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":"07cc51020df6b500f538d9844e5817a3","s":"ead854b66b18e133"}
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