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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","iv":"8fe74b4d0274e1782df712195e124160","s":"57d4b2e7898d9f8f"}
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