Paris

PROTESTS in Hong Kong, an economic slowdown and anti-corruption drive in China and a coup in Thailand: Asia is no longer a market of constant growth for luxury goods firms.

LVMH, world number-one in the sector and owner of brands like Louis Vuitton, Givenchy and Dior, saw its sales drop by 3 per cent in Asia, excluding Japan, in the third quarter of 2014, a far cry from the halcyon days of 2010-12.