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":"102fa2e132e9764b6adad3da5f232f85","s":"7e77ae77116ae960"}
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