Retail
December 7, 2021
Secoo's aggressive pivot over the past three years raises questions about its future prospects. Image credit: Secoo
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","iv":"79fd13213fa808725db8c2d4bd1f8f3d","s":"0cfc157ce67bec4c"}
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