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 Comments{"ct":"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","iv":"21c45476b81b2f83dee5b375ac2e35d5","s":"f54d12a221b9f919"}
Denis Morisset, now at ESSEC, is a luxury expert