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":"d93a5a292fc849919b81d87226d56531","s":"2049b45385a7f152"}
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