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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t\/C3HrQrK0BtoR9poWgkqlFIdW9zBUA5HyO2g1BHtZ8UeZXRE5E3UNt1QtpW3cOkHqiJ5uSpwSNYT41sLlrpJIiUd+mL7zk8yl9eCsbfnz3QBUAW\/UFxjkeO5B24ovKuDvCwZ\/8W\/t6SybM77eDoaPTV9SV1AsQmbsE1xggoBEyvWdkU9MQVFIF2FCLT7YfCJSMW7ZfpYT8HQCKBJ1mtxb0IsoMBUVvs1aJs5NecoHoHCEeCkOtCElT0pNuZOrmqVUfICOrs1Z75Uuwg4NvCtZUYSs\/SZnEQ+1SjvkxmPBnI2um2DPNSn2EkS2TJxwhGaFA30RiLQEIHAUJG+e8Gd\/EfguVbnnOWxPHGEpnfbI+87m+LmtoWplwIiL83FN\/lT1E1cPd6uvige\/OlA0bXVeVg4VXFHurybr8iqiBP\/Low8WsbZOs22I6iwdk5lrot14cPJA0\/i+UUPMrXMVN3BofmCt8Kq7hpSiRH3tegYGh5t91R0RXd8aURMMUNQaaJtM5+9nbfzNuwiekyES2jMTvxnnw4hn\/cOlfVsWrlMcNFY5to0JXpzdjvbuHABHVHjKEaXdEGfLsfdMTe12ELg6w04\/3qucIMCZx6u06JvYMx7zAgo9BC5lDdik69QxWzTUgHQS39tT4yDmD0Fm8x5up23XlXaQ+LNZbhXsre7r2co8yNc8gv6ZPmSLD23d6dZ5sk1aMveOZOCQRnWLHDXTEDunxN9cOOHcKvi\/JP97q8a348qEFVAKRQxo7Vw0rSFxJsxFvyxNyxc1uE9c3IZmsXJbrawQEFqg1\/lG1mYhzglMibGfq4dPTzL3MNXUw\/vSZRs9mWddEhEQacyfjPhAY67M08bLok5WlDdBcIGWW00lpW6M8VJ4KFSJPtH5G3YJwr8E40HSUAR8vdtq6Rbr+9GjWUtx\/tnbY\/im84WbqWDfIe09V\/by1hYzHP6VWMV3pfwnKrLUkmkVr3AHNr\/\/89T5MdeG8po8CUVSPYHE7KpeQ6MsvRwez\/JdgGUIKJZkiCjpByfGv6EcIesaRbw9Ex7tzV4+rv6eA1ZnA9biXywBejS2a3J4qcJrDnjoUrYDZyJ41Hh4M3mHKF0nZWIKLR7S+lpac78owVyNMtQIqgNAZpWSEc5l6IjtmEIWfFDr6B3GWOSH5BkeF8eL3qHi3dJGs6erFVYzof1X1SRzLQlIfGiKf9T\/E87D9WB34u3nmUxDcwJv0Yc7IyNs8UvUfj04BM50qE0z8GbmbkQC8Mn5FUHm2AdW5YLo18y\/8npLRRptmeekZDLDroimqyXdfii7RzRpQH1TDfNxFk6xbMVngQkHab2f8sNRH28ojJEcvZgE0lwh8+JTnPaKJPOGXKNT09Brc8mQ4arhMxEFf4T\/eR10D5BMqcOItU+4hnv0IQbM5U46QGgd7aOUOG1bGIvMjuZ7Ldm731XL6rzUTjRjXz8aZ77kTr+mvxUagvL3Jl87yi5GxIFDrQ6Mv+h5tNQWpiN5e08Fc32tlAY0NGkhJuC3QNXiLvDTPh5\/BwzvWNqHOZl0llSubnmoAFnAKrEI56giIJw5ul1P1i4s7QQdDvFCt1YY49lPz\/dB1+d6WnJ6jsEKZcwMM86W7Cw1tl0EV7SbdVYibuYuoPFkqXnJ1a6\/0QPuJjVqlL5NBwt90MA8KIIU+20VHBpEIa0CHIqsYUv92QrEsr12B+pdpe653HU0Ri8K+G\/sB0T\/Rz+UI5TBOmxXWoZDJX32\/ZuL9fCnK\/n+hQ0MIgKPUuGEVSpbNckOm0fnBw4Y2fXItZL+P0VI+xG0bmDq52mP2DXtWAUJ+Zo8dh2OJlIfJkhGLCLg6ZwoUXOdTtMgS22FnGoJdK7JzKLmAfqM4rOXwhGx+F1SIFdJY\/P1w5FDDxvqDoD+F\/Ar7mYiyNAn\/10tmY7\/Sappf8Mf+lxVqEZDNCdCnbGBukDCrLVN0SFVcpUzdgLzgCA+n1tWqTf4g31Z2sF+whgP\/Eniw29P68DOltE1o1vfP+qSfyAbXz7uTPku+qi9a6pR59mjRG8nXnn4NuU0rT2i4+jJjMcMEEO63r648rQs24PAhQh9CWP3A+Fg\/q71z5mPYs5lzJhl\/bCel2+Z1thXk53npOD0isvfuUE\/DpVjn61vw\/WnpcSxJs3Y25vI\/nH7xuyQuKD1xgXZHrJWwOSo5KjD8hsdKpVPvHTc1Z\/hEWNaz3upfNRJzoGrDpd7zaFmrzeQDjTK5uOSbq7HDkDIHBc\/svdWMXm+RQuHMo\/7H6C3klZ+2mSp1QZTlnKx9aqaSrsd0PphMvYbjiUvln3krWBO6vaVkOdbsH0XycR6awNbEkHIN7Jw1kxhcZzdsHwpmavC9S3GsbV+JkIkKXPHpcK67loje+7sBJXzGD7UwWuFwp8HBglI9VgchL7BhunLM9k2EcB4yC5WNmO6h5juekl4MtznR8DMyeb4sVJplWtyH0RpFsSJf98yKzFjT45U+8P24xQZr39TqQTDC3poqqGMNEg5yUOFPpZQDczAljns8+fQdVIWM5vKuSkBU0+aJPGuJLsHED4A0e+1eGQM\/7PeaK41Yibc1qPa6CGVGYZJ73CY\/ONNzdpOdieAmGPSfosiD\/Uf9LzEYVsWEAr4sn6pIs58q58xtKXFr1dFz\/eeb\/s0v5j\/lwgvVGrW\/1d7ym7XqwKjQbBpdnvtB8xDKVFGtCpdPxCymPy2T8DTwAWSgMM\/AjCGI7PpTEajil\/otz6hDfz27wtB6j3\/tihFM8BLzeX5BzdARDYs+RHHb7jaG14N3HKiDpZ8Cl77dd\/02Py1Eiqij+aAoM3AtNSjPG+razI5v2wBezVpqFcddcr5sQxRzHBKzmryvWC+ZSX847gbAQd6eR8mwmjYdieyag5ZPTEc+zi6BnR\/g8MzgGtL+O0kdi85klJhRVDiafTYbsHKSNGTANg9rWRK0PGgOjPu\/VDE65x9ANN2t6jm+ecsEi\/CCysnyseDibqQuHIqtMqRf0ey9LneWk+c1KX1l3t2RGC4WzEAIG\/vsKWIu8rMqOA+hi76V5VMmn3fs80y2zYFvjy7wA1mgT8xXIpxZ3gLUXU\/lUwne5ilzEBeW0YSmf1Gz\/26NYllnWzpvItPAX3sxUYcgFVouoAPgW\/91iqUW+kDMrxtKoCiQnT6p\/JumK6f4OyLKdHufqMuauW5kcW\/JOzNaFTovVgsFxg7E3VGZd2tQpKb4nqr3ulBbRhbHWdCcaXMqfUavPz4hUiCVRholRzup4c0th+Cz5GqQL9wZ7ZB0mLPq5YNkCBlaL6OgR02+PwW5JgViTafl0YbfRzunxPu46ljR33AcNAnPYAHNsFQSdml5UkPGdcxahvf8EgJhw62gPGYGbXGLVIKh9B1eQbpwe9IJXbrxLaFSxLEZEF7gIccaieSzwaUmMYIShgKF9arcRZ9e29yGxMLx43bxYezqYhyQ6zraqEoCDSxzqVxGkYKAuXHQY9ezG6eq34YAkti5ipoC4Kr8DeaDfukVPpzw8oKalukFRq3Xm6A7v7jByCpkgIUIP\/bN01Y7iQ\/+CbUDS7gjsSxFd7e\/EgDO31Bm\/rMKjQDnDNuJxfZCCtq2lwHdqsRYQlTNYtRPQyid8VTa+xe0lfXIGy1iiLofG6qWqMXNWrvcnAxpwmkD0dfyVHd97UIgpMprIyWT\/SJ+bU2C+yXZ8vzve1IuDVNnSnNr2AfUm\/joo7LhpNFGcC\/KLRmDydmgnHcZgtAvB5FJUB5I9iQV7uwy+bXebrZrZUZV5rY9FoFUw0wU51XKBRRJt78axriMHer4lz8EOseB\/XH9azUV4SkvgIzfbUOD0bwSRMDojPBDnA+vfXZr1MEtH0YVBHpt2r41vKBS\/TmbJ1k4jKdt4MtkVhFAd4N31nC1spraqvduTMf4UITxFRnRCnMOtivtISgJY076bNcqZ1doo7gNT7\/9IMhbT5takqdw9FzwF2dfwtDVwEjI1sf6N6B9lez50DcZuXNjLeDNqAkECLMcWnSmVY2Y4eje1jBEEpTTWfyFPgit3r8BwW\/5JIpyf+TUoOAlSd0hJH3s9IaDHsH9tiBSaBSIiTirJTfiAJEm5hW4Dap5475VadGgFpxj522zZUS+PBUtbOE0bfmfETWDz8+MpNGK53ZTCjNaV\/d4Yfuk5H27HMiPl\/DFsTliciiOv+bg0B4bNCJgEBq0s6KpgMXXBn\/h4qmHFCbFqiYYwkhgzmP1IHvIGuFCzwAM3FhUXZS4ullwo8Y72XObUZwPEBMB9r\/wuUz8CTRo5T\/1dDgJeDK8GoHOlwxj0fsd+ZyheDDXBHqbvsy9MTS3mr5sTJpa3CBihkA2qOTZ+JSc82zPBY9QupyhAPf5lonMfh4Jf9spHKjMOhA9yTylBju+uemOwn+8iHTQHUN+2eOGTriCo015a9pG2QEMC2KQujGxqAjgJlSuXa7IlqJE9bcKNzBbj9MP29ixYIvGp8hUAj+o\/duJO0nwXSNUhZbPo7eXksGA4eQC59hi6CcsZfOkeId9Ks0CJnSE\/03U6NnZkSdGqxYWAuerD2amXNWF84Knz627yau+9zwpBBgxFhqisARQzQo\/+OcHiSA9THq7O4ZKVoGjAQkCwvD+qN9vlALtITe6ZgtBY3OLp\/29NPiYyCRdcDkBDI2\/mMyEcxrq+B1c0J6r\/sEjF+t+F0dgKUiNKBEwOzDfDPR8GLApqdTv7\/COTjMrm\/XvXrcQyDjR4Hs2\/WW7YIIJ8YKG2JKBz4kiHnSFOVz4QlNixNGpmeIwf7Se4szdcZXYFW4WwvdPiQturaNI2K3l21X7C\/r90tV6jK7Xqqqi+0o4hote5IAsW7ORjO5NYxLY6AqwU7oXGl7L5bhnwahDLs\/NkTs3qcZM2AF4imsyABa0fxtx\/L8HAKTTmcLDXnxWqrR4svSn9S2Vzl2WH2CzBmqfXtvrCKjM0pgKw9n5m8FxLb0yYdqcvWKyTUnS9sWj97FQEFGR2+0YJbd8wZx1f0Xg2zH3pIxKSE3xSoKgo70l\/4\/dcH2B4EHr454fhXR\/vo+uOePaPLbsFM85Qcbuc9EO10iC9W9cjGU0afBNO4e5ii+Y1TNh1OiE9nO+v\/lnb5El4iXkoZLENIwbAHToXAUJhghgTtJVjhedF0CyDKJrbudWWVJLy42BU2Qcdb+0ubBii7WK2jZTOfbVLk6kUyuhbnw6U8wkoVdb5zoUumflh5Yi7w9m7zw0kgRkHAOJXw1dBcToqWXc9KWT\/5BRSPhCjN31XmESF6DONsDBQ4iilVBQmPIfItArzaYMtH1BgWWrEIZtPFExcrgotkyRMhgxonorvb+XqevL8wPh7SlpyXuyo2XAgF3t3ShG4I4zvhMmi9YCpUqW5HwuqIq36EDBXjiV3tk1ahuOU7jwsSc1i1WCOCQZMYYHWtUCBwWUGhIOtWp0EQQ5Z6Z2ji\/\/SfVwDotN\/PV5VMiQq80G34aEJXO0jL7DKJmJ9cCxHkKSD8iRsYS4Ht6zavPpgiBWlBQW3Bf4AqhJ3o2m9AsbUbW9LMaCrF\/FsEJ4S4po62dYANQXZ7ZRqQXa6FCGtJsPBDYb\/QdIcOhdPDk+U10en6eeqPUMH1iZ7E3vbQD95SVf71\/j5fBL2GooR41yOQ3LYQvyCJkFzZ0QYDaff6fs3hy2YB15LiVpQrnWEVMWUY7txqrAAXrenFsTOucRA4+7P7YIjC29BwplVzhqdJBP6suU7LF2cUUpSE1\/BRfjySstu1ltbGdJpmMjDqlNT1nxtJwqkT6p0Qmm9m4LwEA8irHRwfdCHGmOejM2CWnjZ\/QygPVFfxLv98eJ72k2w6Tq6N5gxx\/B+CmRSO8pUsKCdt\/nx+VNMPHaC5SjUZ1QbEoqF8ib9FycQCMNxTduIulxbdti0PQaVkdLwo6A2d53cWhsJjXGlk4UOInRiJ6L5atX75iNidkYwGrtg1XqjmEsd73kV0ntmF3QYAz1tfnG6Hb0pK66z09l0DWIxkS5AHR2UprAo4qrlS51kt5N0h73DpV1ZKJccfMZcs1K+iVoC5BYVjtA4JWxcUwrvx30c5s4zakd4exbcu61iQ\/0pLMSZBbTBJB1kgkPXoZqp+6Oyex7ys+wzdL\/3mnIs0Z6B58TbY4WS9InDrw3u8iAdoKClRqKhk8CPMsewZhVUJT\/Err382HYk0EE1dzYCQ==","iv":"270d88ee53950e7d9ca1d2c52bbd7303","s":"e8e1dc358784a70c"}
Denis Morisset, now at ESSEC, is a luxury expert