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":"380b46b6c909208c9d346e29684c9aa2","s":"feec7ba06a13f30a"}
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