Retail
January 5, 2021
Chinese regulators have launched an investigation into “alleged monopolistic practices” by Alibaba, and it will likely have repercussions in the luxury industry. Image courtesy of Prada. Composite: Haitong Zheng
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","iv":"13b82767940023a85b6f366470af9d30","s":"c052c9f59a0f310b"}
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