Retail
May 5, 2021
Luxury brands' heavy reliance on China for rapid revenue growth could come at great potential cost down the road
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","iv":"92dc4026b3bc18d5ff75bab8bbb0fa98","s":"510a1c2cb8cd5842"}
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