Retail
October 19, 2020
Major luxury players know scaling up confers enormous benefits in their pursuit of further growth. Image credit: Gucci, Haitong Zheng
{"ct":"KONZ6RERF6c5CVBWKiOdvr2dRMmVVx2oMxKksjJfpik3xS\/aL6SrCbtnXxLVgpeMNEEbwiZlnYNSZWo99bsh583fv+QHV5+MufyilfzlqN+W0rrCso8RFvUUAuUWo95Xp6AoQM7E2l9cvsfd06NHZYdY5suTQcgnrwyvJpJhYp0R5r2rPGRKeqjxtxQwn3I6Gyac4tU0bBfH6Y5Z0xOViLJ7njQsYR6js8BejQQZPv20EryxcKe8bXIzf80x56m5\/42EqGjos8ZCGOIDrooukKZrSLt5DrvpHjqzBgh4A3Uq7IYlxpMCpazfUnnRwhwi4bHCA2Xms9pudM8OJ1ITbcVrB96M14aassrKNhQfo3w435weCqV24chN\/o7gBM5WJlNnTRhZFFRopOpQSZTqPbTRHM7E93IjiaKEehuUcm3Oe7JCtT1BUHbaOtVvVQEJQd8V2XavNuGitehpke9Kr6iD8\/sYWEyfKXOT65ipnHwKBWASEibx3oPzrmtTqekqawo8upnJpJPu4XWiWo64lL8uzp4DWvJXieJI6mzetNAGKe1clt0h\/eNR797sYrkAlpzC87en0DBMHjbB6P+ykiu06OKUjw1RJVe62VNrUM+Gw6ii8\/50\/R9Q6m6xWYVshWdM+M90CTvk80rBZieRDgLlHyjfKvj\/KgVC\/0VX6t7Vv4A4v+e9qH3sWUQajt6pzRcsb0ogJOHwnv3kU72mKpIyn0u9Q9X0WuFXFxNHOUWIaFly0qIG+J2eQKml2aSCtEVgGZhooFcydQ4N+Lg6Za0p\/PJsJUg0+yKgs+GoPHbO\/uCDgDYh\/NNRXerMH1FyVrsrqhqf49DzNQwwH+kWH9M1XtHdg6hF+qpsczks0Jo7+3rlpNKfqhf8dNw6MC+\/HIG3qHHvk84Whda1gPvjrbQEXtUEeCR0NeQqy0b+6LhKXq3qEdKwjF33QpyZmV\/TXFU9SXb3gAffV4a3jG0GgIQHgAdDpVbS6gVnIDE5keXjI+hEXQyfR8JsEgVBkgLPsEZkGy+RnRnlCRRB748mib0wdji3UO60yTHw8++OpkZnKHs8Ubje8lBd8+mXcRBRhGBB8hhrzfjau5bFXm2CKRNKDwLdalTugjK4T7qUe9fRmQ3CiQ3+ingjsi+XbwtEpZ1+BBYFJYPWco0aasi0alqfy5svR2b6tD\/4PTqEuwCYT1lctuNXsI8WsV1VfwSB2C\/BDpiPH0xUAgROEiRWtcUz3Uh21Lj0sIRgIkfCtUpF3KQ9YModVOReSdQikNKBLBgzTijrC2x1lpgriaQF734phyI4WnIkC2qEdnBct10Oo0W7n7MD2K4jWFzvc5hQI8hWPQk0N7Q1Js7JELcJTtp+QfILct8zzNZ5zHL03aoRf\/37GVrGLaovYIHHkVoWBQs9\/hAMSXhHM9LD\/KivN49XxyACPJpgbOwEJpSqEYYdkhg9XHqbbopZRiAjOdxs2kIUPLr6NzRjEJHC7Sw3qRInBj5\/iTvnWhZ7ENQ1b5DMxojcRMVk5I5+Zs554ugvPonTMJBbtBXWM1LrbHBY64Jwi4y+9edSVqpuea4wWK0qXoOzfQi+o9VD\/108RYuM3FKhSb7PQRmo82facSgiu\/l+dDqq58HHDfe\/NGQKWS4K6JPAGhAkRLtL8KDa4stu05