailer premise, for example, in the publisher inventories. This is providing extremely high conversion rates among the highest ROIs in the market, and This is particularly important in the current context, a totally brand safe environment because we are speaking to the retailer within the known environment, the retailer inventories. All of that is also providing transparent measurements that is backed directly by Merckham transaction And so advertisers can see the direct effect of their marketing action directly tied into sales. For retailers, retail media is providing high margin revenue. It is an opportunity for them to accelerate their e commerce footprint and their e commerce sales.
And from a more strategic standpoint, it offers them the opportunity to reshape the relationship with their supplier, allowing them to have additional discussion about value and performance. This is not a coincidence if the global retail media market is now estimated of €100,000,000,000 media spend, reshaping media hierarchies. What we are seeing from various industry reports Is that the retail media spend will overcome traditional TV spend in the next few years around geographies, probably as soon as 2024, twenty of 25 in the U. S. And a bit later in other geographies.
What we are seeing is that retail media is already mature in the U. S. And also to a lesser extent in the U. K, but still fragmented and largely untapped in Europe and in Latin America. And let's dive for a couple of minutes around this geographical view.
It's true that outside of the U. S, There are different challenges that retailers and brands need to address together to be able to leverage the full potential of retail media. There is first a lower e commerce penetration and we know that retail media is directly correlated to the overall size of the e commerce of Business of the Largest Retailer. We are speaking about fragmented geographies with different regulation, different country, different language and all of that are Creating barriers for brands to spend their media dollars. And finally, the landscape, the business retailer landscape is diverse and relatively fragmented, providing less scale when a brand would like to leverage their media spend to reach their customer and to send their overall marketing spend into the retailer environment.
But still, despite those challenges, we are seeing the same growth potential for Retail Media in Continental Europe and in LatAm. First, retailers are having extremely strong loyalty program where data is gathered in a fully GDPR compliant way And this is providing extremely valuable data for retailers to help brands within their marketing programs. We are also seeing the same trends as in the U. S. Or in the U.
K. And we can anticipate that retail media spend We'll be as large our TV spend by 2026, maybe potentially 2027 in Europe. So definitely Seeing the same trend and the same dynamic disrupting the traditional media hierarchies in other geographies. And finally, when we are speaking about the total addressable market, what we are seeing in various industry reports is that the overall retail media market is at €25,000,000,000 in Europe by 2026. And if we look at the directly addressable market for players like Publicis or Carrefour in Continental Europe, so outside of Amazon and the U.
K, We are speaking about the directly addressable market at €5,000,000,000 There are 2 very interesting studies that I can only recommend you to read about the status of retail media in Europe versus the U. S, one that has been replaced by the IAB Europe of over the last few weeks and the other one that has been published by Mackenzie in July 2022. Now when it comes to Publicis Groupe and their retail media arm SituSat powered by Epsilon, We are benefiting from a leadership position in retail media in the U. S. And in the U.
K. We are working with the largest Retailer in those geographies and we can see every day the recipe that has been successful In making the overall retail India market boom in those geographies. We know how to talk to brand When we are speaking on behalf of retailers to give them the necessary connectivity, the necessary scale and the necessary internal transformation to bring retail media at its full potential. And this has been one of the key drivers of the partnership that we are announcing today with Carrefour. We will be creating a joint venture at 41 49% for Publicis Groupe and 51% for Caffeo, where we will join forces and bring our combined strength to address the booming retail media market and accelerate its development in Continental Europe and Europe.
On our side, within Publicis Groupe, We have announced the industry first on-siteoff-site retail media platform at the beginning of the summer, Citrusat powered by Epsilon. We have seen very significant momentum over the last few weeks and you might have seen the various release of of Retailers Adopting Our Technologies across the world. On top of that, this platform is fueled by an industry leading identity solution, The one provided by Epsilon, the Epsilon Core ID. Overall, it's more than €300,000,000 Core ID globally and more than €80,000,000 in Europe that will be able to fuel the platform and to continue to expand, thanks to all of the retailer data that we will be able to leverage thanks to our retail media inventories. And finally, we are providing industry leading cleanroom technology that are allowing of retailers and brands to share their 1st party data in a totally compliant way to be able to build more efficient of Marketing Plan and Marketing Strategies.
