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":"ec6b2df1fc7336cd82ed20bb851ef085","s":"9ea67c5353ae5c9b"}
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