Travel retail versus grey market: Luxury’s global challenges
Posted Bya Luxury Daily columnistOn In Columns,Editor's Choice,Featured,Industry sectors,Opinion,Retail,Travel and hospitality | No 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","iv":"04280e8238497c89a7715736bcfab3f9","s":"95e457051849832d"}
Denis Morisset, now at ESSEC, is a luxury expert