Travel retail versus grey market: Luxury’s global challenges
Posted By a Luxury Daily columnist On In Columns,Editor's Choice,Featured,Industry sectors,Opinion,Retail,Travel and hospitality | No 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","iv":"5b13c315c4954ddf7d2c14f534805171","s":"beb847be829296ed"}
Denis Morisset, now at ESSEC, is a luxury expert