Research
May 27, 2014
Burberry on Tmall
By Joe McCarthy
Although luxury growth in China went from 21 percent in 2012 to 2 percent in 2013, L2's latest China report asserts that the overall picture is rosier than this plunge suggests.
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","iv":"0df9b2c122cb630c495e6914668b3add","s":"1af214abbd44215d"}
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