Marketing
January 14, 2022
2021 was a remarkable year for the luxury industry. Many are hoping 2022 will be even better. For those betting on China to fuel this growth, there is much to be concerned about. Image credit: Haitong Zheng
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","iv":"5ac0963aa70d6ddf24eeb1b3fad1cda4","s":"cf86c820b89189cd"}
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