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SGAM_Vortrag_Lasnier de Lavette - FONDS professionell

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Why is luxury a core investment?3 - Where will growth come from?[ Luxury & Lifestyle Strategy ]Luxury goods expenses as a % of disposable income1,201,000,800,86 0,881,000,600,470,400,200,21 0,220,29 0,300,00USA Russia China Germany UK France Italy JapanSource : Merril Lynch Luxury Goods TeamJanuary 08Société Générale Asset Management11

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