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":"341874bba64fa565c040542f35146506","s":"c12f495b8f92a518"}
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