Retail
March 9, 2020
Many brands have been hurt by the lack of spending in China during COVID-19 but are hopeful it will return once it ends. The reality is more complex. Image credit: Shutterstock
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","iv":"6e5abc13e0e9cd7f139aed37f9634027","s":"f67458b1a42bb666"}
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