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":"c362bddaff0220b577f3c3ef1951c13b","s":"86ccad1b98988332"}
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