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":"f86762bd5938cc3b190e3e5bf6bbf377","s":"e7b4661231709aa3"}
Denis Morisset, now at ESSEC, is a luxury expert