|Headquarters||Le Brassus, Switzerland|
|Products||Highly complicated mechanical watches
|Revenue||900 million CHF (2016)|
Number of employees
|Subsidiaries||Audemars Piguet Renaud & Papi SA
Audemars Piguet (AP) (French pronunciation: [odmaʁ piɡɛ]) is a Swiss manufacturer of complicated mechanical watches founded in 1875 by watch makers Jules-Louis Audemars and Edward-Auguste Piguet. Audemars Piguet is considered by many experts and aficionados to be one of the most prestigious watch manufacturers and a leader in haute horology.
The Swiss company designs and manufactures mechanical watches and jewellery and is famous for its avant-garde styling and being industry leader in establishing new product categories such as stainless steel luxury sport watch with its Royal Oak line.
The Audemars Piguet watch group is composed of 1,450 employees, 14 distribution subsidiaries, and 18 boutiques worldwide. It comprises three production sites: Le Brassus, Le Locle and Meyrin in Switzerland. The brand is present in 88 countries.
Audemars Piguet has been continuously producing watches since 1875, making it one of the world's oldest watch manufacturers. The company is still owned by its founding families.
Audemars Piguet vintage watches are highly sought after by collectors and aficionados as are their contemporary watches.
- 1 History
- 2 Products
- 3 Business
- 4 Sponsorships
- 5 Foundation
- 6 Museum
- 7 See also
- 8 References
- 9 External links
The Vallée de Joux, located in the Jura Mountains in the Swiss Canton of Vaud. In the 18th century farmers and villagers of the Vallée de Joux turned to watchmaking during the long winters. The geographical location of the region offers iron oxide and forests. While burning, woods enable to extract the iron and mold it. For the inhabitants watchmaking was a way to survive. Through the years, this craft became not only a family tradition but also a cultural heritage.
Like other families, the Audemars and the Piguet crafted timepieces long before the establishment of the Audemars Piguet company. A pocket watch was created between 1740 and 1760 and signed "Joseph Piguet – Le Brassus" and still exists today.
A story of friendship
The roots of AP date back to 1875. Audemars Piguet was founded by Jules-Louis Audemars and Edward-Auguste Piguet in the village of Le Brassus in the Vallée de Joux, Switzerland. The 23-year-old Jules-Louis Audemars asked his childhood friend, Edward-Auguste Piguet, then 21, to establish and produce watch movements. The two soon had success with their customers.
From the beginning, Jules-Louis and Edward-Auguste showed an interest in complex mechanisms. Thanks to their watchmaking family heritage, they had developed all the skill sets necessary to create complex mechanisms. Even as a child, Jules Audemars used to craft control mechanisms for complicated watches.
When they joined forces, they decided to manufacture complicated movements for other luxury watchmaking companies such as Gubelin and Tiffany & Co. They realized they could craft and sell whole watches themselves as they had the necessary tools and expertise to start their own production.
Jules-Louis Audemars and Edward-Auguste Piguet split their work. Jules-Louis produced and assembled movements while Edward-Auguste ensured the completed movements were correctly regulated. Thus Jules-Louis started producing component parts for movements and Edward-Auguste became a finisher, one of the top jobs in the watchmaking industry. A finisher is a watchmaker who performs the final regulation of the timepiece and put the finishing touches to the escapements.
Later, the roles changed. Jules-Louis designed movements, created watches and dealt with technical responsibilities and managed the production and technical part of the business, while Edward-Auguste focused on sales and handled the financial side.
On 17 December 1881, Jules-Louis Audemars and Edward-Auguste Piguet officially founded "Audemars Piguet et Cie" in Le Brassus. In 1882, they presented their first complicated fob watches with perpetual calendars and minute repeater or chronograph.
Since 1882, members of the Audemars and Piguet families have been on the board of directors and have, therefore, always been involved directly or indirectly in the running of the company.
In 1907, Audemars Piguet built a new factory to accommodate all of its employees. However, this favorable period ended with the onset of the First World War.
The company through crises
Jules-Louis Audemars died in 1918 and Edward-Auguste Piguet died a year later in 1919. In 1918, Paul-Louis Audemars and Paul-Edward Piguet, the sons of the founders continued the business begun by their fathers and created ground-breaking watches such as the world's thinnest pocket watch caliber (1.32mm) and the first skeletonized pocket watch.
