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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zmS0FFu2OijDik2LXvxYS90O4LMG5GlXrqZ8KQth41gX\/2ltZqqFOUavcxNnhY\/8JJcK4PVuZWBECY\/Zmb8O76yJK8ZpWtCJMDNPAyjzloN8j5YuL86okT4\/oI0OTgi+JW8u2yg2J\/TDLpnNT5qF1Rs5+a0eNmG5ky2cIZu6Xl6pM0U1C0gpGOCFLcyhci9o5aesBZqGgMIaxfm6XBb6QagJS5xqqtquiuEGaJKhBGnG0bKEIPmcArhX4k56e38BypNq+w10tXqzfE8y00V5+u+rR0\/vuUEVp0b8ffSlrolpbPH098MWrxxbRYgSPnb6TfB0ovDjQeigUSVFGlZJF9uHoBSHjADx5vSKCZG9zAg1tKn6Vu1LiSKLbAk7wTvXRXSwMIKQqfDvskc6raZDIQOV4lVOe0T5dL5D0D6DGNNrnBiOXHTpQWLttLfD8h3hTq7K+5wTpV6MooYDPbv6PVQhP4nmeUB1l5gLLJ34qIJ0cEEdFu9e8KgTdC4B53C9tquN+nayOjgaMhb3+z+\/kZJXS7u0HJwtrpqExM\/EaUpySJKkJwusmFOkKxURpb8\/bU2+QFWvrhjrvqy2OzJ2jDj0MaowhQpgoKqeg+C2uPStaBNjVDJd8pyEHY7jvJC\/r0tIOsrglDYz988DYQH1YcNO\/i9ldoI0v0zM2imysFpbARnB20Pc6iDuGpXZYVI\/Q37anZaWkYucAfUukM5\/xa\/Z2H1ETQse8xof8wzqsOwCq\/bRO6WJiUmZE5nCjwctKghixYzvVWYGpMiHrbovW0KEJPJxFzKHx2+rQk3uLP0QhGlVmU9vXLcBN4OKX2V4N8rphxDiojGhG9C20qbRK9DUJhBWPAU\/F5tiuU55H629shVXOXMWW+m12r2F6K\/t78Bv\/iWWO\/+MHMIKW0Z5pMIC2ofgFo7DTZovPLhO\/PPgz1lPRZFZixSBSOPvHpGptN1EMs1YQQLz1xAAgyenD2eIeMrWuV3cN3XXx+3wQ34GEaWEoNp6\/2K+EoKUrI9zCdM9WrYOR8kFYaRPL8onrpL\/JONzS3FMQ1cBvAkH9Sqmuqs8s9tWCm46OifWvhoV8Z6nKO3pW31VCfulpgWQvKCsjApW+KXSloT9Ih3bHrsfPh0zHamDaTs9FMsBcVloOj\/u0BZqhLpKrMz6pzlzfXvDdFi61lM7RPWm2GJV4b2NRlwFe4\/8XKNAQ7Rwppm3qBbECPE4JW7BxwO8zOdTZopI5MqqVXBE3XH+9eklaDDnuLZbxVZCu+r61fGsyukM0\/4huhD7KabqK9OTiWPEUUbJww7aUJJVtfdFpUxKuInebPGWUscyX\/xGKHPeoQ3jkAfCOGDJPn63tSR5EKahlei6Fku+zhN3JzTiadFqR9cLy+zHLiw5ffdpqwKy3HJN2c8X5m2Izsdi1qjQssY7+0lnV\/s1T3l2RBnQq+PQ67A+cdV9H5DFErA1sCwB7\/Bl7HpcxIKT4mZ\/Lh8daWmT46ZmHHPZ+R1Ev3WuazKNucsnhDId+5JuAXwMqaJ2J93ydsmu8+kS+qvMPdEXLGoIwXy7knB1Fca0xVM\/fn2DB9aXeoWS1KodqwHew989q01\/jw+PD+15xRkMhs2jL1kRPbnJLVwf02+k1aSNqMFOuU1OGjGD0pDsNFPUiqF5UNCL95LT9SB8CDzYHwxUHgVlk\/DUcEQH9CpzbAQMtsH5aq5HqjGsm1RYWKTrhkcW+InKIIJUHKseT2FG1Ps3ukJochT9FFbDK0eJ49ew0qPiSw8GKBymzyB1VRwBriHkhnlcNZTu8qF4xLz9KMKoh4CP2HsUg2\/Yl40uNydN7OydMmnKp2bv3q7xFnf9ptwjcDAMoMSP0EuXA65R3+Uu0y\/KCzNgVxXSMBM0sMpY8o8JcYQDw6ySmN8B\/8h1LbJZdhCQQOXWmSxdZehiCRCSgP\/9zeGPyUJB5VrDMRw\/c57gtp47SAX5y5Cp3bnrGB8D6\/JTdlPZwvtvDt5PIVNFgxD0oXXkTqu+BSYEWKKtvb6sQkoJZWIyqC1xdlLFiYIUA1K+gRQrNooR\/VrRN22cbU2WqFK\/4ACGXznv2P0Z4QwRvQgUXLa1qYSfquvoMi15xG+rThlv+zT4w1GeKmvp8JMvORrMR1IYpmW+YxojyKUc9R1ns93yuj5ek9thuOcyJEpH93