LVMH’s reputation has long been one of a luxury giant that somehow weathers economic storms better than its competitors. This makes it all the more startling a story that for the three months to the end of September, group revenues fell to €19.1 billion (£16 billion) – a 3% decline compared to a year earlier.

Furthermore, the French conglomerate’s fashion and leather goods division – widely seen as a bellwether for the luxury goods industry – saw its sales decline by 5%.

Those…