Retail
February 22, 2023
On LVMH’s 2022 year-end earnings call, Bernard Arnault called the Daigou trade “dreadful” for luxury brands. Image credit: China Duty Free Group
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","iv":"3689194a14b9daa79176c65e443c5985","s":"20d5f7cea29c1f54"}
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