XYOVymAqP6h\/jfd1lh\/WWTSTnkwNpgLGxM5U+8mWNFjSe5vIyjXpeYPanqRlbfm3frqdiZJd0H8XVPNLpiQgcBYyU5\/PY6l+klw1ujOpD9FiXMTIpQlwRSBQLLcK5F4+prFuG0KZ3ZMXFrNBXCzsvrqzTUx8G4Q9yiOXRKcsQjIoFvZQVGqTNwDVdOXh4k9jurPAbVvBBOO78aaxoX0cVUBwNkdVyPGv3GScDgR4PRZTZihquteUo30jkGdljbWLbjt8YjbSn0TiZsvlX1i8SRy4gxWFz2\/tYRrpXl4LWQwpti5Dvjisfut5xXRmXXwtOdu9loHMluGCG+CWmG482\/oMx+PNwaWXJ50aAJyWqroIY2OztZAQ88ttOWo0o5VdvT\/QmuLBC9pZMPAYe6BwsrGyHXK896wVloFyNrmZ5\/JtJc3\/H\/1S6547Dx19WBKWTR8hg0iZ0otb0p\/mt+553tok0ZRCgl\/gRVf4zAWNV1\/ntWzSa33m+vX6\/flgfpm5Fi\/v+fVmgddv67gVMGwft6FqfWj9oE43hFab2xp484TbvzKWzwbqJoYsqHzkE7ifZYfQYaYjdRFDkcdxp6v5xp6luc2K5CSDL4\/olzp1QkqrxM9PEJ5dRnwR\/Yo+ZKQHfa6VAEfwctxUzPhskknjta6iB96O0UQl6189qep\/oDTfwn42DdTDO8w4W4Rzc8XHW7lIyBoSGlZzpBzSR3qA7K82jF6ts3E8oHtyleTNAtTL5+tiSY3pXyO9HFFt4GVzNg0VKgVXiO6hjw4YS\/Of3kxEAjJDx6XdE0JalOIPpqwoVZcaUUDWnHi6eu0jnUDbo2fdhmHFnrJaOsEntrB7AW8rXN6utR\/+uinWzL7cJAVapjnH74HJSuxtQs0ElEWyENpd2+nX11XBoHtu4ZddH1gM0A8FJnW+FX2pr7iUhmULRiBjI1izIqW9luRdJaaT2v8Hzl79RkwDpqLVF3JJ5x4nPCfO86Ji\/WPGP4Utama3\/35BMj\/HMo0nSCK9YP8sIX50c8MJiQAkqC\/Ny+zX9k5MgMY0bj40YpzZVZmZr8z7mq97kWYg7emiSSdJxXSpcDtXV0Gzt1VXG0XgosCLbK\/HRjGxlGO9aRD4u6ATU92BlSSqSnrPw3zduYFLfe5USN9+YmB5ewlB0ZgsHewOaSDWfXP44xA9KAzk4yOieO\/r7aor3lc2Xhey67M9uCspx5bOWXlTZwzgA1rEqw1cZEmEEl0hekal3hq2R+kQtc5X\/+Hp0H28sE31DrjEUQtnNTC+6z9L1xr2T\/o6V24dwdEX1qP1EDv+ssfp9X05s7Jo7qXpPh\/MLptG7F8IeqC2owYiAIRAgQItgFHkoZlRJiygfaFJ6ieaghPmAKpEESM9gOifD1l+S\/ZfFXpOi+ImAnwDCrlOcy7HYvFITaZX3BPYMBTCAUAT3avUjCDs6gPMeytX7ysK9vXEi1yE4fhVQ3rlSEHIVIu9sOfFp+zzRXSzaMX7YogI2eBGPSwxfv3SAWR1yeIPp6zKrHRnwkGf8+2VLvcgFhl4Rkq0JskHXtQV7iHK2IdF+y\/QDzum7DdgEgLXi\/xXcmLtWaQauSnARaljjDVYTHcKzzL2smv4x1duI3csPk2XwNBGPh39yPo\/HUf\/g+4ZLQmT\/x+4+nac40wzqBP8hfa8jOiqOcN6RYnJOko0sjvyxlFtP\/zCvvcJL0gUBzGjMxq26vwyZpgcBzXVekUNRQ1dmE8UqAUqNQSbtWvrrp4AG3f2oLcdM3yn\/o\/\/4eaJSYj4\/xyS8RmF3yG3QmVSL6GEHJbAKPtoFNmXWrv6xe+AAvDP0hleTTgC2E9Cc1ztXJZMRcVLq87ApwtI2iYpWJ+BdKz2QbQCLrive4XmheweR3GwDBJIyAEwjkRJ9gJv+32bmmy\/wzd389cR6M3OnFeBUnY4eOir51vfSQ3DiOFy4\/3gpKFL2K3lMMZhIm\/FSGCUnd1737x\/sUBzc3VS9yRhfRHUJXwRrzyGaIy1EJcWB4SiRn8JMS5IqY2UF2C\/gQAtuOOqw40bKJBFkRp5\/mmMpBgfVe54hiWZuShX+v\/jaBfHh0ypJnBEPat41Cd18ZmXnjN6Cht2BlzBWJz2EXEYZ\/eE0cQqJLW3z2dkMEKje4mXLbnmhx1DZg=","iv":"b45d4f4a6e4287cebfc5fbc6e4511e75","s":"730f6796f03c28fa"}
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