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The report presents an upgraded outlook for LVMH, raising its rating to Overweight due to improved sentiment and growth expectations in the Chinese luxury market, despite ongoing polarization among brands. Key takeaways from a recent trip to China indicate that while consumer sentiment remains cautious, growth in luxury goods could range from 0% to 5% in 2024, with a notable recovery in offshore spending. The report emphasizes that leading brands with strong pricing power and high-end consumer exposure are

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