Gucci could be Kering’s greatest strength and liability in China
Posted By a Luxury Daily columnist On In Apparel and accessories,Featured,Industry sectors | No Comments{"ct":"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","iv":"103c96531a79f4f1534ebb0d6869b7b2","s":"819bcb638a313424"}