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In album terms I believe LP means "long play" and EP means "extended play" which has fewer songs. Newer bands would issue an EP if they didn't have enough songs for a full LP and established artists would issue EPs of different versions of their songs, live tracks, etc. At least that's how I remember my old album collection.Aren't the EP records known for the extended cuts of a song and usually contain the B side for certain songs not making it to an album? Sometimes the B-sides become cult classics for the serious listeners?
Loro Piana (LP) good for the masses but for the niche bespoke market they want the extended version (H. Lesser).