On the Carsco side, they have developed their retail media activity extremely early And they have taken a leadership position in Continental Europe and in LatAm in this field. With Careful Links, they are bringing their 1st party data of above 80,000,000 household customers, all of their transaction data and their premium inventories to allow us Together to bring the retail media market in those geographies to the next level. What we would like to deliver is to bring to retailers the same level of of scale and the same level of connectivity to bring the retail media market as close as possible to its scale in the U. S. Or in the UK.
We knew that to be able to deliver so, we needed this disruptive action to be able to bring the market together and really deliver scale to those players that are suffering from this fragmented landscape today. So to summarize our presentation, We will be bringing together 2 unparalleled assets, the scale of Carrefour in Continental Europe, Brazil and Argentina with the Publicis' Group leadership position in the most retail media market, essentially the U. S. And the U. K.
Together, we will be creating a joint venture that will be covering the entire retail media value chain, technology for inventory creation and data sharing for merchant. This is on the retailer side, as well as commercialization of media and data solution for brands. This is on the advertiser side. We will have, thanks to our unique technology, Citusat powered by Epsilon, an integrated tech stack that will bring together the on-site, the off-site and the Kinun Technology to deliver a single data asset and allow retailers to leverage their retail media potential at full potential. And finally, we have the ambition to rally multiple retailers in the midterm to create the necessary scale effect and connectivity, Creating a network of inventories that will ease the media spend for brand.
This is something that we are already delivering in the U. S. Today and that we would like to replicate with the same success in those geographies that are more fragmented today. Alessandra, I'm done with the presentation and I am now available to take all of your questions.
Operator, we can now announce the question.
Of Excuse me, this is the conference operator. We will now begin the question and answer session.
Of
The first question is from Tom Singlehurst with Citi. Please go ahead.
Of Yes. Thank you very much for the presentation, and thank you for doing the call. Tom here from Citi. I apologize because I missed the very beginning of the call. So I do apologize about that in case you covered this, but two questions.
The first one high level for the retail media opportunity. Can you talk about how additive it is? I mean, it's obviously a very fast a very big market, a very fast growing one. But is this spend that historically was not of Addressed by in particular Publicis and the ad agencies more broadly. That's the first question.
And then The second question very briefly, just to check whether the creation of the JV involves any significant capital outlay For the group. Those are my two questions. Thank you. And apologies if you mentioned this at the beginning of the of
Hi, Tom. Thanks for your questions. I'll start with the second one. So basically, in terms of what Publicis brings to the JV, So Publicis brings the exclusivity of the technology of Citruside and the core ID and the clean room to the JV commercialized in car for Geographies. And on top of that, Publicis will also invest around €25,000,000 in the JV in order to achieve a balanced shareholding with Carrefour.
And on my side,
I will take the first one about the retail media opportunity, whether it's of Additive or whether it's replacing some more traditional spend. What we are seeing is that when you look at the Potential growth of retail media, you have between 1 third and 2 third that is net new investment Well, that is not coming from an old channel replaced now by retail media. And there are relatively good strategic reasons for that. Historically, retail media was really a performance media tool, where brands were spending in the channel that is the closest to the of Purchasing Action. And now more and more brands are using it also to deliver on their brand building of TASK and their overall awareness duties particularly on the publisher environment.
So it's true that you have a portion of retail media Spend that are replacing essentially traditional trade spend, but more and more as we are seeing with the overall digital media spend, of Retail Media is also creating its own channel and its own additional value because the potential of Retail Media is largely untapped today. It's Still at majority performance media tool, but we are seeing more and more awareness and brand building Channel that are used more and more would it be on the retailer website or on the publisher website, but in both case, of Backed by Retailer Transaction when it comes to measurements. And this ability to tie every marketing action into Sales performance into direct transaction is something relatively new that advertisers I really like and really love because it's providing justification for their marketing spend and the ability to demonstrate That every single marketing dollar is used for the right purposes.
That's very clear. Thank you very much.
The next question is from Adrien de Saint Hilaire with Bank of America. Please go of
Yes, good morning, everyone. Hopefully, you can hear me okay. Thanks for the presentation indeed. Couple of questions please. Thibaut, I think you mentioned before at the Vivate Conference that Citrusat was growing above 100%.