After the Wall Street crash of 1929, the company faced a major crisis. The crash of the stock market slowed the development of many Swiss companies. At one point, AP like other watchmakers was on the brink of collapse.
In 1933, Paul-Louis Audemars' son, Jacques-Louis Audemars took over the company and gave it a new impetus but the Great Depression jeopardized the development of Audemars Piguet. Only two employees remained in the company and only a few timepieces were made.
From 1936 to 1953, the chronographs' production had a new lease on life but the Second World War slowed down sales. After the war, AP production focused on innovative, ultra-thin watches and continued to create traditional high-end pieces. In 1949, Audemars Piguet participated for the first time in the Basel Fair in Basel (Switzerland).
From 1954 to 1971, the company enjoyed an era of prosperity and innovations. Its products achieved great success among international clients. In 1962, Georges Golay became AP's business manager. From 1966 to 1987, he served as managing director and CEO of the company. In the 1970s, watch manufacturers faced financial troubles due to "the quartz crisis". The Swiss watchmaking industry registered dramatic drops in sales because of the quartz watches coming from Japan.
In 1971, Audemars Piguet realized that the company needed a revolutionary change and decided that it was time to introduce new products. After getting some feedback from the Italian market about the interest in steel luxury watches, Audemars Piguet created its most famous watch to date: the Royal Oak.
Through the years, AP adopted avant-garde techniques and developed many innovations including world firsts in the fine watchmaking history. Its two world firsts were the smallest five-minute repeater caliber and the jumping second hand (i.e. the second hand jumps from second to second in quanta rather than progressively) pocket watch. Other inventions were the thinnest watch and the first skeleton watch.
In 1882, Audemars Piguet began producing complication watches. The Swiss brand started to be known as the leader of the firsts in the watch making industry. In 1889, Jules-Louis and Edward-Auguste exhibited some of their more complicated watches at the Universal exposition in Paris, France. In 1891, they created the smallest repeater movement in the world (18mm diameter). One year later, they launched the first minute repeater watch.
In 1893, Audemars Piguet began making wristwatches and produced the first wrist minute repeater in the world for Louis Brandt. Three years later, the "Grande Complication" pocket watch was launched. It was equipped with grand and small strike, minute repeater, perpetual calendar, deadbeat seconds, chronograph with jumping seconds and split-seconds hand. In 1915, Audemars Piguet presented its Grande Complication collection which featured 400 pieces. The same year, the company created the smallest five-minute repeater movement.
In 1920, the company produced a sophisticated fob watch comprising 16 complications (tourbillon, large and small chime, equation of time indicator, perpetual calendar, sidereal time indicator, and a blue enamel dial engraved with 315 stars which reproduced the night sky above London, where the watch was delivered. One year later, the first jumping-hour wristwatch emerged from the AP workshops. In 1925, Audemars Piguet introduced the world's slimmest pocket watch (1.32mm). In 1929, for the first time, sales of wristwatches outstripped sales of fob watches but with the 1929 stock market crash followed by the Great Depression, consumers could no longer buy expensive watches and the company was forced to lay off most of its employees.
Starting in 1932, sales rebounded and Audemars Piguet continued its development. In 1934, AP developed the first skeleton watch, a watch making specialty forgotten since the 18th century. The skeleton watch allowed the moving parts of the caliber to be seen beneath the dial.
The two world wars were very tough times for companies. As the others, Audemars Piguet had suffered. During this period only two watchmakers were working for the company. Few timepieces were created. The Women Jewelry timepiece dated 1932 was one of them.
After World War II AP was able to rebound on the market by producing a range of ultra-thin chronograph models. In 1946, Audemars Piguet created the smallest mechanical caliber in the world (1.64mm). The sales of Audemars Piguet started growing in the 1950s and 1960s.
In 1955 Audemars Piguet introduced world's first perpetual calendar wristwatch with leap year indicator ref. 5516.
In 1967, the company developed the world's thinnest automatic movement (2.45mm) with a gold central rotor.
After the 70s, AP continued to release a number of industry firsts, such as the ultra-thin perpetual calendar wristwatch with central rotor, self-winding ultra-thin tourbillon, self-winding grand complication, wristwatch equation of time with perpetual calendar, and high frequency chronometer with double-balance AP Escapement.
