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":"d789a38585bbbd308e647533671b580a","s":"3041a5b15a30d1ec"}
Share your thoughts. Click here