Do you mind reminding us what the revenue base for Citrus ad is right now? And secondly, Alessandra, you mentioned exclusivity of Technology. So just to be clear, does that mean that Citrusat won't be able to serve the retail media networks of other e commerce platforms going forward? Or did I misunderstand that point?
I'll take the first question and I will let you the second, Alessandra. So we haven't disclosed the basis of the revenue for Citrus in the past. Now you have Some indication about the transaction price last year for the acquisition. And I guess you have in mind the magnitude of the multiple for such an acquisition. So you can probably build the top line revenue or at least some bracket for the top line revenue.
And it's true that Citrus is experiencing a very significant growth this year, 3 digit growth, so above 100%. And we are seeing a fantastic momentum with our platform. We converted one of the largest grocery retailer in the U. S. A couple of weeks ago with ARROLD.
We are now announcing the conversion of Carrefour and this is just the beginning. So we are definitely seeing a very significant of Momentum with our retail media activity and our unified platform, Citrusat, powered by Epsilon. Alessandra, you want to go next?
Sure. The way it works, Adelien, is that Citrusan and Epsilon will be the exclusive tech and product provider of the JV, hence generating net revenue for Publicis from January 2024 with Carrefour and as soon as the JV is created with other retailers. And in short, the way you have to see it is that the JV will be one of the largest clients of Epsilon and Citrus outside of the U. S. I hope that's clear.
The JV will play as a reseller of the citrus and Epsilon technology In Continental Europe and in LatAm.
Yes, got it. Thank you.
The next question is from Julien Roch with Barclays. Please go ahead.
Yes, good morning. Thank you The first one is Retail Media. You put a few numbers in the Press release, €100,000,000,000 globally, €25,000,000,000 continue in the Continental Europe and €5,000,000,000 directly addressable. Do Do you have a sense of how much would it be in Carrefour Geographies? And then that's the first question.
The second one is on of Financials. Will the JV because you only own 49%, will it be consolidated or only at associates? And how Will the JV generate revenue? Will you get a percentage of the spend on Carrefour platform? Or is it like a fixed tech fee or a viable tech fee?
That's my second question. And then the third one, coming back on the exclusivity question. So the JV is the exclusive tech provider, but Does that mean that in Carrefour Geography, so France and LatAm, Citrus ad cannot sell their technology to other people?
So what do
you mean by exclusivity, just to be 100% clear? These are my 3 questions. Thank you.
Of So actually I'll try to take those three questions and Alessandro if you want to add anything please feel free. So of First on the first question on the addressable market. So if you look at the latest IAB UAP study, The total retail media market in Europe including the U. K. Is expected to reach €25,000,000,000 by 2026.
This includes the U. K. And Amazon and through that today Amazon is the Largest retail media player in those geographies. I think in the same study, they are computing that Amazon is grabbing 80% of the Retail Media market in those geographies today. And by the way, this is a key driver for this initiative because what we are Telling Roger Retailers is that it's time to join forces to take their fair share of the retail media market and overcome the fragmentation That hold them back a bit in their overall retail media activity.
In Carrefour Geographies and actually the COPES that we are highlighting is a bit larger than just the Carrefour Geographies. It's really Continental Europe, plus Brazil, plus Argentina. What we are anticipating is that the addressable market for these territories which will be the territories of the JV The directly addressable market is €5,000,000,000 by 2026. And basically, This is the share that is expected to be generated by all of the retailers outside of Amazon. And so this is for us The right comparison basis when we are making our assumption because this is the market that we would like to conquer.
On the second question and the financial flow and the fee structure, the JV will really Play as the reseller of our technology Citrusat powered by Epsilon. So if the JV is converting a specific retailer, We will act as the technological provider of the JV and ultimately the retailer that has been converted. And this is the way that Citusad and Epsilon will be compensated or rewarded for their work. So it's From a pure Epsilon and Citusad point of view, you can consider the JV as one client that will bring multiple retailer with the normal fee structure, the traditional fee structure that we are having with the clients. The structure in this sense is relatively similar to what we did with Sapient and Techx at the beginning of the year, I guess.