In 1986, AP invented the first self-winding ultra-thin wristwatch with a second time zone. The tourbillon carriage was then the smallest ever made. The company also launched a rectangular wristwatch with minute repeater and jumping hour, composed of 412 pieces, and a ladies' watch with minute repeater and carillon. In 2000 came the launch of "Tradition d'Excellence", a collection of crafted timepieces showcasing traditional and innovative complications. In 2005, Audemars Piguet sold the Edward Piguet Moss Agate Tourbillon, the first watch made with moss agate.
In 2006 the company presented the fifth timepiece of the Tradition d'Excellence collection, inspired by an 18th-century design by watchmaker Robert Robin (1742–1799). This watch was made in platinum, in a limited edition of 20 watches.
That year Audemars Piguet introduced AP escapement, a lubricant-free escapement that beats at 43200 bph (6 Hz). The innovative design combines the reliability of a traditional Swiss lever escapement with high efficiency of a direct impulse escapement thus ensuring the optimal energy transmission and longer power reserve. The adjustment of the escapement is assured by two hairsprings placed on top of each other but offset at 180°. This particular disposition optimizes the mechanical precision by automatically compensating for possible defects in the equilibrium of the balance. It also allows for the replacement of the terminal curve, which is very delicate to make by a single spring barrel, thus allowing for better regulation.
In 2007, Audemars Piguet crafted the first case in forged carbon.
Audemars Piguet is the most frequent winner of the Grand Prix d'Horlogerie de Genève.
All AP's watches are produced in-house including movements and are made by hand using traditional techniques. Audemars Piguet's headquarters are still located in Le Brassus, Switzerland, where the company began.
The Royal Oak
In April 1972, Audemars Piguet participated in the annual European watch-making fair in Basel, Switzerland.
On the eve of the fair, AP's managing director, Georges Golay, called the designer Gérald Genta and told him that the Italian market was expecting an "unprecedented steel watch". Golay needed a special watch to present at the fair. In less than a day, Gérald Genta invented the Royal Oak, which became AP's masterpiece. The look of the watch was inspired by what Genta had seen on the shores of Lake Geneva: a diver being fitted with a diving helmet.
The Royal Oak was characterized by a revolutionary design in the form of a rounded octagon. At the time, luxury watches on the market were all round, slim and in gold. Genta designed an avant garde octagonal watch in steel with sharp angles and visible screws. Priced at 3,650 Swiss francs when first launched, it was the most expensive luxury sports watch, priced ten times more than a Rolex Submariner (costing around 300 Swiss francs in circa 1973).
The Royal Oak was the first high-end sports watch made of steel, recognizable by its octagonal bezel with eight hexagonal white gold screws, the guilloche engraving on its dial (known as grande "tapisserie"), its integrated bracelet and eight visible bolts on the back. The watch was slim (7mm) and had a case diameter of 39mm. The cost for producing the case (not including the material) of the Royal Oak in steel became much more expensive than a similar gold watch.
On 6 September 1651 Oliver Cromwell's troops pursued King Charles II, the future king of England, Scotland and Ireland. To escape them, he took refuge in the branches of an oak tree. The tree became the Royal Oak and a symbol of power and protection.
In commemoration of this historical event, eight ships of the British Royal Navy took the name of HMS Royal Oak between 1664 and 1939. Gérald Genta took inspiration from one of them, built in 1862.
This battleship was reinforced with steel plates, had octagonal gun ports for its cannons that were secured by eight visible bolts. These features served as a basis to imagine and create the shape of the watch case.
Its price and original design disconcerted the market. Therefore, its launch was slow at the beginning. But collectors and trend setters began adopting the watch and the Royal Oak became a success.
The first series of 2000 Royal Oak (called the A-series) took more than a year to sell. These watches are the most sought after by collectors. They recognize them by the AP initials placed above 6 o'clock rather than at 12 o'clock like successive series.
At the beginning, AP made a limited edition of 1,000. In 2000, the brand finally sold 100,000 Royal Oak. The watch represents around 45% of global sales.
