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":"2b9a8d8a90e91c91231d487d2b625059","s":"42429925738b1621"}
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