Retail
February 9, 2021
China was a bright spot for luxury brands in 2020. But do not expect the same stratospheric market growth in China this year. Image courtesy of Gucci
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","iv":"ca645ceba5ac8ea1c58ec9886d796e6d","s":"910e6a819d053c3a"}
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