Retail
October 19, 2020
Major luxury players know scaling up confers enormous benefits in their pursuit of further growth. Image credit: Gucci, Haitong Zheng
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","iv":"440d01bd23b4732d2eec089c4abf9199","s":"7ee095bd4534a338"}
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