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":"93f94b36978bb2d1a256d4acaf712929","s":"e99102a12c5a797d"}
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