Marketing
January 14, 2022
2021 was a remarkable year for the luxury industry. Many are hoping 2022 will be even better. For those betting on China to fuel this growth, there is much to be concerned about. Image credit: Haitong Zheng
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","iv":"130fd52314afe6b23fa8c8aaa6668339","s":"ccc26c183555b2a4"}
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