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":"792874880be61619d57a76767173f399","s":"94043f084fa262fe"}
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