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":"4d9412d9249b63daddbbfc23bb295add","s":"e5ead46ad4f14c74"}
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