Yes, in 2020.
In the APAC market. And I hope this is also answering your 3rd question. But basically what this means is that now The JV will be the selling arm or the commercial arm for our technology in Continental Europe. So basically, a European Union outside of the U. K, plus Brazil and plus LATAM.
The idea is to add multiple retailers to create of a network of inventories that will bring the necessary scale and connectivities to retailer. This is by the way, This kind of network of inventory, this is what we are delivering already in the U. S. With of some retailers and that has proved to be extremely successful to bring them the right bargaining power, scale, connectivity, Processes and consistency when they are talking to brands and overall this is accelerating extremely significantly their retail media journey. Of Does that answer all of your questions, Julien?
Yes.
The next question is from Lina Gayer with BNP Paribas. Please go ahead.
Hi, Alessandra. Thibaut, I hope You can hear me well. I have 3 on my side. The first one is, will you be able to collect the data from those Euro 10 and Latin American markets to fuel your core ID in those regions, given that you made an acquisition recently there, I think, with the Ecargity. The second one is just to come back on our engineering side around the platform.
So you say you wish to attract more retailers. And so can you just talk about your ambitions here on time line? And also can you confirm you intend to not create one platform for each retailers, but that you intend to of scale this platform and potentially bringing on more retailers. And lastly, if yes, could you just compare a bit what you are offering with of Citeo right now. Thank you.
Okay. So on the first one, on the way we are onboarding data and the way we are leveraging data for our retailer clients. So The Epsilon and the C2SAT forward, Epsilon technology will be and is the technology of choice of the strategy. So when we are working For a retailer, we will be going through the normal onboarding process for its data to fuel its full retail media activity and to bring its retail media activity at full potential. So this is exactly what we presented in VivaTech A couple of months ago when we are able to learn from the existing customer base from a retailer to make its overall retail media activity more Would it be within the retailer premise, its e commerce website or within the publisher premise, Thanks to our off-site offering.
So the traditional way to onboard data from Epsilon Will be the normal technological choice of the JV because our technology will be the technology of choice of the JV. On your second question on whether it's one platform or multiple platform, it's actually a choice of each of our clients Either to have a specific instance within our platform where our brands can connect directly and spend their of marketing dollar on this retailer directly or some retailer are also choosing to join forces And to create a network of inventories. So the platform is exactly the same, the interface is exactly the same, except that when you are a brand, you have the choice Once you have entered the platform to spend your marketing dollar into a network of retailers with consolidated reporting, consolidating performance And the ability to get immediate scale when you are considering your retail media investments. This is, by the way, What we are doing already in the U. S, there is a specific inventory network that is called Grocery 1.
We issued a press release about it. I guess it was June that is explaining exactly the principle and the idea is really for multiple retailers to join forces to get immediate scale, connectivity and consistency in their retail media activity. And overall, it's demonstrating a very significant acceleration In the brand spend on the pre life on the pre life. And finally, in terms of Comparison with the competition, with this JV, our ambition is really to create a full media player that is delivering first of Technology to be able to equip retailers and make sure that they can benefit from the best technology. But also and this is thanks to the Citrusad expertise, But also the careful expertise from their careful link journey, the right consulting mechanism to help retailer Make the necessary internal transformation and internal changes to leverage the full potential of the retail media activity to articulate the best way possible to talk to brands and ultimately to sell the inventories in the best of Possible Way.
And this is something that Citrus was not doing in Europe and in LatAm today. And this is a net new addition into the overall value proposition, providing the ability on top of the technology to provide of Advising Services or Consulting Services and the sales activity of the inventories to come with a full media offering with media inventories with data providing an on the shelf offering to advertisers.
Maybe I would just complement on the timeline question. Lina, so the joint venture is expected to be finalized in the first half of twenty twenty three. And Carrefour will implement citruside and Epsilon products and solutions from 2024. Of Givernarcie.
The next question is from Jerome Podin with ODDO. Please go ahead.
Of [SPEAKER THOMAS MONROE PATTERSON:] Yes. Good morning. Just a quick two follow-up on my side. The first one, could you maybe give us a bit more Sales on the governance, which is planned. It's maybe a bit too early, but who is going to be in charge, CEO and Board Between your sales and Carrefour, that's the first one.
