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.

LVMH’s sales in Asia outside of Japan — a region dominated by China — fell 16 per cent in the third quarter, while those in the US, the biggest luxury market, were flat. Sales growth in Japan remained in the double digits, although it was lower than during the first half of the year.