Retail
January 22, 2021
It is expected that U.S. President Biden will select a more measured style when dealing with China. How will this new approach affect luxury brands? Image credit: Shutterstock, The New York Times. Composite: Haitong Zheng
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","iv":"bcc2ad9f14192b6ae4a68ff1b5ad54d7","s":"51ab8630a283075f"}
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