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":"efc36ab9989d98080906d1570a36b917","s":"7053a90c38f38d0c"}
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