Retail
October 19, 2020
Major luxury players know scaling up confers enormous benefits in their pursuit of further growth. Image credit: Gucci, Haitong Zheng
{"ct":"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","iv":"15ea0f0d72950b3c6f8c2233292078f9","s":"a24daa502214b34f"}
Share your thoughts. Click here