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":"0cb28203e49274f5555df68a143d1801","s":"2b3ed93922a84db3"}
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