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Generative AI in Fashion Market to Expand at a CAGR of 36.9%, Witnessing a Surge in Growth Opportunities by Providing Unique Experiences

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New York, April 03, 2023 (GLOBE NEWSWIRE) — The global generative AI in the fashion market size accounted for USD 69 million in 2022. It is expected to grow at a CAGR of 36.9% and is predicted to reach USD 1,481 million by 2032.

The global AI in the fashion market is a high-growth combination of artificial intelligence and the clothing industry. The generative AI in fashion firms has also improved the uniqueness and customer experience, helping customer demand to grow. In addition, it has made it easier to analyze customer product demand while reducing unnecessary inventory costs.

Generative AI in Fashion Market By Component

To get additional highlights on major revenue-generating segments, Request a Global Generative AI in Fashion Market sample report at https://market.us/report/generative-ai-in-fashion-market/request-sample/

Key Takeaway:

  • By component, the solution segment accounted for a significant share of the global generative AI in the fashion market in 2022.
  • By application, the supply chain management & demand forecasting segment held the largest market share during the forecast period 2023 to 2032.
  • By deployment, the cloud segment dominated the market in 2022.
  • By category, the clothing segment dominated the global generative AI in the fashion market in 2022.
  • By end-User, the fashion stores segment will account for a significant share of the global generative AI in fashion market growth during the forecast period.
  • In 2022, North America dominated the market with the highest revenue share of 42.0%.
  • Asia-Pacific held a 25% revenue share in 2022.
  • Europe will grow at the fastest CAGR from 2023-2032.

AI digital platforms are used to suggest apparel to consumers as per their current style, height, weight, and form. When customers give accurate measurements in the AI system, it can quickly provide the desired results.

Factors Affecting the Growth of the Global Generative AI in the Fashion Market

Several factors can affect the growth of the global generative AI in the fashion market. Some of these factors include:

  • Increasing Consumers’ Demand for Personalized Experience: The rising demand for personalized experiences has increased the adaption of artificial intelligence in the global fashion market. The tremendous use of e-commerce sites for shopping for clothing, footwear, cosmetics, and other accessories has boosted the market’s growth. The major brands must change their content depending on recent fashion trends. This technology helps to select the appropriate product in the least time.
  • High Social Media Influence on the Global Fashion Industry: The rapid growth in social media adaptation has led to increased social media accounts, mainly for youngsters. As per the global analysis, there are now 5.77 billion active social media users worldwide, but that global number is a 9.9% increase from the previous year. As per analysis, 400 million new people may have logged in to at least one social media account within the last year. A large number of actively available audiences has boosted the fashion market. Social media benefits for this market include useful interactions, comfortable shopping criteria, rising recommendations, and accessibility.

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Top Trends in the Global Generative AI in Fashion Market

One of the major trends in the global generative AI in fashion is 3D rendering, which means the AI generates 3-dimensional fashion models that can be rotated and viewed from multiple angles as per requirement. Generative AI also increased marketing capabilities by utilizing data in a better way and using machine learning to generate a highly personalized product as per the target audience.

Another trend is in designing emails, specific website pages, related captions, and supportive ads that are created to a specific individual’s interests and requirements.

Regional Analysis

The global generative AI in the fashion market is dominated by North America, which is anticipated to have the largest share during the forecast period (2023-2032), owing to the presence of the major key players such as Oracle, IBM, Facebook, Google, Microsoft Corporation AWS, Adobe, Vue.AI, Lily AI, Mode.AI, Stitch Fix, and Findmine, and others. The huge growth of the social media & entertainment industry has also boosted the market’s revenue.

The Asia-Pacific region is anticipated to be a fast-growing sector in the global generative AI in the fashion market due to the high acceptance of smartphones, continued use of social media, and novel AI websites. Additionally, supportive government policies to boost digitization in some countries like China and India are also propelling market development.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 69 Million
Market Size (2032) USD 1,481 Million
CAGR (from 2023 to 2032) 36.9%
North America Revenue Share 42.0%
Asia-Pacific Revenue Share 25.0%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers:

Rising applications in end-user companies

Generative AI has the capability to alter business fundamentals. This core technology can basically describe industries and businesses at play because it generates fresh and high-quality content from the history and data it is fed with. The generative AI technology can boost the efficiency of the output, reduce costs, and supply new growth ideas as it requires fewer human interventions, which is less prone to human errors, and can multitask too.

Market Restraints:  

Existence of Traditional Systems

The fashion industry has always been directly connected with common people. Due to the advantages of social media and e-commerce, it has become easier for various brands to reach each individual. Additionally, some of the famous traditional brands have been targeting in-house methods and market strategies. The restricted use of some simple trending methods is basically due to some of these methods being inconvenient to make up with the recent technological innovations, thereby facing issues in replacing the old systems. Additionally, the low utilization of recent technology by these major companies and some other prominent brands has reduced their output and audience. This is how the traditional method systems have restrained the global generative AI in fashion market growth.