\/p5wS6o1wVGqDWNFSwJy05Yf4AYCX8sm7W40dEfqJDtRTA77tPlRX+7gpKKjMR\/+f4mtc+X0KP3096xad1s+Z58io\/lGhZrYuXclfioUeL3lELyoDfyJ4n8gmkcFoZJV9xasHDCcCZohpnU1nddrCCZyUNXAUqN6iByX5urV7NSD2N\/DRZcSZQR5CeYJxKoMGdb+GR9rMbey6ZrAYu09uLbz\/yAwz7SvW9EOAO\/xS2IFzrD9h2JphFLBKD+ejx+yxzhKuYUQ7uKVLa6QmtIgmv7zGtxexnRJVIfI1xQ2GCQFj0rtYfy7naMNvwEINh\/Ny36WO+WUADnZxmOXICszmXRWfn2SeaP6HIr4hvIhQyH\/CbQ2VfFBfBVAWALW3TC8zbVUh7EP69hOEiPqTWeyM7DiJ1lYkB\/93YwVaXy2\/F2WsHcAqpP79a8B9dri1dQYlvjOpkvIhJI9mINke3H6QDtwb3u727xzGGrBUx01nNvvZ0QcBOYV8JZ+uhUTMXaZ\/Koo9O75qcy2b0LJCk7AeYreU0SEmzE4WbZgKABrVhc6XVcHOzSGPSF2hlymwPzoL20Sz2srvK3b0zefnHTvG2mHH0n6QRF+WVpcbNVIqp+WmdZ42Afp4ZGRk9V2lzPwZQVKMF3ImtqY03Z+XbjV9rfjkrrRGTxsqCo3Bsf+xkMW\/tEGk385cllVOPL5FHu15ql6FF688SELtPqMUBWv7U\/mhk4npCqz0ICWlLhcbr9r\/WYXUkaWHl\/lqgh0qm9fEy3tZnOMikjS2rOCb6nITGTS9gOBHzZI6AcQKNDVj0pC4YAhbbmnM2YK311FnoNsjFh2d\/5ivlp1GtRhjOiGTlrfDRp9uQ4S0vvtoNWSJK7zwOknDNLDO6oQXQCpXv5kEyTXHHBAZn0Nz0llKztnwhM13BNglCImu2N8NtWCFAGmZ843+syooEb\/5otJg84rBIeCTyYQb3FcGynCVHM9s3iLDrBAU+cTcVjUXS4YjYdax2ee9Glr+tbU4A+zGYADZYSMr0pHiJDy3ogTC0iZJvTVBiBixzV3tCKoCyG1lrGdgqQSqY9FEKA4FPau6jeVSH2CWHh7Lh8SORwIA+rUBo1hqiqdkimtsa4K3uWJv1GA8gQlNnkWkBSKk3tpBph9va4hDQrbB44Nwr753xQk0KhPWMKSbkevRJJ73wF1mo23xYPTxT85qejEtEzPI7JiaY2tshxha2CwJzPRoJ3W8uNrZuxpmuSceZshFlo2gWxwAUTWGDEFadiSaHZtv41PIWH2RWgnYjl3H2l0BNjC60xybVQXD+5t\/I96Qnu8LZtI\/h9b9PiHtlH1Y6z5wvVKLDV5NGExDAbJp7jfg\/fVqFaFXKCv\/4YbW41wsSbmUBgePWQphiA2roa9Uj5scbtRguotZxJMv8vFcFyUkD070JEESjHzuvxdnw0IgNVTcfWs3UIYEMqIp7IqDoqoY5F5ydXcCqGcsIRZDhaAcXoAy\/ORErwmCrhDhUqAS4x1dJSxkedqPteO72vj2gnP+dseXxx7yBXhzWTMN6CpotlANm8CjR86ktiR72\/AZcs83l\/xDB+KcG6hcJon6YApGeXHq6IBSLThwaPA9SddoJykjw\/PNouxjOR8skoLm6oaGRNFPXE\/vN39VVfhZWpKh1IktvIKdsQXm2+QxZUYImzyMWL5dAkuCXSi1S42b3VoYRO1cP+OsE5s4kjg9OYe6ARIHdynSD0VCEoqNOGWD5XXY8D95D6UzOCfWaMlTp4lTcyJeRMVEZK8u\/xYkUjbkjmlVCIXciG4jlabuZhUxleZ99c+yhgrSl8lqc1+9jS\/P8CuVVgKymyt+P2Hl3IUHuLRRBBpCKYhC\/6naAW0F\/j+DyuzbJH1Fy\/d6YprgaDBimDbOATnaZvzCduSzgI+yn9LxFPLXH9PEf90o9slt6KfoUi7KKjzwKwj+pDpCDSq20rLno+VSw58V\/aZIn5O1tO4V7n1XtuKy8NlHxWYhvPkqzXE3EUsyE6L5g0U26\/hnQGKN2lhT8JJfz9PVnY3PM25oUM9y0feXU59Y3ihO9Hr7IDBi7YVQ\/Y4cOBYXLoJgvlVEMAoA9nBxiSQZm8prfAC0RySfgSjBFSEVoqsqyT3jiO+DcEVnJobBU7g2cBjFdKADiX4Co6rNQqs7GjJv3VtbvruLCInSTdQLU7HLwkmTNjcL\/o4jEpB2gjiejhApQT\/f+ho4aoSqq8I\/4JCh+p2dtFVSFUqPRbfKocy8THibL5UMy2fjVHTt4HToM7zLJTF6RGZ1JzqV1Mr7UTSPc2NxTpyBbQ55sxbNfj7+Wy\/qDySN3VJnN0BT1B355OEKYhUXcqMcifY2QustK5eVkszcVsp4RlYwCehuuZ+YhpgQ7rcGXJR6lGhweNZx7tjl7yc\/8oJYtv3Yfbj6M25HcbzUsO3\/g1AnjUiiLrT3r7joIr2KoVwZY1cezmPloFLcC2himhv6lyzObeKFgtCF3pIwZOP1cyMlfRTmz67JzmMnoDUzdHsdW9FbGIyElEA3LMZUtmxD+ivTwvqpNVrP7K+HTC2ZXiCLj3aFcqqTf63KjbzKaF06bNGX\/PwQINc+xN6m9vc1IBnE84kSnrN1HIf4iQT2sEj+udy9Pu+\/l1wVi9BdrQvcKHfmfpHmMZrnsL6GsfvOMve8W8QQxPGczkW0vw5CoT+1JCO+7YTofSgxgp0802q5yvhrzYf9IXf8wmy2BnCN+BszcpQJRUIUJrZ71fAtBQd1+hNvA0IEGg9IMUQXkNER8LryVsr776dl7CgDzEpQaI1lSBdtjnfaTftYO2b8EEqJnRmB7TZ1o4yvKbEBbKtCsgapqfjITPgXiQzKQjF2TcNEQ7HHDVILvgbXs3xVOeg6f7RhVeiwvB8Oqp57aNanCg8BHiC4J1wYQYWhyEOeRglwTDrhztaUKn5mAPCKbKuCzsir0Kf7f6ebKGEVLztmHmCpGhorYfg5W+P2tADtwQZupPT7Hb29KAVy0HBKN6COxUdSnzEXL3yOuKRxyX+qLE6BSxRlecsvmH4vzVVKGVjdujOzH0ipmvfnz24L6XXny\/LG+qId0Anuiwi3DCA4i+ShCNdwrjFnttyufmQgkThIfznn1o5csEnGLNbAJr66caLMSxMF5H8H7JnVI1HZpR0eg9kI8OKtZ8e2sZLBGfbAr57UhquxMELV6piUmmpFoBLAvzOReYw9ySLkwJw2RBv\/tkmg+ZHkN6TUXozb6AqZS1v5zb3jw\/c8CuYEf4Wi+bTpUpdXv2e5WF4BQu46I4g2HaGyh3bnfXHsFso17XTQe\/xvf6b8\/RPPyilKeOj8jRmj4ufrIUStXEniZFxiXHnBhHaF9BDPFSsl7WYY8T5GvCp3GG5w\/wHBAW5mUC6\/OSdndZO6S61riCS8WfbTiMvmsolApymB6RO4iOZlNqX2wapSEnP4TgZILsu9qWdP3wGpelApkNrQYHH75l+FdzqIOIaX4N1EQIJpNWKRauAzDymY7GqcuCElQZqt\/\/ruorl+IeT+JEcEl7mES\/ZvztBtv66Qnxr72kOG6JIe\/NjKk+VI+ys2iOJfUe8wY7Q\/s2fbT\/RWL\/Bi\/UUbb9D7q\/jtV0KXrbu\/rtcIjMhuVzcYy+H04PeAV2