And in recent months LVMH’s stock has taken a beating, down 19 per cent since hitting a high in April. The company reported a dip in US sales in the second quarter, and the Chinese economy, a big source of LVMH’s revenue, is faltering. The falling shares mean that Arnault (now worth about $US195 billion, Forbes says) dropped to the second-richest person in the world in June, eclipsed by Elon Musk. This month, LVMH was superseded as Europe’s most valuable company by Denmark’s Novo Nordisk, the maker of Ozempic and Wegovy, the hugely popular drugs being used for weight loss….