Selected research
Market Analysis & Forecast
Global Long-Lasting Lipstick Market Analysis and Forecast 2026-2032
Market perspective
The global Long-Lasting Lipstick market is projected to grow from US$ million in 2026 to US$ million by 2032, at a Compound Annual Growth Rate (CAGR) of % during the forecast period.
The US & Canada market for Long-Lasting Lipstick is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
Europe market for Long-Lasting Lipstick is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
Read the full market overview
Asia-Pacific market for Long-Lasting Lipstick is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
The China market for Long-Lasting Lipstick is estimated to increase from $ million in 2026 to reach $ million by 2032, at a CAGR of % during the forecast period of 2026 through 2032.
The major global manufacturers of Long-Lasting Lipstick include L' Oreal Group, PG, Estee Lauder, Relvon, LVMH, Shiseido, Chanel, ROHTO and Beiersdorf, etc. In 2025, the world's top three vendors accounted for approximately % of the revenue.
This report presents an overview of global market for Long-Lasting Lipstick, sales, revenue and price. Analyses of the global market trends, with historic market revenue or sales data for 2021 - 2025, estimates for 2026, and projections of CAGR through 2032.
This report researches the key producers of Long-Lasting Lipstick, also provides the sales of main regions and countries. Of the upcoming market potential for Long-Lasting Lipstick, and key regions or countries of focus to forecast this market into various segments and sub-segments. Country specific data and market value analysis for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, Middle East, Africa, and Other Countries.
This report focuses on the Long-Lasting Lipstick sales, revenue, market share and industry ranking of main manufacturers, data from 2021 to 2026. Identification of the major stakeholders in the global Long-Lasting Lipstick market, and analysis of their competitive landscape and market positioning based on recent developments and segmental revenues. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.
This report analyzes the segments data by Type and by Application, sales, revenue, and price, from 2021 to 2032. Evaluation and forecast the market size for Long-Lasting Lipstick sales, projected growth trends, production technology, application and end-user industry.
Long-Lasting Lipstick Segment by Company
L' Oreal Group
PG
Estee Lauder
Relvon
LVMH
Shiseido
Chanel
ROHTO
Beiersdorf
DHC
Johnson& Johnson
Avon
Jahwa
JALA
Long-Lasting Lipstick Segment by Type
Matte
Creme
Glossy
Satin
Long-Lasting Lipstick Segment by Application
Online Sales
Offline Sales
Long-Lasting Lipstick Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, sales, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Long-Lasting Lipstick market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Long-Lasting Lipstick and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in sales and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Long-Lasting Lipstick.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by type and by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Sales (consumption), revenue of Long-Lasting Lipstick in global, regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 4: Detailed analysis of Long-Lasting Lipstick manufacturers competitive landscape, price, sales, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 5: Provides the analysis of various market segments by type, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by application, covering the sales, revenue, average price, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key manufacturers, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Long-Lasting Lipstick sales, revenue, price, gross margin, and recent development, etc.
Chapter 8: North America by type, by application and by country, sales, and revenue for each segment.
Chapter 9: Europe by type, by application and by country, sales, and revenue for each segment.
Chapter 10: China type, by application, sales, and revenue for each segment.
Chapter 11: Asia (excluding China) type, by application and by region, sales, and revenue for each segment.
Chapter 12: South America, Middle East and Africa by type, by application and by country, sales, and revenue for each segment.
Chapter 13: Analysis of industrial chain, sales channel, key raw materials, distributors and customers.
Chapter 14: The main concluding insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Matte
- Creme
- Glossy
- Satin
Applications
- Online Sales
- Offline Sales
Companies covered
- L' Oreal Group
- PG
- Estee Lauder
- Relvon
- LVMH
- Shiseido
- Chanel
- ROHTO
- Beiersdorf
- DHC
- Johnson& Johnson
- Avon
- Jahwa
- JALA
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Long-Lasting Lipstick Market by Type
- 1.2.1 Global Long-Lasting Lipstick Market Size by Type, 2021 VS 2025 VS 2032
- 1.2.2 Matte
- 1.2.3 Creme
- 1.2.4 Glossy
- 1.2.5 Satin
- 1.3 Long-Lasting Lipstick Market by Application
- 1.3.1 Global Long-Lasting Lipstick Market Size by Application, 2021 VS 2025 VS 2032
- 1.3.2 Online Sales
- 1.3.3 Offline Sales
- 1.4 Assumptions and Limitations
- 1.5 Study Goals and Objectives
2 Long-Lasting Lipstick Market Dynamics
- 2.1 Long-Lasting Lipstick Industry Trends
- 2.2 Long-Lasting Lipstick Industry Drivers
- 2.3 Long-Lasting Lipstick Industry Opportunities and Challenges
- 2.4 Long-Lasting Lipstick Industry Restraints
3 Global Market Growth Prospects
- 3.1 Global Long-Lasting Lipstick Revenue Estimates and Forecasts (2021-2032)
- 3.2 Global Long-Lasting Lipstick Revenue by Region
- 3.2.1 Global Long-Lasting Lipstick Revenue by Region: 2021 VS 2025 VS 2032
- 3.2.2 Global Long-Lasting Lipstick Revenue by Region (2021-2026)
- 3.2.3 Global Long-Lasting Lipstick Revenue by Region (2027-2032)
- 3.2.4 Global Long-Lasting Lipstick Revenue Market Share by Region (2021-2032)
- 3.3 Global Long-Lasting Lipstick Sales Estimates and Forecasts 2021-2032
- 3.4 Global Long-Lasting Lipstick Sales by Region
- 3.4.1 Global Long-Lasting Lipstick Sales by Region: 2021 VS 2025 VS 2032
- 3.4.2 Global Long-Lasting Lipstick Sales by Region (2021-2026)
- 3.4.3 Global Long-Lasting Lipstick Sales by Region (2027-2032)
- 3.4.4 Global Long-Lasting Lipstick Sales Market Share by Region (2021-2032)
- 3.5 US & Canada & Mexico
- 3.6 Europe
- 3.7 China
- 3.8 Asia (Excluding China)
- 3.9 South America, Middle East and Africa
4 Market Competitive Landscape by Manufacturers
- 4.1 Global Long-Lasting Lipstick Revenue by Manufacturers
- 4.1.1 Global Long-Lasting Lipstick Revenue by Manufacturers (2021-2026)
- 4.1.2 Global Long-Lasting Lipstick Revenue Market Share by Manufacturers (2021-2026)
- 4.1.3 Global Long-Lasting Lipstick Manufacturers Revenue Share Top 10 and Top 5 in 2025
- 4.2 Global Long-Lasting Lipstick Sales by Manufacturers
- 4.2.1 Global Long-Lasting Lipstick Sales by Manufacturers (2021-2026)
- 4.2.2 Global Long-Lasting Lipstick Sales Market Share by Manufacturers (2021-2026)
- 4.2.3 Global Long-Lasting Lipstick Manufacturers Sales Share Top 10 and Top 5 in 2025
- 4.3 Global Long-Lasting Lipstick Sales Price by Manufacturers (2021-2026)
- 4.4 Global Long-Lasting Lipstick Key Manufacturers Ranking, 2024 VS 2025 VS 2026
- 4.5 Global Long-Lasting Lipstick Key Manufacturers Manufacturing Sites & Headquarters
- 4.6 Global Long-Lasting Lipstick Manufacturers, Product Type & Application
- 4.7 Global Long-Lasting Lipstick Manufacturers' Establishment Date
- 4.8 Market Competitive Analysis
- 4.8.1 Global Long-Lasting Lipstick Market CR5 and HHI
- 4.8.2 2025 Long-Lasting Lipstick Tier 1, Tier 2, and Tier 3
5 Long-Lasting Lipstick Market by Type
