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":"31cfb541a1c068db7ea77c46553c02e2","s":"f6489f60bfee1e50"}
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