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":"b822fcdf7d6cacd99dff5bbc1e388a71","s":"8bc3f27d26026e9b"}
Denis Morisset, now at ESSEC, is a luxury expert