Retail
October 11, 2021
LVMH, the biggest conglomerate in luxury, has continued to outperform its peers. How? It is mostly down to the spirit of conquest. Photo: Dior
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","iv":"7a1ed557ea412e31083ba96c9175ab57","s":"56b24a62a63a0fc2"}
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