Retail
October 11, 2021
LVMH, the biggest conglomerate in luxury, has continued to outperform its peers. How? It is mostly down to the spirit of conquest. Photo: Dior
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","iv":"9cd9af47d1419047931c8c97b7223b4b","s":"77841ab09f8ee1cf"}
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