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":"0930154c8d4bb3766b552f460eb7a832","s":"73d776698e610f0b"}
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