Market Opportunities:

The early design or ideation stages is one the most curious area to use artificial intelligence in the fashion market. When creating the desired outfits, designers mainly start with the study of desired trends and identifying recent opportunities. In this process, they form mood boards, specific sketches, and low-description prototypes, depending on the requirement. The overall design concepts are basically limited by the designer’s abilities, designers experience, field knowledge, and time constraints. But with artificial intelligence, generating novel ideas from a simple input, such as images from a specific fashion show, a photograph by a bestseller photographer, or a certain text description of the required concept, has become much easier.

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Report Segmentation of the Global Generative AI in the Fashion Market

Component Insight

The global generative AI in the fashion market by component segmented into solutions and services. During the forecast period, the solutions segment is expected to dominate the global generative AI in the fashion market. Fashion individuals are rapidly moving to novel technologies that can make a platform for their business and help to gain new customers. Additionally, analyzing recent trends through different social media pages and gathering information about customers’ essential requirements has become more difficult for fashion organizations. Therefore, fashion organizations and brands are rapidly using AI-based products, platforms, and different software tools.

Application Insight

The high impact of AI in fashion is mainly in the sector of supply chain management & demand forecasting. By using AI technology, it is possible to predict future sales and product performances. The fashion businesses can make more deliberate decisions about what & when to make and deliver. This reduces unnecessary waste, improves consumer satisfaction, and increases the market value of Generative AI.

Deployment Insight

The cloud segment is expected to have the highest CAGR over the forecast period. The use of generative AI with cloud-based 3D imaging technology is growing due to its advantages, such as simple and effective management, picture data maintenance, flexible nature, low cost-effectiveness, and scalability. The on-premises segment anticipates a one-use license purchase, a global internal network that can be performed anytime, and data is stored generally with high security.

Category Insight

The segment of clothing is expected to grow the fastest during the forecast period 2023-2032. Virtual try-on in the Generative AI is used to create virtual representations of different fashion products that are superimposed onto actual images of people, helping customers to “try on” outfits virtually.  The AI models can be personalized to differentiate a large range of body types, skin colors, and sizes, making it an easy way for customers to see how exactly the outfits would look overall on them.

End-User Insight

A high percentage of generative AI is used in fashion stores. Basically, the upcoming and leading fashion designers flaunt their idea to the customers in their personalized way. This generative AI makes the easiest way for the designers to showcase different ideas in the frame.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/generative-ai-in-fashion-market/request-sample/

Market Segmentation

By Component

  • Solutions
  • Services

By Application

  • Product Recommendation
  • Product Search and Discovery
  • Supply Chain Management and Demand Forecasting
  • Creative Designing & Trend Forecasting
  • Customer Relationship Management
  • Virtual Assistants
  • Others (Fraud detection, fabric waste reduction, and price optimization)

By Deployment Mode

  • Cloud
  • On-premises

By Category

  • Clothing
  • Accessories
  • Beauty & Cosmetics
  • Others

By End User

  • Fashion Designers
  • Fashion Stores

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include

  • Microsoft Corporation
  • Adobe Inc.
  • IBM Corporation
  • Catchoom Technologies S.L.
  • Huawei Technologies Co., Ltd.
  • Facebook, Inc.
  • SAP SE
  • Amazon Web Services, Inc.
  • Google LLC
  • Oracle Corporation
  • Other Key Players.

Recent Development of the Global Generative AI in the Fashion Market

  • In March 2018, the company Vue.ai launched one of the first AI-based human model generators, creating the way of end-to-end trading and calendar automation.
  • In January 2020, The AI company Lily AI grew up to USD 12.5 M Series A made by Canaan to line up its e-commerce technology.

Related Reports

  • Generative AI Market is estimated to register the highest CAGR of 31.4%. It is expected to reach USD 151.9 billion by 2032.
  • Generative AI in the Music Market was valued at USD 229 million in 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 28.6%.
  • Artificial Intelligence market size was valued to be worth USD 129.28 billion in 2022. From 2023 to 2032, it is estimated to reach USD 2745 billion growing at a CAGR of 36.8%.
  • Generative AI in Animation market was valued at USD 0.9 billion in 2022. It is projected to achieve a remarkable CAGR of 35.7% during the period from 2023 to 2032 and is anticipated to reach USD 17.7 billion by 2032.
  • Generative AI in business market was worth USD 1.2 billion in 2022. This market is expected to reach USD 20.9 billion by 2032 with a CAGR of 33.5% in the forecast period of 2023-2032.
  • Chatbot Market size was valued at USD 4.92 billion in 2022 and is expected to reach USD 42 billion by 2032 with a CAGR of 23.91%.

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Artificial Intelligence

Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software

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Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.

The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
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CUBE acquires global regulatory intelligence businesses from Thomson Reuters

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LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.

The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.” 
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.

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Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter:  @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City 
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman 
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone  Email: [email protected]  

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