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":"2a6bdf5272b376d77bb2101b7874ea4f","s":"c49f918bad3ed8f6"}
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