China
November 2, 2023
The ability of luxury groups to retain existing Chinese customers to sustain long-term momentum will become the most significant challenge. Image: Unsplash
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","iv":"0a53c20ee48eff30be903d42e1c2224b","s":"db125cc66d09c4e3"}
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