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":"e1dfb68522c338a03ffdadea22f9e199","s":"1dce2ddb50f7aa6d"}
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