Research
May 27, 2014
Burberry on Tmall
By Joe McCarthy
Although luxury growth in China went from 21 percent in 2012 to 2 percent in 2013, L2's latest China report asserts that the overall picture is rosier than this plunge suggests.
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","iv":"019254167e3f6d8fae4913126ac69e80","s":"15f44be628ce58e9"}
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