Marketing
July 15, 2021
China might seem like the answer for luxury growth, but there are risks in the medium term that could derail this burgeoning luxury market. Image credit: Li Ning's Fall/Winter 2021 collection, Weibo
{"ct":"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","iv":"ce0ccd117d441a76b9ca53e333c1c05e","s":"b835f270e2cfe166"}
Share your thoughts. Click here