Among its five main business divisions, fashion and leather goods — the largest — saw revenue fall 8%. Selective retailing was flat year on year. Watches and jewelry declined 1% in reported terms but rose 3% organically, while perfumes and cosmetics, and wines and spirits, fell 3% and 9%, respectively.
"A lot of things have to be scrapped completely and rebuilt from the ground up," she tells the BBC. "In fact, if political constraints did not matter, the best thing to do would be to scrap PDVSA, but that isn't going to happen.
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