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  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, speaks on the phone at the entrance of the the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, speaks on the phone at the entrance of the the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, chooses a garment for a client in the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, arranges a mannequin in the shop window of the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, looks outside the entrance door of the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, poses for a portrait in the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, suggests a dress to a client in the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, is here behind the counter of the Max Mara retail store she manages after applying a discount to a client in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, poses for a portrait in the shop window of the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • ROME, ITALY - 14 MAY 2014: Business owner Mina Giannandrea, 68, poses for a portrait in the Max Mara retail store she manages in Rome, Italy, on May 14th 2014. Ms. Giannandrea has owned 4 clothing store for 40 years, until last year, when she had to close two shops and fire 8 people due to high labour costs, tax hikes and big drop in domestic consumption. The shops are in two different Roman neighborhoods, and sell Max Mara garments.
    CIPG_20140514_INYT_RomeRetailer__M3_...jpg
  • 4 October, 2008. Items on sale in an Ann Taylor-LOFT store on 34th street (between Broadway and Fifth ave). As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_008.jpg
  • 4 October, 2008. T-shirts on sale in an Ann Taylor-LOFT store on 34th street (between Broadway and Fifth ave). As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_007.jpg
  • 4 October, 2008.  A customer exits a Banana Republic store on 34th street and Fifth ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_006.jpg
  • 4 October, 2008.  A sale sign is here at the entrance of the Bloomingdale's department store on 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_005.jpg
  • 4 October, 2008.  A customer exits the Banana Republic Store located at the Grand Central Terminal. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_001.jpg
  • 4 October, 2008. A sale sign in the window of the Ann Taylor-LOFT store in Times Square.  As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_023.jpg
  • 4 October, 2008. Mother and daughter wait in front of the Gap store on 34th street (Herald Square). As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_022.jpg
  • 4 October, 2008. A customer enters the Bloomingdale's department store on 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_018.jpg
  • 4 October, 2008. Customer check items on sale in the Gap store of 42nd street and 3rd ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_017.jpg
  • 4 October, 2008. A sale sign in the window of the Ann Taylor-LOFT store of 42nd street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_015.jpg
  • 4 October, 2008. A customer check items on sale in the Old Navy store of 34th street (between Broadway and 7th ave). As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_005.jpg
  • 4 October, 2008.  Items on sale at the Bloomingdale's department store on 59th street and Lexingon ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_003.jpg
  • 4 October, 2008. Customers are here in the women's department of the Gap store in Herald Square. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_021.jpg
  • 4 October, 2008. Lighting on sale in the Restoration Hardware store on 22nd street and Broadway. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_020.jpg
  • 4 October, 2008. Customers go up the stairs of the Gap store of Times Square. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_016.jpg
  • 4 October, 2008. Customers enter the gap store of 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_014.jpg
  • 4 October, 2008. Customers exit the Gap store in Herald Square. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_013.jpg
  • 4 October, 2008. Customers enter the Restoration Hardware store on 22nd street and Broadway. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_012.jpg
  • 4 October, 2008. A customer exits the Banana Republic store of 34th street and 5th ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_011.jpg
  • 4 October, 2008. Sale signs in the Gap store of Herald Square. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_010.jpg
  • 4 October, 2008. A customer checks items on sale in the Banana Republic store of 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_009.jpg
  • 4 October, 2008. A customer checks items on sale in the Bloomingdale's department store on 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_007.jpg
  • 4 October, 2008. A sale sign and dummies are here in the Bloomingdale's department store on 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_006.jpg
  • 4 October, 2008. Customers check items on sale in the Ann Taylor-LOFT store in Times Square. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_004.jpg
  • 4 October, 2008. A sale sign in the window of the Banana Republic store of Grand Central Terminal. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_003.jpg
  • 4 October, 2008. A sale sign in the window of the Ann Taylor of 21st street and 5th ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_001.jpg
  • 4 October, 2008.  Items on sale at the Bloomingdale's department store on 59th street and Lexingon ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_004.jpg
  • 4 October, 2008.  A customer check items on sale at the Bloomingdale's department store on 59th street and Lexington ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_OUT_002.jpg
  • 4 October, 2008. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_019.jpg
  • 4 October, 2008. Customers check items on sale in the women's department of the Gap store in Times Square. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_008.jpg
  • 4 October, 2008. A sale sign in the window of the Ann Taylor of 21st street and 5th ave. As the financial crisis spread last month, many retailers hit the panic button, offering more generous discounts than they did at the same time last year. But the promotions did little to convince cautious shoppers to open their wallets.<br />
<br />
©2008 Gianni Cipriano for The Wall Street Journal<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    Discount_002.jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 28 October, 2008. Hawthorne, NY. Interior of a Target supermarket at the PepsiCo Retail Lab.<br />
<br />
©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +39 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    GCipriano_20081028_PEPSICO_RETAIL-Ta...jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_067.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_064.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_054.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_041.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_075.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_073.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_072.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_070.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_068.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_066.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_065.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_061.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_060.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_059.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_055.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_053.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_052.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_048.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_044.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_043.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_040.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_037.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_034.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_033.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_032.jpg
  • 3 October, 2008. Hawthorne, NY. CEO of PepsiCo Indra Nooyi with past CEOs Don Kendall (co-founder of PepsiCo) and Roger A. Enrico, and with Massimo D'Amore, CEO of PepsiCo Americas Beverages.<br />
<br />
 ©2008 Gianni Cipriano<br />
cell. +1 646 465 2168 (USA)<br />
cell. +1 328 567 7923 (Italy)<br />
gianni@giannicipriano.com<br />
www.giannicipriano.com
    PepsiCo_RetailLab_030.jpg
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