Commerce
February 24, 2014
By Joe McCarthy
Kering's profits plummeted and its debt rose in 2013, but the conglomerate's luxury restructuring has already begun to pay off.
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","iv":"c7ca39ade4f010aadea4bce0c28dc9d2","s":"f17d0fdbce053cf1"}
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