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":"e168d1c7e3adf95cfa9dc3815f6cb22f","s":"61e636730ecdb6a1"}
Share your thoughts. Click here