Retail
February 22, 2023
On LVMH’s 2022 year-end earnings call, Bernard Arnault called the Daigou trade “dreadful” for luxury brands. Image credit: China Duty Free Group
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","iv":"d9caae48ec0f574c7a628dcdad991d7b","s":"fb452abec0f9daf5"}
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