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      "text": "The growth in 2015-16 was weaker, mainly due to the underperformance of key markets and a shift to global pricing derived from the increase in the popularity of the digital channel.",
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      "text": "Note: The analysis has been performed like for like for the historical period. As a consequence, the averages may differ from previous editions of the factbook since the panel has changed.",
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      "text": "The growth in 2015-16 was weaker... In the upcoming years, luxury companies will continue leveraging digital strategies... The average EBITDA margin is stable... The average capex ratio has decreased... Advertising expenses have remained stable.",
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      "text": "A historical analysis of luxury's KPIs and a forward-looking view of 2018E",
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