ntPXlzqCMeyqAoj0QFuA8k2xa3sxmCDszV2zSE8Kdj4ukql7JaU6Ir4Qimj3T8lkMBJfTpWoB+AAAiCSMFYnLCVd\/aCovrwpEM+nzBs0eQ2slLsAzJnzkmeEXidOmWdD50SGPkWL0nQ\/+ki3qCY5rOVbqgNy+u7\/yDN16\/O9E+Vdhwwsh8tobREaDge+VTxpvSgJA3Nu9lQaG97mI1t9jarJLdgD2mfR7mkvcW662eRG5IssYnZWZOJEZYjsZIA3A9A0yXzgLobdFgJEQ9iUsYCXBXawQ3q4qhBgHO\/MOx9\/0oe\/DJq\/NYa6+N3UETds+R8rIyVbOO1ddS5kedPu092BQvUTCg+huel+Va2pVOw+BmcvhmCG+P4IttY5jikTtBdF946SQUMpM6KKeNAHystK\/7aG2JNhjK1etOKXFA0f5y38206HSMCecDirM336zWOYD1+jjAuO4RrdvKzc8ak2i6osDrkle5sTsao+vcKHcV7TYM9kSZGvO67ztVbK7x3zkj67iNmcKHlGTxVXhLI3yx8SWxn6BNv7rKvUKAH4IX6nsb+Jengf7jOkkGEOn0Zf5rh8KXMDEaRZTtlYwohSRmIITuhM+Ta+k8GuXoUX5NsF0k4jxpa1ix4SFXM4V6WEpMb7NOMhS8brkQ4k28yAkoCJfm5HabtCHt4lN8g45XZom0IN3GgiUwwtHJ050HJUWC0jwDlOr13q\/3bs6xtsA0d8pd\/qp\/7RNaPiGJiNtnyze1A6YOJXJjt+OV5wJFcJwzTSPACOk0s5ZdPhKmjyMsVGqN4RB\/\/SxhIChDJTprGoJzZ+ySDh8AGLKjkSdGL+QL5H+4EG8xvROAGlczxkAzsXALLI59ujkrY1Fz\/AJVicE0xT0Y5GfOv4O+Jwe6ZMhVjmBaZGLCvoIA2UiY3Dsebwk+UVStFYBkPA6BdehfREdXBn3dIYZIQhSV\/sYlQ3wL3y\/g05oHG3StslRfLvTrcp46IJAl3++7dJCEzxNv1jWSa+DTb899ifPVvKPqeihGNQnSy05T+ndX+Rvv0xuL2eu6OxwGsF5sWdORAyD1WaimfWNzofCfkinVnd1tf7Big45ymSKwU3gGoO2sIzJsUOwbG++Nsez3QIqDBHEQOF3vImca73xr+KsorLAHNyh70YwTP7DtbRUF\/mfqYiexFmSGBIfRprosaAIof7YPCg3uRACvnCjgj8+zhL0J77lE+d3vzGs+GBbg3kWGCiVhoggdrZtHiEXq2UE7guYjjLm3avEZOpoEp0gGGKRqABfebWozT4grcC3dpe1MP0xBNTBidnpyn5tEJjKg9Mh3kBSzG4k+U8zDUYuE3G9R\/uUOOzSIHQKJwdIHOdlRsA1wIV13jjF0Bl1XtwRgAubRvaHkF+cUqtCED6SyifxFMhhQ1nPnulLWgzm+IHchMtto\/ZYNp0nqHjmQgbEw7r4yG4G\/6onSgZjfjJY+NedFLe++ZuLYIBYQR7oCDufY7cnBE3k0hD12EVx+4tOmFBd+KgWlUl1HzwsNbcf44R9zsnGEn0G+Qtcx843K7DVayKLGJH8TYFX1G966R39SuBbhM8iIkcJ4TkaOHtHVcngylOMTiWQTnt+bQg8\/i\/lt1EYeLohpQ7VwTmf+4nauMWgvBQBowrcPvtv8Sw+Hs84Hgfg0johu2g2tdFpqIAKbJvxnFDBIsahQNHXZYKGgj\/5g\/PuczBqxjiYpQJcA2xJXe98L2IWmA5u1IqXV58qZGl5MWnESOClUiUaXVBEWGQp4G\/ketW9dZ8Pb6Xl8tGSWJf3t\/zRuWTU3xKS4WPWR2lTS6d19HqVP