The luxury industry has lost its sparkle. A slowdown in the Chinese economy and a cost-of-living crisis in the West have led to a slump in sales of fancy frocks and posh bags. If, after a pause announced on April 9th, the high levels of tariffs threatened by Donald Trump are enacted they could throw the industry into a tailspin. Kering, a French luxury group that owns Gucci, has posted a string of profit warnings in recent quarters. At lvmh, another French luxury giant which owns Louis Vuitton, sales of fashion and leather goods have gone into decline.