On January 19, the world’s largest luxury goods group, LVMH, officially announced that it was selling its DFS Group’s retail operations in Hong Kong and Macau to the state-owned China Duty Free Group for just $395 million. Notice the price—that’s a clearance price, a fire sale, a get-out-while-you-can price. LVMH’s retreat is just the beginning; it may spark a reevaluation of China’s strategy by other multinational companies.
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