Research
January 13, 2016
Image courtesy of Michael Kors
By Forrest Cardamenis
For the first time since the economic crash in 2008, many top luxury CEOs are worried about the state of the industry, according to the Luxury Institute.
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","iv":"fdeae0aab30c1375368be5640f17c6fa","s":"1a140c803fad7eb2"}
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