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":"7d34c7f2dfec9d79f8c669a3fa09bceb","s":"d4974a0a8ee6cbf6"}
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