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":"f5950792993212faac7bd09e869d6a89","s":"497d0ad4bca3c395"}
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