Economists love to use letters to describe the shape of an economic slump or recovery. Fortunately for luxury brands, all regions are created equal. Image credit: Louis Vuitton, Haitong Zheng Why the US luxury recovery is not comparable to China’s
Posted Bya Luxury Daily columnistOn In Featured,Industry sectors,Retail | No Comments
Economists love to use letters to describe the shape of an economic slump or recovery. Fortunately for luxury brands, all regions are created equal. Image credit: Louis Vuitton, Haitong Zheng {"ct":"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","iv":"7e537625a3e1061363bb655ff6e6ab30","s":"a8a88ed9fbaca615"}