Marketing
January 14, 2022
2021 was a remarkable year for the luxury industry. Many are hoping 2022 will be even better. For those betting on China to fuel this growth, there is much to be concerned about. Image credit: Haitong Zheng
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","iv":"0f346882e45a1c17f05de989272e2846","s":"8769d1948124230b"}
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