LVMH, the world’s leading luxury goods group, was quick to scotch reports it was considering selling its Moët-Hennessy champagne and cognac business to Diageo. But that does not mean the rumours will disappear, nor indeed stop the markets speculating whether the French company’s cocktail of fashion and premium drink brands still makes economic sense.

Both the fashion and drinks sectors are suffering from softening global demand. So it would be logical for a consummate businessman such as Bernard Arnault – the chairman and controlling shareholder of LVMH – to be analysing the best way forward for his group.