Commerce
February 24, 2014
By Joe McCarthy
Kering's profits plummeted and its debt rose in 2013, but the conglomerate's luxury restructuring has already begun to pay off.
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","iv":"53f3e06e33e63850a4c009aeff4e7404","s":"c979945e6100d694"}
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