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":"101e8712547f2858337393c899be692f","s":"d079a41963e159ab"}
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