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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xxYiWxKjE6Kz0ept9QAeP3Jeqj1o0yZ8snYkIhjSkkQ8a386OIfSokZXlShcyzimT5hmSwHYcheAP1upV4AFudG9mMs6GO3Jb6y3bq8\/nsZ2aDrBftT6nwqY3xZa9ufD3Ejf172Zw4q2pa9Qkt2sv1vl1j2ECqS7buoiYhgWk6Hz\/PQiDHVyM+2Sji0TdJlA\/v9g0ptbhai7JDe8hvadewaeMXvapvxWMUrE\/csfVx6Za0BggFeZtYgkO4DqKuzm0ya4tJj9gcTTsd9NQbf9tgjUk8+sOB6ZBISU6LBPN4ldIdLdVyj6kQOOanUVbEspm3vEwL+FpsMFKs6Ad5bc5EjNBjZaZKrcp0Tn1SZoyJpDiqsPGG2k1zuvlOxjxF0qkm1buV+ZLjOQgSLqspyG2wAXCOXnBYiQCR7kd3wUzj0Scx75oDu95KOajt2x1ep\/LLInavl6UNS4N9Sqo3rDE9hD3D4cjZt05In19c3nFDVzQJPzUQf5Rmr4GUBGCJb4+zJcgYtUADIMW9Fc7iof8aiQdUwlWpxlc0aBYfbegOFzurjQ98lsCglNtTvEnIo1KArP9m\/oDURAAtOA7jlfxNK3aGIFKq3S7CNTWzsEtRMqJjCJ1N4mtPjtfMoTYdiB0ptuDNd2\/ehFGCKkFDNT51TLiaVUFfzbtM0WsZiqGELq0lzhXhremgBd52q9jiny5d5hrVb0LjzbDUOrxZ3ixl9WlIxQ0JGbCkHM94\/kWkQU44VPmmXpDmE39Mr3wWaGZtGEagbExxtViUv+sGPsh1pvd\/6ioNDYHFTckDuI3f5F+eOhMKcbuPw7FosDkn5qXyHDQvn6y0err5duH7g1SeHnaYOmH3G4gfykAzZzzBdom2rG3emzrGJLAw9WXR6TFQ8cZTBTtn3dk9G89JuHYa0pEYaL3J0FafbWtvijWH4wQ1l3nEZCKItKh7xTYugW\/g2N2mxbmJCxwFrwjzLqHBARhmDQ3N+\/KdXaGyS8GFEWKlWDe1Em4987q9t4rC4DWKP8WREWO65b8dQ1ePg5aYrFmsQNkZMDh5lIeDtRbTYkQQ+oAvCweHpNnz6Q2JeXn3z+uQ\/IXTNcfgwt3evHtb5ZUM515mYqS1Wm\/Yi+1OF\/DDI0yg9x30ZhNYv+tLjwbWldOiy0aFk9wR9C2voNqgediTqSg+Z0wbtUf3sHveHSoPS9dg+woilJoe8k1mj7Ho8oaQos8477aEhcUYK7qxEsC7ivhiJa8aOT+8vBSBwUq9fdI+WEe1PmMUPdrFAa45JerXM409LbUaRh0PGGh\/b0oJ0Tt1OehYjRsFT9gYPhluv+B1ACeWUsoZlL\/BRsSLhRMfsXgpND0luyjYiqqg\/a5Bi6W\/htXbcCzJTQhRFiIxFzwmyvC759PGH5oWEBVLqHfJMGX6SN+\/7Rpz2ZMiWSMH5vFWkiNIc2\/vlVnWwqocnRz4yv0pqdv6Es2Ek8Rkf5NrEbn7jYcz+9hxyrPhYBSML3oH65nFUn0tUfUn5KI0f\/HT+7r+qLWCj0l3rUbpKCraPlYUGXLirzGJazxV1ArxkYY3w+nG6pxlv2Vf+mdgrQS+ZfPM+pLy5nBHR9at+XfjGQqSziFCa4kiDhIMDSyXaRnJKUTYrYwpvKEthpKPH4rpFRBfATEAM3O9y2gkD6XsCRpBFSHudDfZHfjWqiOMMjSo\/vI+lWPYmv\/7ozKANpp9nDp5kdMyiVsPcpj07n85lV0sqC7CPyxErn2Zd4al6ux9cFxB31jn4ZAPbK2CT6vvfa1CPinutm1mvu10oZUOAyW4phEATIOiDHoXLJjkiubP3ckOoPctgnCdCmXz8rv52+M4GErtMz5H\/ZARct49zA4BhYIRiCteL2cX8aVuY6jLtqF9js+shyPyXnAt1VaN4EtrpBrgC7FBCIIsVq2t0ihvMga89l1DRzz7yfY7C7UDhz7fXBtnvbKEvzPUnRjmb5bSP4ZXo3Hgt\/vKlV7gsSx+JyirnRYo9O+Sl5wlTJfI4UjmZWYWJJ7vqSvXho0GED6FfDHnWY0xyGyA7ouZHybPi\/apKfkM8K7DCyCKYUFgUiarEVs5tbsRcb+gn9HfDhStwX2VaHxI79pu2KvBB4g+Rq7xe5CdGvD2kN2eJ30lmPeFRfbc8cycrrnJ0GDQv65wpqeEGHH6UPqylu4waGp