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":"164cf59e08076aac8bdee494c62b7fba","s":"86329a6441d3dbdd"}
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