And the second one, so just so you mentioned the fact that you want to work with other retailers. So just to try to understand how do you plan to Convince them and could you maybe open the capital structure to new partners? Thank you.
I'll take the second question and then I will let Alessandro answer the first one. So yes, the ambition is definitely to rally multiple retailers Either as a client or as a shareholder, the idea is really to work on an open environment and the value proposition That we are pushing to retailers is the ability to provide to them scale, connectivity and consistency when they are talking to brands to really bring together a retail media ecosystem that is fostering the brand spend. This is really what is lacking in Europe today. This is also explaining why Amazon is getting such a significant market share above 80% today. And so our ambition is to tell retailer that they need to join forces if they want to take their fair share of retail media And accelerate the development of the market for this market to come as close as possible to what we are seeing in the U.
S. Or to a lesser extent in the U. K. So this is really the value proposition that we will bring together to other retailers with an open environment of Mindset, both in terms of commercial structure, but also in terms of shareholding structure. Alessandra?
So on the management of the JV, the CEO and the management team will be appointed later once the company effectively created. And similarly for the governance and for the shareholding, the Board, I would say, will be structured to be aligned with Publicis and Carrefour Equity stake. So it's a bit early at this point in time to give you more details on that.
And we are expecting to create formally the JV in the first half of twenty twenty three. And of course, there will be Additional announcement to come with the name of the management team, its first commercial success, etcetera, etcetera Coming at the same time.
Of The next question is from Sarah Simon with Berenberg. Please go ahead.
Yes, hi. I've got a few questions. First one, can you just remind us, are you I know you have a publicity Sapient deal with Carrefour for the e commerce, but Are you responsible for the media buying as well? So is this kind of a logical extension of that? Second question was, it's kind of interesting that you've made Carrefour the majority shareholder.
Do you not think that having a retailer being theoretically in control of the JV might put off competing retailers from joining the network? And I take your point about of Retailers Joining Forces, but retailers are all fighting tooth and nail as well. And then sorry, I've got 4 actually. I missed the answer on how you're going to account for this. Is this just going to go into the associate line, I.
E, is the CitroSAD revenue in Europe and LATAM now going to go sort of below the line. And then the 4th one was, do you have any trade marketing activities now in terms of Recognizing revenues from Unilever paying, Ahold or Albertsons for of the best spot on particular shelves in the supermarkets. Thanks.
Hi, Sarah. So I'll take the question on the remuneration, in fact. So basically, you have to consider that there are 2 things, Two flows, if I may. So the first one is the revenue that Citrusat and Epsilon will generate by being the exclusive tech and product provider to the JV. So we're going to get revenue out of that.
So this will go in our net revenue line. As if the joint venture is our client or will be our client. Of the business. And you're right. Secondly, because we own a 49% stake Publicis will also be receiving a share profit in terms of associate.
And then if the if that JV Signs other retailers that would be booked in your associate income.
No at all, yes. But I would say that the primary source of revenue will be really the revenue that is generated of Epsilon and Citrus said, will provide the technology to the JV. So if another retailer signs to the JV. Then we're going to be providing the technology and hence receiving
of the tech.
The
JV is really acting as a reseller of our tech in those geographies. So as Working for a normal reseller, every time they are selling something we are getting the majority of the revenue for it because we are delivering the work. Of The client relationship is at the JV level.
Okay.
And I'll try to answer your 3 other questions. So on the first one on the various So duties and piece of work that Publicis is today delivering with Carrefour. So we are not their of Agency of Record for the ARM media activity. And it's true that Satient has performed very significant of transformation work in the past, particularly in reshaping their e commerce activity and redesigning their website. I guess this partnership was announced in 2018 and our new overall e commerce environment has been successfully launched.
I guess it was the 1 2020s. I'm not in all of the detail of this partnership between Sachin Because on this one, it's really geared toward retail media and our ad tech platform, Citrusat, powered by Epsilon. But you're totally right that in the past, Satient has hold significant strategic projects for Carrefour. On your second question on Having a retailer as a majority stake, I guess there is one piece to keep in mind is the fact that Carrefour launched their retail media activity quite early And has been extremely successful in this field. They are one of the most advanced retailer in retail media in Continental Europe as well as in LATAM.