+qpK1rxd5HPRnMif2d132M3f305ESsSP\/BRvgLncvpxQuK353FoY\/y9mJ9fOX8OycUsaGWMKgk3A9J06IwJmCUpZscI\/aCFA\/2uMZWtQsLJDSh4AuumpCCuBumhpY35uayGOTqHVjpzqz9cjSsDMr5b3CulN+j0PtjG4M1FJ16NHcs1TLmCh5z85NfxVv20HrFkGOFuss666+cOOICp\/xWWfEWUG1OcnmXHE51Hl78jA2+Aka37UBHnDxSzIc00D\/W1yV1lQZWmH14eHfsSYYDTPgojoD5Ho0EzyTxmllf1ZgnI7FHw17pWGx2kJyUlecLaIexJ8swDOrSJkvGOLDXR9oXFt9jH7+F+04TkDzU6V2t2mJ1wHx+LJwNvF2mRqLA8ASmI\/iFe1xpyoBPa+gZe4OSVZsuhX1ITYVunSmXALZ5YvUypD7fT0Asrus3fMt2peWUXtLDjW320Z64a+A\/q03CPFjAyHmyue0GzOhGQyw3MgdHMB0N\/0\/PdGMIsnYDqv916J68foi27hFkW7ASp4JRjEvYs0cecj0Val6sgkX+IBf3UgX7Rcn0Yos8yk\/v31Iu3omIJ+OJ7x5zOERQOKAVNw5+yAVWUtCV3CGgWWmECkdc96WGT6voHPrcjU\/adeUksC13rBZXVLhGvdkBMeuwcBmphZjyPNSQFlFMfAXbdtPRVOQ5TPZbGVsS1SZq4TB38PFwK4MGhUeBym9vk7XrENpl5UzWEskYd\/Ce7HIuWk\/iFFFXh7w7zyQCp0FsBCY8Dyh1fI8eNdHHZFSTOG1XoABqMQafYOtvhar\/g1I5w+on6Z7X3ut\/DOZz1VcfD8YnlwO\/3z3fu6jxt1Nu4M9X7ZeXl6b7YRX3DAxze9tT\/bKXV45SY\/HFPCs3juoa2ttg5J3kv3vadmGc0B2BVUAwHptv6Ol\/c8W27A8wWctfR74\/tBw6MuegBN1ZNP8kLw9al101zYwiLKZMyzALB3jMs\/Qtrn9ZrOSDcKCMW+qoiKZN4OS39e18+WD9LT0GKAqO6atSs53yHA2klnh8nrn+kfEeG\/NemB2xXuo\/ns1lq+OJFwy4CRTEAED0YWc52b3V7LbtKRvMrhy8jOQizoGki7WRsvRfwLAHLAutaq\/hKbT\/dYhvdIs1DnyjBo3AwA8nCh4w9tXpW04AcmiPNDGfdfRpyiwoz15W\/IZANGaPKUs+vVlW7GoW8EB4ceU2ajN1V\/ahtUqbue\/eECQXqlPQwNuOh6h8KLdh\/i8\/rTcpvCrZii2GB3E+Io5xoC\/s41vF21Qxj6NCTzUZR\/b1Uwk8YpMg3QtTrDKUGK0Pobz8J0LqiiOsdQHiQlH7TtpW5+rTG26eIIZZOyMHqqNBqOVwjq3NoeVdFS2yd\/CQbwbu+1wft0611ULlttP\/6MpYwYzpGhDplGb1ZWDPGOe+nhwrZOQ6WZTgyV\/QxvtHhkXb0VKfwnCZokp1bDFw5kHH\/MHvtjAOMOmHZ78dCh0M2nTZMCYL2JlqjVOGny9oCeuICEneY17k04kmBTggIUyPP2DGjO53m6SQhKvrMmUAyfQjHePcr4k6DoPF8CFAQkH2s\/qu0rTxX1xnmcy28x1s6BMElZJ7OWFgXFh4t7j2vYtZ7UD\/8UojzEySVggBS3MdnJdLJ2sd845BsnCNtYIX1PLL+dp6FfY1to6MLqbt55HGcG0XqakroezEnMGnR0X0OZYKA==","iv":"ec5efbe83659400e6d9f26b86f794ad7","s":"4fb54aebc94ad506"}
Share your thoughts. Click here