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":"5e3ca0d3c90b31ed5d3774acc531ef27","s":"956fce7d63763ff6"}
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