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":"4c43680cfbde42cdcc843f025759693f","s":"ee21d80d6855a606"}
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