Retail
October 19, 2020
Major luxury players know scaling up confers enormous benefits in their pursuit of further growth. Image credit: Gucci, Haitong Zheng
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I2NWBHjd637JSUWJk\/GGcYDSPoTr49LNfmP2oD5z8FGM9b9h9YsyfujIuB1SRg9hh1KroQrlmVs6ArXsdAIS\/PH8CXevz6qr3rV6j5fEP4NHiQtZQYHOxgVd1g6nM8XQlJTuYJDtrOI+ICLHBzFU0IoHplU\/TE5pNu4GgShrv5+QppcTerRHvOqKOREwW9uBMFvrml4x+iWyL3hCD9wmDVH79FiirrT8BrPcl1mrmKqK17HvD3v6S68A8vj0OMVt7FYI73DIBqVYC8Z904\/s8ATQ5ucPdARMRQjNPHTS+VOJYufCfNFjRPsqKjEC15LBMtDDGH94H0mk3j2H+ciNY4rFmocjMhVhh25xHzRnxwc3gWdbfz6y9rGWz22O0rCA0nuokSxz9iFO1Eg590ypSdsLdm9hC9PpEJ7Zf76nxuSPcMdmOj8g+msWShiE5EsRhg3UXL7ptHPuCFvFbzu6HjNYc0ZhMbKJjW8pCQR5ojcTvmo6GeH0IQMmfMYHJFg1ClIXXWk15hQKo5G4fRCTG5SfU+zm1d2dQqoy1pcroIuq1exqAaA+Su8kw+6vtQcjwyITkcfYElURYTSZJNUtMlYOCUykBLwm7FDYvmJB3FIUGWFLuyQa7l4ept55mdrXlJXpG3bmU5ePgau3\/DxhZ9FEr5RNm9VXyFhYgBtGaknkWQShR9lhiY5W1MTzh1P9FBzm0ANAgOCa+RIMYRwDyve09Rl\/MW0awU14QdFn8PNIeL2F4SwSBpNdknCkID\/nQcrgE5ggIOk7JNgTLfoqnAsK8bR8o9O2l5VMzdwd\/n5wDJFAgsUcVQlGtvNG4Tr2drDTEATPH4E\/KUH\/ZBQlkz1FS6MOouo7DvOvX6EoQg165t5auteEPB9bkTfHWHjv0+DndtUdP5qWVhS+BE\/+\/qCQcyht8ZiPzkS9rM2olbpsohoD3R9oopqATFZxuzl8QQUvLrypnfZEjbBrMqmOyDuKzhAUzB++LtiCQSQQ\/yYv7FH+POLM0oCTirwdQI0topKnh69T7\/1+oQI7a2vrnzjAGUy6MLC01DGZGiBwtMYh1H+rcHzwiAZpOqHk9vy0eJArdpEigvhGupm8dC+9Fap2Lp7a5QIqu9lzknkB5hGNFHMTjp3y154+fKRucPA31oepqSesHZW9FNHqfSUu9TDoCuPXCEptqWTDqD+YIHMGV2QwNj+ti8ZcUiso0PBqKDsgYQGh0z0Z1PddT+xxOxnB8w3ECvKFI+hNKPwcarv1mHR95eies5R6qp3vWPtw3OGQHDj\/IWXa0wEFVllWkqrviWfN9dxwmW66y3Ca7VncBOjv\/i9L6IjiijeE2PAw2bFIj+q1a+hgdRl5o4X6DS3joShlgEr6DBC0qeDN7MrnODqA\/yieNUMHNSp1tUQfjYlqQYrd5JxCbgTDrbPJ6TPrwFmvWOo2DdgERCCm3whUyh95RYKu9XmickD74qtwsP16lOB5zrn3JdH5V0tu2DEiLRJCdpk302pbMe9vKyNHR0QfLMwHS6Ro+K\/i32+th9x34aLdQmWnBoKdi9PMUkds5F3AY\/S3aVIGfQ2CsWAj9Dt\/gANJLOIGUL8jKEN\/d5aHzcygFNvULGsH\/ga\/BHtn2FmVFkG2hkRWSmB993MwtO+ztwiLhd8I\/eqCsKJutiO+6b2X7SKRcaWxsvn74p26Wxi66xaNFiXrGtwwlwb9TXGWUzGrKgGl3gZ1j8jLnAGEgSBYb4g8uIS1aFpUp2sCZbFYxtLAoHS5dD8QjR5p+dqsmgq0aH116M\/CWXhRKl4\/\/65KArBzR1PKMhLF2mgz4jzVNqYJc8PGTWj1mJMdkTKzCjvRHsUuHtFvtE5DHHJD3ERgj2Z3AE+wSLXGk1mqONl5TtlALO+avog6z7L\/DJYiab8ja9HZhJDaq2wz+Ls3YzHlmsbWia7Fcikh\/DI3qjj9zIWiztD5Pi51qPDU69JwMKYObjHZL1\/BM2vBZzVkN0l5Pyvh0vU\/Z3npG9GP+HNT3788Vfo0ahtGoEB12JKnC5KvBhpGRo1cELTuUTESmLUY8B\/RK12OhjzpVqho0LdCKZx5avoQb+RdkoNnTfgQaIp1UkxAanAv55aDAip60IAjzNG\/qlYkwIdyINenW4znxH7DNsVTQWjTe5sJ\/oPqBEyzVmyPLwvs24+qsClLowDMjk1FW1jLa0qxDrMBCRgOnJUNlwBKn5cYsExnMmilRzHhkob551v41uL6iHV\/23tyJnhWcvpTouUc4HGhIG1CuXrjicKSfRz8up\/2kxsT4U40lwhlsiOf+pOuU+IcFr+EvEuYwc7kFG+mjqt4EApgsOMhsCO4ufOvLq5vkA43aH0pSYRAlDP99qW\/4vR8i7BQlZ2wrlMhwoA\/+eKFGnzNuHVujTjazEplQ2tdW1SiQlJqPNnnmOb3ItxEr+HY7CNqMgRzQyc5CeRydJSsHasWhttUzQwOSq67061mgKrGmAsa7YbwUCXW3DMauFQhNKkL80ZlFZDM7Nq6GUvNX8G8u6HTmz0fwt909FoA58h1c53OO0ieB\/BCfZgHQ5yk8deNgqJaUAiswOk6RbTrK8\/WtNGhw7IlzJlKZjvlyu1hpDlwt1qZuroTgkK2KJSX4+8RxpV2tfEMlwS3pXzdKuKnSmhkbbOPpvAawkTCHpisogDKNuPDDjjY2jkVa1rymLG9+\/r6S0qPs0ktqyRabpMmK9GPsIHpU8ss9+XCnH7SKDN+aLa1PqEU4C3gOn9e++3EfwYq9aGj5ZxNKOdDhVJKP4kjOaFicT0Mw8qa1CC8KpSTywoqaSqJYZh6tEZlHImswWonq8TxIldiuNdQTNrYw6o8Z7dTTPxxtzHQ6En2mjgWT8bvA0qxtnd5FISYq1usZT8ToEzyZhmWRQ6uEClJAWzfngBLPTkGFAymOQB1mi0biRrFKwTm4dwxHXxbhIdEJtgKd64IXy3wcfcgV1+3vyOCdUKVugkCoumQmeF7EsS4HYzbe6jRVI1xJTokP07abcCLWBhAML2DQYKa5tspBp\/g9jDyXQg6EhOlGac8B\/XOC3sv2XpBuxeqkMJZx8TRDmQjSn0Fndt5E5OZZgCtt9jVjVemHemm5\/MqnARHrsMEur0zOCrYMkJDhFZfucH2mpTQtuhY+z5vzEymkKwNHV+ojuQ6DWFbueX9pvuSsY+Ko1k+XJ9NedbctPrpw1LmUet8wzUEHA3ShcCCy6S8cDdyrZq2qVkkugMKXol7zmVj2EXU\/iBJzwykUsDTfU4wzfytC3L93njsKkqxUluLTLdW8lVgsWhZm9Scf6B17Bx5qvrG\/MNfAVb\/IrcrZlbL2VuZLocZWtjufWIqr0rnZyi9y\/ZGnOvbiNHV7dq25ekPlPAmDelDsr8T7MbkRxMnz9K6KYOxwTNis9JW84a+vTlT2\/LvQj0wAgH01Mw6xGkf+Ys\/wg7pkAmGIrQlCqdyu+eu1nQYvPtCijn\/JppqdBu7Iw6ATUOniGOMFyPkeRqswyeesMXm+4h0bTI5sXe2nQZvHK14UINPRgkP0vcF2zQc6fB91\/iJUrQF5xMcHBsK65fSPNwGGjJ951+mXgyBGMkBEV2DU0nyBhyVskEqbIatU2ZKhZcA5881+f93z5dy+Z5cq+8XPG81Vgzm0fiuu52cdcDaU+Rlw1n5Pm67qqpW0A9OSgIqKFiTgQb+IH\/yIN\/fwGHklio6n\/jboJx0ZU0p+DvO4PK9TS3GUpoRFDVJ78IPMo6p+6f1oOaXl97tzxapJat0nBrQy3r60aFK+8TiM79JIJ2Al2Ev\/7dPF2u+SPoQQeNZ9h2crRA+GR7PMPJ2G0Dbtg+sDtLRtBkrNwsMGNaWdB8WsN06+7npZC0u\/MVxGjdySMl36UE6QW\/k04ie\/nx4skAQEI8ui+\/YBBWZUUJlfsm13f5oiG5C0BihwM9RhUpQv7R0pJ6bCE\/i1sYA==","iv":"72474e46f8360965094adc76c53dbb5e","s":"c839e3f20739e8d9"}
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