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":"673459df27d54e0b57e9ef5f17492209","s":"903136bd172a432f"}
Share your thoughts. Click here