- 5.1 Global Long-Lasting Lipstick Revenue by Type
- 5.1.1 Global Long-Lasting Lipstick Revenue by Type (2021 VS 2025 VS 2032)
- 5.1.2 Global Long-Lasting Lipstick Revenue by Type (2021-2032) & (US$ Million)
- 5.1.3 Global Long-Lasting Lipstick Revenue Market Share by Type (2021-2032)
- 5.2 Global Long-Lasting Lipstick Sales by Type
- 5.2.1 Global Long-Lasting Lipstick Sales by Type (2021 VS 2025 VS 2032)
- 5.2.2 Global Long-Lasting Lipstick Sales by Type (2021-2032) & (k units)
- 5.2.3 Global Long-Lasting Lipstick Sales Market Share by Type (2021-2032)
- 5.3 Global Long-Lasting Lipstick Price by Type
6 Long-Lasting Lipstick Market by Application
- 6.1 Global Long-Lasting Lipstick Revenue by Application
- 6.1.1 Global Long-Lasting Lipstick Revenue by Application (2021 VS 2025 VS 2032)
- 6.1.2 Global Long-Lasting Lipstick Revenue by Application (2021-2032) & (US$ Million)
- 6.1.3 Global Long-Lasting Lipstick Revenue Market Share by Application (2021-2032)
- 6.2 Global Long-Lasting Lipstick Sales by Application
- 6.2.1 Global Long-Lasting Lipstick Sales by Application (2021 VS 2025 VS 2032)
- 6.2.2 Global Long-Lasting Lipstick Sales by Application (2021-2032) & (k units)
- 6.2.3 Global Long-Lasting Lipstick Sales Market Share by Application (2021-2032)
- 6.3 Global Long-Lasting Lipstick Price by Application
7 Company Profiles
- 7.1 L' Oreal Group
- 7.1.1 L' Oreal Group Company Information
- 7.1.2 L' Oreal Group Business Overview
- 7.1.3 L' Oreal Group Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.1.4 L' Oreal Group Long-Lasting Lipstick Product Portfolio
- 7.1.5 L' Oreal Group Recent Developments
- 7.2 PG
- 7.2.1 PG Company Information
- 7.2.2 PG Business Overview
- 7.2.3 PG Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.2.4 PG Long-Lasting Lipstick Product Portfolio
- 7.2.5 PG Recent Developments
- 7.3 Estee Lauder
- 7.3.1 Estee Lauder Company Information
- 7.3.2 Estee Lauder Business Overview
- 7.3.3 Estee Lauder Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.3.4 Estee Lauder Long-Lasting Lipstick Product Portfolio
- 7.3.5 Estee Lauder Recent Developments
- 7.4 Relvon
- 7.4.1 Relvon Company Information
- 7.4.2 Relvon Business Overview
- 7.4.3 Relvon Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.4.4 Relvon Long-Lasting Lipstick Product Portfolio
- 7.4.5 Relvon Recent Developments
- 7.5 LVMH
- 7.5.1 LVMH Company Information
- 7.5.2 LVMH Business Overview
- 7.5.3 LVMH Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.5.4 LVMH Long-Lasting Lipstick Product Portfolio
- 7.5.5 LVMH Recent Developments
- 7.6 Shiseido
- 7.6.1 Shiseido Company Information
- 7.6.2 Shiseido Business Overview
- 7.6.3 Shiseido Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.6.4 Shiseido Long-Lasting Lipstick Product Portfolio
- 7.6.5 Shiseido Recent Developments
- 7.7 Chanel
- 7.7.1 Chanel Company Information
- 7.7.2 Chanel Business Overview
- 7.7.3 Chanel Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.7.4 Chanel Long-Lasting Lipstick Product Portfolio
- 7.7.5 Chanel Recent Developments
- 7.8 ROHTO
- 7.8.1 ROHTO Company Information
- 7.8.2 ROHTO Business Overview
- 7.8.3 ROHTO Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.8.4 ROHTO Long-Lasting Lipstick Product Portfolio
- 7.8.5 ROHTO Recent Developments
- 7.9 Beiersdorf
