The afternoon session focussed on South America and particularly Brazil. It was evident that many of the attendees were there to learn more about the opportunities for their brands in this market. Carlos Ferreirinha, Chairman of MCF Consultancy in Sao Paulo did an outstanding job of painting a picture of the Brazilian market and the potential opportunities. Carlos managed to convey his subject with real enthusiasm and one was left with a feeling of excitement about the extraordinary potential for Brazil. He explained some of the challenges faced by luxury brands when entering this market and the cultural differences; he related an anecdote of how Tiffanys had had to succumb to the Brazilian habit of paying in parts for goods on interest free credit, whatever they may be - even Tiffanys diamonds!