Commerce
February 24, 2014
By Joe McCarthy
Kering's profits plummeted and its debt rose in 2013, but the conglomerate's luxury restructuring has already begun to pay off.
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","iv":"9006c54875a8f450a9c960678ca73667","s":"1dd0f26798a9f70f"}
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