In May 2023, the luxury sector was all over the headlines.

Before the media went mad over AI, Bernard Arnault — the founder, chair and CEO of LVMH — was on the covers of countless magazines. LVMH was the most exciting stock in the world, with a classic case of “nothing can go wrong” baked into the valuation, fuelled by the media articles and the hype that plays out in the market over and over again...

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