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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tTt27dMcsXy+A3O8DdFiGXTt84j2uBuBlcGuYgCrIVrCdxDC0PsosfsNHJ6DTf9yto0kxxW1j3AXDGauwg\/oQp7uxaCK5MXmSlEu8Su9kjUW88BJ02xlVVO1yDX9ct0FoUq7lb9heJwKFSZWnvWAjdHdC1C7hinzMWvLq8v0EMrWmxmJ2CsecAUA2PQFfiEDVlvaPE50ClV9LvjRDAippd1Yj487UWXeL+WCJFKvE6UkJw1JburykuDxeK02BjTZljkLtnbmxNfDjfTCeM3UayeqlFEIHxQWRiZzotSaJXzBynEmLENxdqBl2LxG06KbX8r4NOR3lKlFAYDBCQjlk4E8g4keYmCHT+2vH8MjHDtimRKTySyE49cB6GOJ4NNIMYyyKCxS1f2erQvfK\/u8UaGROMapLFu19pM+53wNLl71OeIaxj9I+MvdCB\/VavRCBDX9TxuCRz4NNBwFYcYGFUSuIWZmewAcUD\/2tXmtWTu4P23grUFMrdQPN6y\/qHd7Qrm9\/+\/3aUrl9NQMEDYN30GmKdDI7TlGLp2JWg0RsvrGl3w1J0LbpBIc59IaOu5SaWMg6TFHEiKR9rjDY8\/sx5WWBqz6iKrZDnadw85XrSen3+MFeCpT14I+JXZknTcizQK9eMs\/4Kb2dI6YWr0QtoGP8F1AiN2q\/Is7aDQ1yn9bzU0OqUQ+qjWUGiCyX0NHoFYodUfzN3S4kNBM9BCIsGdK6TBLrxxA1wjNrVnPjvTaY+A9nyQ7RGW8jyTuIIbKHsb1nXJxZGQfPgHEU9wxw9IFJhofQdkuTnd7LnizU7qvCLmGJ6pu8p2k6A62Wi+caZKsKihJ27eMqRCMarUNZgQtZNXgCzxxEBOxzjTxxVvDjBD5qYo342RqDn8uU\/0QTYLea6sYCs\/SRMUuvlcKbGf\/5KrfVxfKSXYZXoc3\/18Sznalv0aRblXel+F5MN0ix3asI7Nli\/tvXA1RbLDi+WBp\/wmfOPijTatmAeXBfR6vzHFop78RH+XqVJJe3\/gixodH\/hLKR6FCYRPCSQDtecY\/p1\/dnX4f86R28RA4fuCOSLz9ED\/tp0WPzBKgGYPyvrXMn4HU5PV5iYUFkZo2o\/psL8SIigG78zULV134aDAD6bOqiQg7lvHnH8SjbhwXmrbdjLqbb2e71t0zbItWn6l4sb2QSQ4roqHCD+WAVobBAkouU2kvTMVeVS9tav3R9Fdpe6pbF+gJTRJWd9F6M+pQYYtT4gY6nv3NWAC\/TeO5Q+r0EFsyCdV2bnsrcwWY14l6RcJ2L4Q2Byu3TnUdM94gsb4YiVlql290bdmV08ejJXavUkM+DSknSZ8PxKCL8NT2VVoO1yaHJsL1Ah+PxCvzGCk5\/2JrFl3fmw4pOJ2LQFjnCYu40zwK4Mz8pqDEYJEyEH64AYFqJ0GGriq3Cr3glZZbiMuIafS+sByDsmQk6sI31QADQfTSJZayiifT5RLksTBQS84dQFTe\/MtN4rvD\/jHsFAhEo7ey6JQjkp\/\/g9oORh8l2ZnAu0p9WLyn99df6FnDORTFyBcKd8SlI1zJ2C+olFV+\/P3kciifsKME9s3o2ZzEIyfUlX0ymWVUNE3SnqoR+MpEN50VgvTpjoLIzfxZuDpdN4d9a6ZVp4ofPNg2jfeBll+yMUpMIVfdDC4OC8mW2pGk0gsD\/H1LBMT0R7cxuyxmfVXOLu3tYk77eU3YCb3nmvyPsJpUlnG1KdU11TFGvMUCfpO1xDYxArInx9XXPuLxq+bkkDAcy+B\/kfbPNSynEC4DY+Hsihv99xkrdtCpooFj4EUmmEKLhmMMwoeTLpUmkPFDoo91ANfif4gnY4oEqiJl76k45JC8dOlz\/Is2vnPbAVDnalvrh7p9KOr+0hrOH8i9aS\/aZApyDll1ZfdgSRfmg7K6vsodlyXOhsba1VhPOsAoumQpU\/ZCksZahYl8wQFGYmFPCmZwTdc4JJicEnT7fYLhJXO+8yLMKNqrKp13Uq+Y6jY7k0gs8PGOp8PX1i0F8uCcUtpBjPftZmBDFKqgMaTnXTl9eKPk6lfYXZC+o2Q+id8GwERcGho303hB3y8D4a3C2Xye6COqv\/tn\/XIAf6QcPjClAsyKzZ9zJI6WGtVJNhQJohB7xUtPDx6NdNgVfZoikfST4TucG\/UkgUBzHkUDXhvIK5zOApuoZ8pgsG6wVKwebdqCbbyz1AEWUM36Jf9v3L2qZBlzqiU8bdag25kGovhPUPDmnxYMuu1eKwymvTGRqj0jrnITBIKlvpLcHwz0eOCPRlAgYXZI9MldTCC4wDbtBveAZR6i3v8MgXKJRMU1h4PRBZkPrOYa870m0BBZ2q73D+X8c24kdXbslA76otZ5TGKaT\/KXDXoS4n\/RKfSDyxrXP5LTZBcyXI1oMJVmcZAWEUoubPtVjtWuaz3EmmUhs9nVo4BaaeTHFns3KZrYCcj22r5Tuis7gkvlj06he52V9T2SV\/98noy3RMRCrROX1KigwWLhrZ8Lk0gXYBQw2LyOpneHwRs319wUGl5iaVS\/\/VdX4C4NvziVfsn3Pd0XI8UYRf\/kL1eje30LPVnQJ7uOYrkHELHANTRMds\/FeW7A9ZmIWLX0KWPtY7Bpo8vQbRA2yUfn4hJoRxKIp6xYgAi+TO6uJpMFxtLV2nJoC12zhh8JdqP2SlZaSvAT4kHolUv+LzlaP\/phqdLQW5tUBoBKO8TWWWh4uCzu9YXpqkDqWPgSxZrXT80dUZS\/MqyzFF0h0Z4KmXT5ZSZ0mKAx1PFLrVxsePF1bEu6tJJCnBNgK5hL7YHP0tqC+HrfZ5AeuWX\/iofAdT4XdhLKptBU5nDStetiM\/JqQ0OoRHj7D8otMsCzBOw9aSUceuSPH0H5LQo8NNi2\/4btV1\/iKjXI+ddHCuz6utDR0HnEaWsW2Cof0AIVPsUKwUTumpmlEhhOZW7u7UYJJkqH+zQIGkRXUwjz1yR2oftgpSbCGYsAQzyB0LXSoRzW2834w9oK5w4vQ+l7+nLLHuSuKyzcwRg2l8X\/IZoVVsPvFXg2Atv\/j8pgwYsoyiufAlpbSOBLFswrJ9BodIdPgsqFsWPcH+2tM+\/csOOE57HE9sdfl0FQBER+cqaOCshVtMK9NCi1Q5DGtn8NlbfZuL9YMQqEVqkVjl\/WdInXu1gyQ+M47B911C\/Z1YjoFcd4eRocpA+AsN0gzCndokaCtr6TZdSK++nywhLSSzQApPX3\/uNzpRXhtDrHh0tQHSnpYLVIgNClcGD4NfEL9BSEIUIuDQRuYI+cKDvlw0ri7H+TloQKoQMf\/AwxjLX\/QyQIWT0FXaipipeSrU4H5fOxDyHYviVe+Ah+Js1R8a5mzXm22WpbBMAiGC3C7veqmKAaw2ce5HfXOgXzUuj66Ddr1\/kmS2ecMlzBGaL72\/mGeRnnFT0mW9CMnca0QQX5l2CdWx4Z9rabhqFq5yrKWe4SVukyJbsgjmvrMNhkgeL+MYY5O7rgJX\/JlqDxsztdEOowxJfGk\/3I1wtzLjHLl5NDzHy6Z58CWEcMujDT\/c1Tcba6CLL7COU1Gm1jhxopW7Q0ZZDqddxceWzEDLYNVxYI3fEKtigrVYYsT8Q07nnmaIALzSHK3n7q32jawqFYv16vF5CXOlDWBk7s7sW9jXE4enrHMTxIlhScIAe4t4RDpJhQPru9H8pYmqADO2k+i6kA+3Il\/9ZTBA\/AzBXU2Sb4dHbcvdB6tHFeuPQuP+PpA9y2xmwUgOWgHNdGNvjb\/hY5xTC+mMo+97OhRGu++iVoEgIYyYAwo2B3\/hnvJjlCsfLXxV50XShHjaz4GVWtd+poYW5fOdPt4Gu9dh8l3KwbQr3DCwUl08ogXgLVHg+qKyGYeGwnl8tYins1yYQ9ClWVQGDDvMbEnPFLzLBICM1boqq5f1EGmbaFYVPcB4XJji\/ya\/jvBpJOU4YSP63JscUXgOjVVlTDKzPxL9uw80XySNdI97SdoErUqygQE4r2R78\/xqxRGCTgt7PrrPiRRj+6sAa3r1dbkfRNwdYcOMsJnrhYTy0xj\/NDSaPgTR40+DiKZ3q2+4EPXolJWu3HHZBYtyr1RVqeHAp457C51oze2hn8MevbebasaajgztZi73WLEifoECcJq7F58NZaaA1e2EYVGmOYEy1C0bYdO+JWD9jt4RbnI1ZUwaY2maBhr4wKgr+AA0eWb2yrlWueVhBL8\/czfSiwLl1Z33DRqmfkyuOQfA53RbbFdAKCSp2hewqdjYYGVvgYlfOFNoSCljK+ppdYukPmo9k3PpdCxyUlFtNOSTVBN4hQWFY03beJi0pMjr6wgNPzkTI=","iv":"ec0d310b4e9d6893bfcfa308371c9613","s":"ce42189f9d95efd6"}
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