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.
{"ct":"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","iv":"aff654680afefb3a9ca045d8488dc275","s":"65732c667f370105"}
Share your thoughts. Click here