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":"4649cfafd3056a6e1183a64ea7bddc0a","s":"bc6df3fe3eaaffe6"}
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