Marketing
July 15, 2021
China might seem like the answer for luxury growth, but there are risks in the medium term that could derail this burgeoning luxury market. Image credit: Li Ning's Fall/Winter 2021 collection, Weibo
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","iv":"739c24e858f939ee55c63f21660dd59f","s":"13f8136efd4cfc4f"}
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