Retail
October 11, 2021
LVMH, the biggest conglomerate in luxury, has continued to outperform its peers. How? It is mostly down to the spirit of conquest. Photo: Dior
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eYD4\/qsqbm0WaJzFbWcjthBbfeWNkCv3GPie38HXA5c6sd6ThrTt45lEykdiEmOtJuaUiqer9CeCFK4Ws2xJk4XCHnAoZ9Li6Tki+buZZEDZpTdU0T+RGsIdVrZyMtw5lmK7mS81EP8s3UAMCECzVjENcPXz7oRvVRHWKGLhxOunCCDt\/jNXuVl1qfGbf3XqteAmvVNyuRlMrsh8lBTPi9vSFMHFfz51U0ZdNew9vHh7gGi5CCMk2bUjEHNHA+CzYdvMb5KFVMuldspuXWfOVsFrH\/VQVbEM69tBYusnimKwLrlX2iP\/hVcAuq091QZ9\/Qv4rfodO5gyA4d\/EbxNtCW5mxxG6Oz6IussNHkz+WJAKla0LdDNC9CPScZFjNfY46aaxTdkZnVL2VbnoyaoZ85dD+LIHWv\/uNDOsnRUT4b5a6JoL1Oa9ZH4iGXJCSjZ5B+e6sqVFjQeiEV2hK0lPBU40N8iVTj+Jk3emTg0hI0HGUml\/upZziAVMVifn\/p9qJOsoi6ZEUX6n4n6E4dViIkzw0j25sWIqfyD\/xkyUQZDlnrsm8HpJvxpQ4gEVjrLxdzRNIIJ8Ib6kT0RtYkSnfs9f0erzpYg7HkIx+cGv6xwIWmIgt4aPjzvZ4m3FUtKgAAeUZHZ4T\/WHe1TeV327VuncmhnuhbtrNORy6yimY+jzXjxKyho5vpJDDKjqiAhal3\/q7osRe53w4cDDQwTE2o1kUm6tk3plz4k1S1xLRvUa9k4ebLoZI6YOwLAokyVmCUB0dSmUtw58cUOCpjuDBTtzdnX7n1\/SDGNUfD5TKIxWammhdohjBs1R44yqDoqDLEJsPdYpUKpifwp9AqeDRcOMS5AuvxJkhoD1+165pAhiT0gHblEV43RwZZEojnj\/Yhg\/o4EKv+eGgY01zMyM2H\/CqoPp8WHwX31Df1+XHV99LilAhfGVnSIo96EG5swDoCgFGiKgrDnL+njaMC1qdUR576Rlb3Iu6OYqkFI8oj4fhetgvQbLqg0P2FJQRC6Jr1EdkVi1CiN610jblolD0n7IL58Cmmo9CFvw7s0ZzjqToEgXWfm5x3WE3ylzIxc2o1ADBR633k\/5NBupOTInjCha4UFTcAgaU9pCx8Tn\/P5R2fB\/kGu4bwwxZ9ySmGVG\/cDSSAeaVGpOBBUrMJuC9ul50cpuVKwy+f7ykB+mQUWOHLCgEoACZ8ihivf+BxVGKI\/got3uzaucP83RWSDNYGdvWo+qJMvlezHzpZJ5PwlVyVGW8xkDgFChSQvKdC\/wNrC6a20aIznoDCcgNWBaKKMs8v1yB446IAQ2Q79S4UpCbI64H00t2GobJ01HzNSmpcbWAvIdbANaPOzIJCknlugGUB3UEMAFUr4oyqbjf3Tnzg9tpOQhGAFWv2hTqVebYO6W8AxI\/GZFSUKeVi37MVfx7JHbph+axTa6BSYrB4N\/LxCLT5269cmPR89n6eV+oKeIhVlzghT+UptKT0Q\/TJp6j5fd6k7eRlLB4Y7bR1ehs5WR2k92BFHjqigtGeqXCd+oPsMMj7jLDTSv5ls+c1bQifI1Q88SINgRWowtk7OKec4AQoo34Sjz4Bsf5De+glfijo2YCuZq+s9Rld591xQpRzQJgZbHJtvaP0FgThk6klnwrB7ed9Xd4Cx48wiKqBENmrnOX5\/pivLWZ0nu6aaVu37zaV9hDS+7lx+mdloBUxEYrvavO4ntqIu+Q1U8FBw+mSnifpFcjI9Ks8eN7Jx8lb\/40hJzxsfbJn9Kk6i\/Ik+n0C1ViTFytG5gkR9sniKHiox7meNhH0XucLNBoXKeA+CjId0Q5Y5tQV5lIVhRBGnOsiJRdwULI\/qWRgpix4NY\/Rg2JxVjqjUUta5YK\/TMBgwciJIRdNmnjfi2OjJ93bLbtNjTbj8uUFdjxmLoXLMo3IAdZjkY4MksVU\/+Gxt5mgn8EZKY8NuqIzXpgcIS\/vcsQHJY9Lch4XinwhjsIUOGTMPOce1ol47BE7izyeX62YgdWfnm5RSkvw24lY+3n5sG3YYsD6d90ji9EiUqdLreDZvjYJmTy62FfvXR0PmF1t2lSdTyP\/50R9DFmwS+IAaieJnVw4ll3\/iB6\/zBiNk6G2ZS19\/rKW5UOg\/gcARJvwx5rkXQsvqY\/s+fvfAVos2ihJHFgc1v2D\/ZuG6bmpuvp1DbzsR4OcWr8I6uhHoRWYB\/X2QtXNlvfU2eld3nen4UW8FSKakxzYB2X1i8mwJHRKa1t9V0xwj6tvApkiPDw+4ne4SeVnq5iYbkSCn7l0n8r56tXpyd7GcVUMX5eGWuV57KYqTkNqHZMR5Gv9IF5Y2dUygM6soAvBTKfS3f8ljJ0qSjELEk6K28fjV2pVwvkHHOMWmA3JJE3gdw9u0nvTp9r38kXyi2rNCcUwzuYL4UBa0X7BcW3g3IRjFBliSX873wsUZHWUmQ4YZgPFfMpYMtxQKaWcaPvqBn77+GZv4uXESRn5BtDdAv0XkQRGLzhVajs5ykbTPfsFLnZJk+QiaRXeTKkJlWMxc+8UQzM3WlOXuwYualGyzfwyxV\/D4ZaU7XZkLAi6sfv3KpwCYgio4he9mCFB8okBUOqcvcTuSAuHsduoo4viCpXUlySTxBk1LATr3oAVL+EWu+Xve5g7SQtM9ygghfUs92ATLrLGlulxAxzb1edpRiIoQnSZtyUYLDulQGPJ3LgVPFV4tIi\/24WJe\/iHyXXVi1GPt14R9i\/Y39sKlY2LIYxWOdF1qm6DlNwYpapt7MnxmZ\/pMBhzGJrT2rQKBy3D9pzFPb\/kzBLuw2Rqd5dJvfpI1oCxYFAJYR4oI3CVFyp9f3TDjjswVYkNwN60vaBWBHvmwf2xOsOlUPU6I3D50Z3vik3WsaN1avx7GAThbfEmcET4vJAMpFfjoTBjQv2RsK3ip+EJSfJ+uLNr5QSmwQPThXtc+rQyNprFj1ENocpeaIKEpDlZXOIPtlQgipqO4WpjxBfby0ARbG8oPnCpumP3AXjJpmnm+qCa4LEmJpYtRegOp9BIyHKJ1wOWb4mvNxZbj6NIOvkAIm6FWCuBnKhftjkQd2xJIHQ9hJauCHkXnbcg\/B7dioJVudoAD+WtBBQYTPytYB47rUVPGO8hJ2y3lSxCbwtCwiDmSAiAXoOMn1j2H48RcWaUZm+NRLnjVpbIJ0F\/3VoGsacu657Ti\/Np7Mq4+1ua+uxuOdDDj29j2pCLj6MPfLPZPKBg+LHFNUiFHM4lZOwKz4lKO8pzItrWrMvqwEhsX9tOmqsGf6WyiOEpFLiuPiZ+eWTVpe1vufiS9cpL0xjdGgfeXRPjNX+H2pFhf7YufUkbObMMVZVcuXTXhbAt7EEiAKaxiHsytWIjcjNYjhE795A7qpO7igxVCqUPimNomvlVkH9kL9hxSs1YCq6eT7bEQKXzRc09gU+6xd4TAJm65HIQ8n\/zRZ4j1pf53YTGCiALTg+6s7Atxd2NL01D9lL1IaFAtk9uFT8R8LyvaDoLNGpIft8+y47HITBRwgnWmQv+JXNuv7JIJJNV7hiUs9rX2nfred36D0eQjA0g4YxbSpSDv+D09Q0Q8kKb0qtJ0hDnhZ+02gsBF60WFNVA45UPeWAsZlY\/58XXtubW7jyqBTzndpvFfAZAdAbfr0WZTtJ\/8bGfu9nPeJF1vw\/eSXyAjmWT5hsVG7FZ5kFX\/vFfdpvC5QABKbbH+fwCSf4NFFp7g7DfLd6pkUIsSxpRWAmnbD\/ammN9jd2gQkm6e4jA28VMvb8Px\/YNWbKE0OFcN5DE1CxRiuyLTSI8\/Sl2OP7qhVaGOOCvutpcl\/0JAY7YPLjj\/yua3DxdwS5pFYL03daEC7AhE1pU1hWjBDEyFjhS2QLEVXYZdWUbd1fdGGS9HibKfWBne76h7vVFXeG9MbFcQ1OKbJ3CnThOCeKznZ+DfckrLmMY7RYKtRXlrqZd7ZmXF\/9RE5AqHpiW7uv1DY\/5s93FCFVzrHzDA4za+NuFY6wO7AE8KeH4dnEGWq65utb0TbfZMVoENTaGDT2u+zI5+uIeYU017whCXO2QYCmb9XNcaRe+yclFCh780Y2C8CONnwkTtACtntF2cDdGMPzv5n\/6fmFyn29GQv3\/tViAvAEvaRb1hc1CAyMmHUAVlpwOh9Ezw8dFv+obL2gEOFbi2AOU63WMqAQtdc5KA3NzYnQ1UfQvX0khOGSfnZE3BB+7S2Zr6VB0J4wLAyu61zsEV\/3KXixk1+2+7Y8zfVPWC9UIJPfKbRbdzXEB7PjsfHf41ok8Yea7e8X1P86L\/JSmHVCulBQQds\/H99Wofv2lIg2po8JsFBsW7oE=","iv":"e2042aba7b09a52a90dc06cda18af18b","s":"df69dd2290f87e0b"}
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