Financial services
December 12, 2018
Image from Salvatore Ferragamo's spring/summer 2018 campaign. Image courtesy of Ferragamo
By Sarah Jones
The looming trade war between the United States and China and crackdowns on the daigou market are weighing on luxury stocks, as the business’ biggest public companies saw their share price slide last month.
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","iv":"41c0cded8c4b6d6ec6b76da7f2b6f8ac","s":"44196598698e85df"}
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