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":"1fc5ce6da6ba1ecbea80c63d1c0b1b52","s":"4f0fba155e7530f9"}
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