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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","iv":"c1d0f56f6b5ca08a910b0dbc50704c2d","s":"7962dcfc54b0e394"}
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