Retail
February 22, 2023
On LVMH’s 2022 year-end earnings call, Bernard Arnault called the Daigou trade “dreadful” for luxury brands. Image credit: China Duty Free Group
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","iv":"3a68f5b4ef4b7c063978de18d347c670","s":"6edb560e17ca4571"}
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