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":"dd3158dcb07262fb6885e20c1bc7a749","s":"9e9eb413376b4ad7"}
Denis Morisset, now at ESSEC, is a luxury expert