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":"e539fe73826d151fc32211c684a2130b","s":"4d1904a80ae8d461"}
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