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":"222d20180f3494401a4f4ef2e7b22902","s":"b8e93398f22f1216"}
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