Commerce
February 24, 2014
By Joe McCarthy
Kering's profits plummeted and its debt rose in 2013, but the conglomerate's luxury restructuring has already begun to pay off.
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","iv":"fb6ec00ea59f039682fb3f2ee9a6de7e","s":"12e2296368e42b52"}
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