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":"675f9fd95d53fff8eb8691fcd73973a4","s":"75582278f62bc900"}
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