Retail
October 26, 2020
Scale is paramount in luxury and, as a consequence, M&A should be well supported. Here is why. Image credit: Louis Vuitton
{"ct":"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","iv":"fa92d03f6039572848288156e17cfcb9","s":"41d26eda24656ba1"}
Share your thoughts. Click here