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":"bd94299cc74903da04909a1808ffe280","s":"8ecbd9726d2236f8"}
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