- 7.9.1 Beiersdorf Company Information
- 7.9.2 Beiersdorf Business Overview
- 7.9.3 Beiersdorf Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.9.4 Beiersdorf Long-Lasting Lipstick Product Portfolio
- 7.9.5 Beiersdorf Recent Developments
- 7.10 DHC
- 7.10.1 DHC Company Information
- 7.10.2 DHC Business Overview
- 7.10.3 DHC Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.10.4 DHC Long-Lasting Lipstick Product Portfolio
- 7.10.5 DHC Recent Developments
- 7.11 Johnson& Johnson
- 7.11.1 Johnson& Johnson Company Information
- 7.11.2 Johnson& Johnson Business Overview
- 7.11.3 Johnson& Johnson Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.11.4 Johnson& Johnson Long-Lasting Lipstick Product Portfolio
- 7.11.5 Johnson& Johnson Recent Developments
- 7.12 Avon
- 7.12.1 Avon Company Information
- 7.12.2 Avon Business Overview
- 7.12.3 Avon Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.12.4 Avon Long-Lasting Lipstick Product Portfolio
- 7.12.5 Avon Recent Developments
- 7.13 Jahwa
- 7.13.1 Jahwa Company Information
- 7.13.2 Jahwa Business Overview
- 7.13.3 Jahwa Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.13.4 Jahwa Long-Lasting Lipstick Product Portfolio
- 7.13.5 Jahwa Recent Developments
- 7.14 JALA
- 7.14.1 JALA Company Information
- 7.14.2 JALA Business Overview
- 7.14.3 JALA Long-Lasting Lipstick Sales, Revenue, Price and Gross Margin (2021-2026)
- 7.14.4 JALA Long-Lasting Lipstick Product Portfolio
- 7.14.5 JALA Recent Developments
8 North America
- 8.1 North America Long-Lasting Lipstick Market Size by Type
- 8.1.1 North America Long-Lasting Lipstick Revenue by Type (2021-2032)
- 8.1.2 North America Long-Lasting Lipstick Sales by Type (2021-2032)
- 8.1.3 North America Long-Lasting Lipstick Price by Type (2021-2032)
- 8.2 North America Long-Lasting Lipstick Market Size by Application
- 8.2.1 North America Long-Lasting Lipstick Revenue by Application (2021-2032)
- 8.2.2 North America Long-Lasting Lipstick Sales by Application (2021-2032)
- 8.2.3 North America Long-Lasting Lipstick Price by Application (2021-2032)
- 8.3 North America Long-Lasting Lipstick Market Size by Country
- 8.3.1 North America Long-Lasting Lipstick Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 8.3.2 North America Long-Lasting Lipstick Sales by Country (2021 VS 2025 VS 2032)
- 8.3.3 North America Long-Lasting Lipstick Price by Country (2021-2032)
- 8.3.4 United States
- 8.3.5 Canada
- 8.3.6 Mexico
9 Europe
- 9.1 Europe Long-Lasting Lipstick Market Size by Type
- 9.1.1 Europe Long-Lasting Lipstick Revenue by Type (2021-2032)
- 9.1.2 Europe Long-Lasting Lipstick Sales by Type (2021-2032)
- 9.1.3 Europe Long-Lasting Lipstick Price by Type (2021-2032)
- 9.2 Europe Long-Lasting Lipstick Market Size by Application
- 9.2.1 Europe Long-Lasting Lipstick Revenue by Application (2021-2032)
- 9.2.2 Europe Long-Lasting Lipstick Sales by Application (2021-2032)
- 9.2.3 Europe Long-Lasting Lipstick Price by Application (2021-2032)
- 9.3 Europe Long-Lasting Lipstick Market Size by Country
- 9.3.1 Europe Long-Lasting Lipstick Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 9.3.2 Europe Long-Lasting Lipstick Sales by Country (2021 VS 2025 VS 2032)
- 9.3.3 Europe Long-Lasting Lipstick Price by Country (2021-2032)
- 9.3.4 Germany
- 9.3.5 France
- 9.3.6 U.K.
