Research
May 27, 2014
Burberry on Tmall
By Joe McCarthy
Although luxury growth in China went from 21 percent in 2012 to 2 percent in 2013, L2's latest China report asserts that the overall picture is rosier than this plunge suggests.
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","iv":"d19dd749621a25a679c88cbc38f6a172","s":"ba27dcdf697f98e0"}
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