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":"2f5e7ef302e6c1c329a8ff60a7d7179d","s":"f0193324b3e11718"}
Denis Morisset, now at ESSEC, is a luxury expert