Denis Morisset, now at ESSEC, is a luxury expert
Travel retail versus grey market: Luxury’s global challenges
Posted By a Luxury Daily columnist On In Columns,Editor's Choice,Featured,Industry sectors,Opinion,Retail,Travel and hospitality | No 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","iv":"eaa79d82c1ce844e74807f35d904c009","s":"a6076138742cdcbe"}