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":"7fe6df292b23b52662a864758b15f918","s":"dd337650a6c170b6"}
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