The first Royal Oak featuring a perpetual calendar caliber 2120/2800 was designed in 1981 to be the world's thinnest timepiece. The Royal Oak Day Date Moonphase was then launched. In 1983, the Royal Oak was equipped with lunar phases and a lunar calendar. One year later, the watch had a perpetual calendar. In 2004, Audemars Piguet created the Royal Oak hand-wound tourbillon chronograph, a limited edition of 20 pieces. This watch had a double ten-day power reserve indication and a 30-minute counter. Its case and its bracelet were made of platinum.
Royal Oak Offshore
Over the years, Audemars Piguet has introduced many variations of the Royal Oak but the most successful is the Royal Oak Offshore, an extreme sport version of the Royal Oak, created in 1992 to celebrate the Royal Oak's 20th anniversary. It was designed by 22-year-old Emmanuel Gueit.
With its 42mm case, the Royal Oak Offshore was the world's first oversized watch. This new watch had an oversized 42mm wide case (a normal size today but unusual at the time) and featured a 300m water resistance and rugged materials such as carbon and rubber.
This timepiece was named "The Beast". In 1999, AP paired with actor Arnold Schwarzenegger for the End of Days. In 2003, the company continued the partnership. In the movie Terminator 3, the actor wore the Royal Oak Offshore T3 chronograph.
In 2009, AP launched the Royal Oak Offshore self-winding chronograph rose gold, that featured a black dial, a date display at 3 o'clock and a black rubber bezel. In 2013, AP presented the Royal Oak Offshore Grande Complication.
Royal Oak Concept
In 2002, Audemars Piguet launched the Royal Oak Concept for the 30th anniversary of the Royal Oak. The manually wound watch was equipped with dynamograph, tourbillon, linear power reserve indicator and function selector. One of the materials used for its bezel was the titanium. The case was made of alacrite 602 and featured a Kevlar strap. The Royal Oak Concept edition was limited to 150 pieces.
In 2010, AP launched the Royal Oak Equation of Time combining four high complications: a perpetual calendar, a precision display of the lunar cycle, the equation of time, and civil sunrise and sunset times.
A year later, the Royal Oak Complication was released. The watch boasted 52 jewel movements and was self-winding. It had a perpetual calendar indicating the day, the week, the moon phases, the month and leap years, minute repeater, split-seconds chronograph and small seconds at 9 o'clock. It had an 18-carat white gold case and a bracelet with a transparent sapphire case back.
In 2012, the Royal Oak celebrated its 40th anniversary.
In 2014, AP presented the Concept GMT Tourbillon. This watch had a titanium case and integrated rubber strap combined with a white ceramic bezel. The Royal Oak Concept GMT Tourbillon featured a twin barrel ensuring 10-day power reserve, tourbillon and second time-zone GMT display. The same year, AP launched the Royal Oak Dual Time with multiple complications, a second time‑zone function, a day/night indicator and a power reserve, contained in its 39mm case. The Royal Oak has often been copied. In March 2014, Audemars Piguet won a lawsuit against Swiss Legends that produced and sold fake models of Audemars Piguet's masterpiece.
In 2015, AP launched the The Concept Laptimer Michael Schumacher. The same year, AP launched the Royal Oak Concept RD#1. Its particularity is the acoustics of its minute repeater. This work on the sound's watch is considered as a new innovation of the company.
To create that sound, eight years of research were necessary. Audemars Piguet launched a research program in 2006 in collaboration with the prestigious school Ecole Polytechnique Fédérale de Lausanne to craft this minute repeater. AP created an Acoustic Lab to explore chiming watch artistry that used to be developed by watchmakers when waterproofing was not in progress as water-resistance muffles sound. A musician, an academic consultant from the Geneva conservatory and a sound engineer composed the team. Now, the Acoustic Lab has an educational purpose. It explores sound and emotional response to it.
In 2016, Audemars Piguet released the production model of the Concept RD#1, called the Supersonnerie. The Supersonnerie is similar to the Concept RD#1 of 2015, except that the casing houses an extra bridge towards the top holding the name "Audemars Piguet", coloration of the chronograph seconds hand, chronograph minutes hand, and the outer chronograph minutes track.
Audemars Piguet has three patents pending for its Royal Oak Concept RD#1.
In 1996, AP launched the Millenary collection. It featured oval-shaped cases and self-winding caliber movements.
In 2009, Audemars Piguet created the John Legend Millenary Pianoforte watch. This limited edition was made to raise money for charity. The timepiece featured piano keys on the dial, a black crocodile strap, transparent sapphire caseback and an 18-carat white gold encasing. On one watch, John Legend signature was engraved on the back.
