Retail
March 4, 2021
Once life returns to normal, China’s cooling economy could cause serious problems for the luxury industry. So how should luxury brands adapt? Image credit: @时尚奶奶团 on Weibo
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","iv":"9c1335cfba0e660873bb51fd44978e5a","s":"19333264235df2b6"}
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