Retail
October 11, 2021
LVMH, the biggest conglomerate in luxury, has continued to outperform its peers. How? It is mostly down to the spirit of conquest. Photo: Dior
{"ct":"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","iv":"810ef2374d82228365cf2d23194e0aaf","s":"8bd7c12bdf5d77dc"}
Share your thoughts. Click here