Retail
October 19, 2020
Major luxury players know scaling up confers enormous benefits in their pursuit of further growth. Image credit: Gucci, Haitong Zheng
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","iv":"3bb188eb874c19655ad99cbf16925b78","s":"7aab18accac7d971"}
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