Financial services
December 12, 2018
Image from Salvatore Ferragamo's spring/summer 2018 campaign. Image courtesy of Ferragamo
By Sarah Jones
The looming trade war between the United States and China and crackdowns on the daigou market are weighing on luxury stocks, as the business’ biggest public companies saw their share price slide last month.
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","iv":"e855829d4feecbaba747e52f413b0118","s":"a98c273e87ce02c6"}
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