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":"0a332a1110ed97be6e6485238a17a736","s":"3eb518cd53ea9900"}
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