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":"ab2e7d5a16794903b40f0e646e22d521","s":"df4c2a87e3fff0b7"}
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