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":"7aff3f74b1d7730a0ea4e699c41e8d68","s":"7b510a89801bd225"}
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