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  "documentTitle": "Altagamma 2019 Worldwide Luxury Market Monitor",
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  "notes": "The slide uses a process flow to explain how consolidated sales are converted to retail value and how bottom-up and top-down estimates are reconciled.",
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      "text": "Retail + Wholesale + Licenses = PLAYER CONSOLIDATED SALES -> Retail + Wholesale at retail value + Licenses at retail value = PLAYER SALES AT RETAIL VALUE",
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      "text": "Revenues at retail value represent total sales valued at retail price.\nEach player's consolidated sales are retailized through the following methodology:",
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      "text": "Industry-specific (e.g., watches vs. beauty) data in the main geographical markets\nComparison between market breakdown and turnover breakdown for key players\nInterviews with industry experts (top management of brands, distributors, department stores ...)\nConsistency check on the data and fine tuning",
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