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":"966683c949547644d59c52d0b0e8c75f","s":"6f2ec6b1687d535a"}
Denis Morisset, now at ESSEC, is a luxury expert