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
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","iv":"76fb25736c8bbe5b0ef3d9bfb1cf741a","s":"75191fa5ae620542"}
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