Retail
April 9, 2020
The impact of the COVID-19 pandemic on the luxury business has been huge. For China’s HNWIs, it has changed the what they spend their luxury dollars on. Image credit: Louis Vuitton. Composite: Haitong Zheng
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","iv":"54200242ac49aa7dfd178fd034ea4301","s":"a1312a16f213068f"}
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