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":"ab29d13f18c01d37a893a20656b3d6ea","s":"a19b562499ddb506"}
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