Named after one of two brand’s founders, Jules-Louis Audemars, watches from this classic collection can be immediately recognized by their timeless elegance, streamlined bezels, roundness of cases and clearness of their dials. The first timepiece from this line was created in 1999, as the part of the brand’s Tradition of Excellence Collection. It was haute horological masterpiece that featured a minute repeater, a tourbillon and a split-second chronograph complication. Expressing the noblest in watch-making traditions, Jules Audemars timepieces incorporate high-end mechanisms with plethora of complications such as minute repeaters, perpetual calendars, tourbillons, moon-phase indicators, equations of time and rattrapante chronographs.
Disrupting traditional ideas of gem-set watches while displaying a true desire to break the rules, technically and creatively.
Pocket-watches exemplify Audemars Piguet’s time-honoured excellence and have been gracing its heritage for more than a century.
Between 1894 and 1899, the company produced about 1,200 timepieces. After the deaths of Audemars and Piguet, in 1918 and 1919 respectively, the company continued to grow and became more well-known. As the company's business rose, Tiffany & Co, Cartier and Bulgari became customers, who rebranded and sold AP watches under their own brands. Today, these watches are only identifiable as Audemars Piguet products by their serial numbers.
Audemars Piguet opened a store in New York City in 2003 and in Miami in 2006.
In 2006, the Swiss company launched the Changing Times Award for the best European entrepreneurs in the field of high technology. Two years later, over 140 companies submitted their candidacy to the selection committee, composed of Europe's leading venture companies.
In January 2009, Philippe Merk became CEO of Audemars Piguet.
In May 2012, François-Henri Bennahmias was nominated interim CEO. He joined the company in 1994. Three years later, he was promoted to lead the brand's operations in Singapore. In 1996, he took over for Audemars Piguet in France, Germany, Italy, Spain, Switzerland, Brunei, Australia and Malaysia. In 1999, he became CEO of Audemars Piguet North America.
François-Henri Bennahmias currently manages Audemars Piguet.
In 2000, Audemars Piguet celebrated its 125th anniversary and opened a new building in Le Brassus to house its workshops and watchmakers.
In 2009, a new production site opened in the center of the village of Le Brassus. The "Manufacture des Forges" was the first industrial building to meet the standards of the new Swiss Minergie-Eco® environmental certification.
Audemars Piguet is notable for designing and manufacturing highly advanced, complicated and finished watch movements in-house and while some manufacturers have a tiered finishing structure, you will find the same finishing standard throughout AP's collection.
In 2015, the Audemars Piguet watch group is composed of 1,200 employees, 14 distribution subsidiaries and 16 boutiques around the world.
In 2016, Audemars Piguet group is composed of 1,450 employees, 14 distribution subsidiaries and 18 boutiques around the world with revenue of around 900 million Swiss franc's and production of 40,000 timepieces.
The company has three production sites in Le Brassus, Le Locle and Meyrin in Switzerland. Audemars Piguet's headquarters are located in Le Brassus. The subsidiary Audemars Piguet Renaud et Papi SA is in Le Locle and its production site Centror SA is located in Meyrin.
AP has a specialized workshop that restores and repairs 200-year-old watches.
The Swiss company produces complex mechanical watches, haute joaillerie creations and jewellery.
In 2012, AP's slogan became : "To break the rules, you must first master them". "Over the years we have demonstrated our mastery of the art of haute horology and yet Audemars Piguet has also always been a beacon of innovation and creativity that dares to break new grounds" said Philippe Merk, CEO.
Audemars Piguet thus launched an advertising campaign to promote the new slogan. It was divided into two main themes. The first one showed the artistry of every watch component, the second one focused on different landscapes of the Vallée de Joux. Pictures were shot by photographers Richard Foster and Dan Holdsworth.
Like many other luxury watch brands, Audemars Piguet has a number of ambassadors, including: Stanislas Wawrinka, Sachin Tendulkar, Michael Schumacher, Lionel Messi, Sébastien Buemi, LeBron James, Michelle Yeoh, Novak Djokovic, Serena Williams and many other personalities and athletes.
In the 1980s, Audemars Piguet entered into a partnership with the golfer Nick Faldo. On the high seas, AP supported the UBS Switzerland team skippered by Pierre Fehlmann.
