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":"d80a9f863c1516447d44c12ad46facf2","s":"c6800eb99d4298c8"}
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