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":"adcca1c880302b159333a4598fa2cef7","s":"02b7adf922d6b725"}
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