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":"3ebd2cfbb777dc6ed0d6c9dfc37bba96","s":"60f94f365dca3d7c"}
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