In 1996, chess champion Garry Kasparov became the brand's ambassador. Two years later, Audemars Piguet created the Millenary Garry Kasparov model. This watch was equipped with a second time zone and a power reserve display.
In 2010, soccer player Lionel Messi became AP's ambassador. The brand created the limited edition Royal Oak Leo Messi. The collection was limited to 1,000 pieces and was outfitted with an alligator skin strap. In May 2014, Leo Messi visited the Audemars Piguet factory in Le Brassus to see where his namesake watch was made.
In 2003, the Swiss team Alinghi won the 31st America's Cup. Audemars Piguet, official partner, commemorated its achievement by creating the Royal Oak City of Sails, launched in a limited edition. Audemars Piguet was a sponsor of Team Alinghi, winners of the America's Cup in 2003 and made a series of Alinghi limited edition watches. On 3 July 2007, Alinghi won the 32nd America's Cup. To celebrate this victory, the company created the Royal Oak Offshore Alinghi Team chronograph.
AP also established a partnership with automobile manufacturer Maserati in 2005. For the 90th anniversary of the Italian company, Audemars Piguet created the Dual Time Millenary Maserati.
Audemars Piguet has made a number of special and limited edition watches for celebrities and athletes. They include Stanislas Wawrinka, Sachin Tendulkar, Rubens Barrichello, Jarno Trulli, Quincy Jones, Arnold Schwarzenegger, Sébastien Buemi, Shaquille O'Neal, Lionel Messi, LeBron James, Rory McIlroy and Jay-Z.
In 2005, Jay Z partnered with Audemars Piguet to create the Royal Oak Offshore Jay Z 10th Anniversary, featuring a collection of 100 timepieces to celebrate the hip hop singer's 10th anniversary in the music business. For the occasion, watches were sold with an iPod featuring songs by the artist. Jay Z ft. Beyoncé also mentioned Audemars Piguet in her song featuring Jay Z called "Upgrade U".
Audemars Piguet has shown an interest in cinema through its ambassadors. Some of the watches have appeared in films such as the Royal Oak Offshore in The End of Days in 1999 and in Terminator 3.
Through the years, AP has also created special watches to raise money for charity. Among its very limited editions, one watch was signed by the actress Scarlett Johansson, another by the musician John Legend. Daniel Radcliffe signed a self-winding chronograph and Jay Z the Las Vegas Strip Tourbillon.
In 2007, Audemars Piguet offered its support to the Clinton Foundation. The Foundation works around the world on global issues, including education, health, and fights against HIV/AIDS. AP created the Jules Audemars Clinton Foundation Equation of Time watch in a limited edition of 126 pieces. The watch incorporated complex astronomical features. It showed sunrise and sunset times, a perpetual calendar, and an astronomical moon.
In 1992, Audemars Piguet created a foundation dedicated to forest conservation through environmental protection and youth awareness. The Audemars Piguet Foundation contributes preserving forests worldwide and educates younger generations on environmental issues.
The foundation ensures that the company maintains eco-friendly policies.
Besides its foundation, the watchmaker has created eco-groups in every department of the company.
In 2014, the Audemars Piguet Foundation worked on 75 projects in 34 countries worldwide.
The collection also features a watch created in 1769 by Joseph Piguet, an ancestor of Edward Piguet. The museum also hosts lots of world firsts, such as the world's thinnest pocket watch caliber, the wristwatch with a perpetual calendar and some of the Royal Oak watches.
Currently, about 250 pieces are displayed in the museum. Around 300 are loaned out to other museums or exhibition spaces. With its expansion, the museum will be able to showcase more timepieces.
In September 2014, AP designed a new building to house the company's new museum. It will consist of a steel structure in the shape of an overlapping spiral and recall the Guggenheim museum.
In July 2014, Audemars Piguet launched an annual art commission. Every year, an artist is rewarded after using horology mechanics and technology in its creations.
In 2014 and 2015, Audemars Piguet Art Commission curator was Marc-Olivier Wahler. In 2014, the watchmaker supported the Dutch artist Theo Jansen, who explored synergies between his creation and the fine craft of horology. One year later, the watchmaker officially presented its Audemars Piguet Art Commission with an exhibition of Robin Meier at Art Basel.
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