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":"d44c6305a22970fe3d60ca6d90a25d3f","s":"154331c808e33aaa"}
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