Commerce
February 24, 2014
By Joe McCarthy
Kering's profits plummeted and its debt rose in 2013, but the conglomerate's luxury restructuring has already begun to pay off.
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","iv":"8b68cf599bd31e08b34b294ff56bc197","s":"c2d74c86efdce06f"}
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