- 9.3.7 Italy
- 9.3.8 Russia
- 9.3.9 Spain
- 9.3.10 Netherlands
10 China
- 10.1 China Long-Lasting Lipstick Market Size by Type
- 10.1.1 China Long-Lasting Lipstick Revenue by Type (2021-2032)
- 10.1.2 China Long-Lasting Lipstick Sales by Type (2021-2032)
- 10.1.3 China Long-Lasting Lipstick Price by Type (2021-2032)
- 10.2 China Long-Lasting Lipstick Market Size by Application
- 10.2.1 China Long-Lasting Lipstick Revenue by Application (2021-2032)
- 10.2.2 China Long-Lasting Lipstick Sales by Application (2021-2032)
- 10.2.3 China Long-Lasting Lipstick Price by Application (2021-2032)
11 Asia (Excluding China)
- 11.1 Asia Long-Lasting Lipstick Market Size by Type
- 11.1.1 Asia Long-Lasting Lipstick Revenue by Type (2021-2032)
- 11.1.2 Asia Long-Lasting Lipstick Sales by Type (2021-2032)
- 11.1.3 Asia Long-Lasting Lipstick Price by Type (2021-2032)
- 11.2 Asia Long-Lasting Lipstick Market Size by Application
- 11.2.1 Asia Long-Lasting Lipstick Revenue by Application (2021-2032)
- 11.2.2 Asia Long-Lasting Lipstick Sales by Application (2021-2032)
- 11.2.3 Asia Long-Lasting Lipstick Price by Application (2021-2032)
- 11.3 Asia Long-Lasting Lipstick Market Size by Country
- 11.3.1 Asia Long-Lasting Lipstick Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 11.3.2 Asia Long-Lasting Lipstick Sales by Country (2021 VS 2025 VS 2032)
- 11.3.3 Asia Long-Lasting Lipstick Price by Country (2021-2032)
- 11.3.4 Japan
- 11.3.5 South Korea
- 11.3.6 India
- 11.3.7 Australia
- 11.3.8 Taiwan
- 11.3.9 Southeast Asia
12 South America, Middle East and Africa
- 12.1 SAMEA Long-Lasting Lipstick Market Size by Type
- 12.1.1 SAMEA Long-Lasting Lipstick Revenue by Type (2021-2032)
- 12.1.2 SAMEA Long-Lasting Lipstick Sales by Type (2021-2032)
- 12.1.3 SAMEA Long-Lasting Lipstick Price by Type (2021-2032)
- 12.2 SAMEA Long-Lasting Lipstick Market Size by Application
- 12.2.1 SAMEA Long-Lasting Lipstick Revenue by Application (2021-2032)
- 12.2.2 SAMEA Long-Lasting Lipstick Sales by Application (2021-2032)
- 12.2.3 SAMEA Long-Lasting Lipstick Price by Application (2021-2032)
- 12.3 SAMEA Long-Lasting Lipstick Market Size by Country
- 12.3.1 SAMEA Long-Lasting Lipstick Revenue Grow Rate by Country (2021 VS 2025 VS 2032)
- 12.3.2 SAMEA Long-Lasting Lipstick Sales by Country (2021 VS 2025 VS 2032)
- 12.3.3 SAMEA Long-Lasting Lipstick Price by Country (2021-2032)
- 12.3.4 Brazil
- 12.3.5 Argentina
- 12.3.6 Chile
- 12.3.7 Colombia
- 12.3.8 Peru
- 12.3.9 Saudi Arabia
- 12.3.10 Israel
- 12.3.11 UAE
- 12.3.12 Turkey
- 12.3.13 Iran
- 12.3.14 Egypt
13 Value Chain and Sales Channels Analysis
- 13.1 Long-Lasting Lipstick Value Chain Analysis
- 13.1.1 Long-Lasting Lipstick Key Raw Materials
- 13.1.2 Raw Materials Key Suppliers
- 13.1.3 Manufacturing Cost Structure
- 13.1.4 Long-Lasting Lipstick Production Mode & Process
- 13.2 Long-Lasting Lipstick Sales Channels Analysis
- 13.2.1 Direct Comparison with Distribution Share
- 13.2.2 Long-Lasting Lipstick Distributors
- 13.2.3 Long-Lasting Lipstick Customers
14 Concluding Insights
15 Appendix
- 15.1 Reasons for Doing This Study
- 15.2 Research Methodology
- 15.3 Research Process
- 15.4 Authors List of This Report
- 15.5 Data Source
- 15.5.1 Secondary Sources
- 15.5.2 Primary Sources
- 15.6 Disclaimer
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