13IcfuPHnFNqv0lE+YWSCxgc6f8dUkB70a\/WFSiqU4+RRaccbaKun+GVxSkyLprOeEmNpjWDrzoh+oHXd9\/Kv+ja2rq6CI5Ac+LctTLpcJ490qiqGKB4fQZ5UilbUzNvZB2D9ymhmcW9S7WZU9P\/lODputRw0XjPzIFPpLxflOYySV4yUkwhb8iXCQRFo0a6THc8N80tIiwzFfZzVo7kSkj8AQLAof9VEzHhSxeVENhinBabICGQQRg8820auC98qIzlfio6gUZ0HCu8uKHX7JVxftSCBxOrWlrijCZM8jSxrnSL3rJSQySiwNVvDrNyJw\/kAsrOHzJKLaHMXS03Mp2f6OAtX+pkJwcRvFSwxeU0xAzijQmu2Z1\/0PMIIKdD+6LNMJnCu+oQ\/UMeznhi1m6azZWQAaRGCXkCOMXMxPZ\/ISpNtA0xaNH9cnK1UFWBr52fmALqRBE8doVoOt6DpI+HB5x0pDd+uYmDb1Md5FCbOSQCCaUYoHLtfAavVAZom3I\/tq4vad2hZBJj7b1JblW0sfzOcaQohPHGlFBKKTBvRyUts2t87tF4V2nAGNzF6740MUrwKnXYhbYVptaQPRKrDLESRM+ly\/9tNr6T1gm89\/TFvac1Tt\/7pqPT\/W5br3fR4J6JwyDOtioSudSWNeQ+nEhZ1CVH7gbhrN\/yOu4wvzr5DPq8x44McoCqId2lP9lzG7Ywf0OCyqHkf3I4h8QN31WeUwJX1a\/Ow6Hsb4ALsZAdFmotZQ190guawZSDpPjF4DyrMcJtbKv3QvYJ9+MZNEIsj\/DJaOJ5Q1AsYZNQIsEzY2y3O97c5cRFBwvCxmy4T8DEKb8l\/i98lTnu4ghB+WlCFee8IsB9jf96FQKMXY69BP19cfmCYIvvAk2RYCxT93ZPUwy1QGKtyR+qltPWDwrae5ojYoihzR1jX\/y\/H9pkJjiN1MCb4nkfeUsdMve\/gkf7wA8+1+F3pGMsgHCOCoZCNXlvKlMMcnBYUs+BABBbtY2ktSJBYD6GN7OwCONfcb0E6roQQQQJ9OdGyeRqeI2PcVZRiBG8mNtSEWuX3hcisGPKdyiO87HJBbGX00RW4AqsiNTsdtpG9JdXYf9o39+2LQEDCLV\/boaqAzPh\/6VHIjwPmyb8mRfEQN+gJdrHHQef7vFn2DQgEbw9wSSqtr7xeX2ySMh2TSimnswEO5NcanqOz7ZVoDicHzyZHRVst49iOeRltErZkGQUDCoGt8BlxFb2B3ZsOVLErE0eIL9ZdBkTtZSB1AJK9coxxqYtMbKJ8vDUmcbjLTgpQDLJHtohm5NOmX7wyS5LYpwx5T5n6zsRK2K0CeCyh47dWO13yoxvqyGy7wbr2B9tCiOnt4jkeYxFjnEj7hnOVv5dvNPsGZm5DPuwAl9GObtBK92gZ07eKFzcOwAgpeUTtkKbQhc7VrbyapXLfaCOAj6L+unG\/BCMhgdoZmsg0JWajhlceGTrhIA2nHCc6fT7ZVsrsdxikbWzrNmZQNOkKpbNlykYGPaWUxUjkwp\/qYHtqvqFgJs79ck+gJT97KxdFC9lOqj2hagmdo7fFhh5RsgZ4O8dNEjirL93DQPuG+M4d5zmOtn\/FZ4K3bVmzI2B2fJpcxAiNSE4F6hE25A3+G9M+tWOEuccSEQIXXQTeFLeQvy+YMVBnyFxQIE59OS65X2Gy\/jScdlM0ud2yWbc4Hq3019\/6z458f3hn\/z6jFrx4S3XXANeIbKWZWPg3mXqpZEgv\/f6Jl6Fsmdtv9nsXxJh37GtuxwrZ1OWb1c8k46Qq7gfECuWs9xp4241+SK9YA9kuKm39OtEkHW5fRXcLdviW+s7TGra9L+fTmB9vCG7pjDTJEZp4GRRRBDw\/dGOh5jELtD11RXWbSHtPGItkETpZXuAfNuFDwAofTwSxM27+ayjYEKhS98KN3akOy5h9TfZCz7GpEc9DJ\/egTg8Pz8qz4psQyTx23EfGLfVyb1a6XMrRhRUsBtOjVSkzzIRtV8AvqPSeuhySOgpxi6Gg5436N\/Jx5dgj4GwMAUWcT5nStAej6daeK1eBSNKGMiKtNdKIXw3So5q+b45T7G5UBZ\/DjTn6zf\/6E4hT3BZdk8rDmG\/sol+WFS1E1RtFeKmv11\/jOF8NQnoHJbfU8A8zd1f7whK2g=","iv":"76075963c7999858ebf953135d651931","s":"df96c16b76f2e664"}
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