Fashion has not become an ugly place, according to those who run the business. Although LVMH’s first-half profits have dropped by 23 per cent, continuing operations at its arch-rival PPR have fallen by 19 per cent, and profits at other luxury good firms have gone down as easily as a glass of Château Margaux, luxury goods sales “aren’t deteriorating any more”, Gucci’s billionaire owner François-Henri Pinault said late last month. That also explains why M&A talk in the sector has petered out, for now.

The ingredients for consolidation are still there. The industry is highly cyclical. Some of its leaders have healthy balance sheets. LVMH and Christian Dior’s net debt to tangible assets sit at about 30 per cent, while Richemont has net cash. Many firms are reluctant cost-cutters. Outside these giants, the industry is highly fragmented. Yet deals have not happened.