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":"242e28ff02e64c7550641e698135834f","s":"24e5954218d46939"}
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