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":"c3f3935ef14ec240e00f9722c3f144e8","s":"6b8c49be3efc1eaf"}
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