Eighteen months ago, LVMH shares were trading at a record high and the group’s controlling shareholder, Bernard Arnault, was the world’s wealthiest person.Fast forward to Wednesday and a slump in Chinese demand for Louis Vuitton bags,

The world’s largest luxury group saw its shares tumble as much as 7.5% Wednesday morning to a two-year low before ticking back up by the afternoon.

French luxury giant LVMH reported a 3% fall in third-quarter sales on Tuesday, undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened,