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":"bc1c71aa13acbb6fcdb9af82e93cfe88","s":"5044d756ec44116a"}
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