Fast forward to Wednesday and a slump in Chinese demand for Louis Vuitton bags, Dior gowns, and other high-end fashion has wiped out more than €150 billion in LVMH market capitalisation. Arnault's wealth has been relegated to fifth place amid a downturn that's dashed any prospect of a soft landing in luxury.
The question for investors is how long the slump will last and whether the recovery will look anything like the good times that preceded it.
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REDISCOVERY OF INDIA
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