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":"271bf83c0c2daf1cd9ee99c5f10c9493","s":"14161c7a534bc093"}
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