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":"fd7e34358dddf97b3d1bdf4f3a06d7f9","s":"177497532000ee99"}
Denis Morisset, now at ESSEC, is a luxury expert