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":"7a1d59057fa69f472df39872a9951432","s":"041f05e708b4b610"}
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