And we our ambition is to bring other retailers through the same journey to accelerate They are passed to revenue and to bring them the same success learning from the Carrefour experience. So at the beginning we thought as to have The right charholding structure and as I mentioned previously this charholding structure is also expected to evolve in the future As other, Taylor potentially as well as Xavier will join to really bring the successful ecosystem that It's needed on retail media in those geographies. And finally, on your question on trade marketing. So actually the trade marketing landscape is an To me, interesting landscape that is very, very fragmented. It's true in the U.
S, but it's also true in Europe of Or in other geographies because you it's very different from a traditional media AOR where everything is centralized at HQ level. The trade marketing is really managed at sometimes regional level, sometimes even at store level for brands. And so it's having a consolidated view of all of the trade marketing activity for a specific advertiser It's something quite challenging. So we are, by definition, holding some of these budgets. Some of those are managed in a different way, But it's difficult to provide a totally consolidated landscape and view of the trade marketing budget, because this Trade activity as a whole is really evolving extremely fast.
Some of it will remain at a store or at a regional level. Some of it will evolve in a more mature or innovative retail media spend. This is by the way Also what we are seeing and what is fueling the retail media growth today, but the trade marketing activity as a whole of He's there are some Very different rules that is applying to the trade marketing activities and on traditional media or even retail media.
So but if it's very regional and fragmented like that, I guess Publicis as a group doesn't do very much in the field of trade marketing today?
We are at very regional level, but it's in general, it really depends advertiser by the way. In general, Not managed, it's through a large HQA, the AOR as the normal media or digital media or even retail media expense. Of
Okay, cool. Thanks.
I think we're going to take one last question.
The last question is from Christophe Sherblanc with Societe Generale. Please go ahead.
Yes, good morning. Just wanted To come back on the Criteo question, I'm not sure I got it clearly. My understanding was that Carrefour had a of 3 year agreement with Criteo. So does it mean that they will drop Criteo as a tech provider as of next year? And the same question applies to LiveRamp, Which is also a tech partner for Carrefour.
And beyond Criteo, what do you see as a potential Competition for the €5,000,000,000 of addressable market you were mentioning you, because I can see your joint venture. I can see Criteo. I see Microsoft as a small business, but beyond that, what will be the next competition? And would you expect other agency to try to build the offer in the space. Thank you.
So to answer your first question, so yes, Citrusat powered by Epsilon will become the technology of choice of Carrefour, but also of the JV as soon as the 1st Jan, 2020 And so we will be powering all of the Carrefour inventories from this date. When it comes to The cleanroom technology, Epsilon also hold some cleanroom technology, but this will come at a later stage because they have an existing agreement with Livon that is quite successful. On your second question about the addressable market and the potential competition. So What we are seeing in this geographies is that actually the first barrier or the first competitor is the fragmentation of the market. It's not Directly a real competitor, but this is really what is holding back Retail Media in those geographies and this is what has Trigger this initiative to accelerate the development of retail media in those territories.
Another way to say it is that the main Competitor or the player that is grabbing the most significant share of the market today is Amazon and that's for sure a fact of the IAB study that I mentioned in the past is clearly outlining that between 80% 85% of the market He's getting to Amazon today and this is why we think it's time for retailers to act. And finally, from a more strategic perspective, There is also and it's always the case in the U. S. Or even in the U. K, there is also the ability for retailers to build their own tech stack, so to bring something on premise that is not relying on leading ad tech player.
This is something that we are seeing with some players in the U. S. Some retailers in Europe have tried to do so. It will probably be more difficult for them looking at the fragmentation of the market and their difficulty to address brands directly because brands are looking For scale, for connectivity and potentially even more importantly for consistency across all of their retail media spend. But By definition, it's true in retail media as it's true in media or in digital media, in housing or the ability for players to build their own stack He's always a potential competition.
Thank you.
Of Christophe. I think it's time to close the call. Thank you to everyone for having been present with us, especially at such short notice. And of course, talk to you soon. Thank you.
Bye bye. Thank you, everyone.
Bye bye.