Research
May 22, 2015
Steinway and Sons in the Integral House
By Joe McCarthy
Currency fluctuations drove uneven growth in the luxury market in the first quarter of 2015, according to a new report by Bain and Fondazione Altagamma.
{"ct":"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","iv":"124a19cec009e6d3da08e649c4151a26","s":"43ba7fb908172dcc"}
Share your thoughts. Click here