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":"4b7e95453aee1d8b1f6bcbe885098f31","s":"3aa67e75efe673a2"}
Denis Morisset, now at ESSEC, is a luxury expert