For Richemont, the event appears insignificant. The Swiss group, owner of the Cartier, Van Cleef & Ariel and Vacheron Constantin brands is no stranger to upsets. Its CFO - not exactly renowned for his wild optimism - confirmed that annual forecasts would be maintained.

As far as the sector in general is concerned, a return of valuations to around their historical averages was called for after a providential economic climate - some would almost say too good to last - and an undeniable speculative mania. All we see here is a very healthy evolution.

Nevertheless, some groups are more exposed than others. Where LVMH is magnificently diversified, and Hermès still untouchable thanks to its zealously defended ultra-luxury positioning, Richemont and Kering, on the other hand, are still too dependent on their fetish brands: Cartier for the former, Gucci for the latter.

Unsurprisingly, the market does not look kindly on these overexposures, which are compounded by the two groups' staggering dependence on the Chinese market. We shudder to think what would happen to their results if, for whatever reason, Chinese customers lost interest in these brands. But this is nothing new.

Richemont is quoting its expected profits for next year at x19 and, on an enterprise value basis (i.e. market capitalization minus excess cash), its operating profit at x15: right in line with its historical average. Kering, which three years ago was hoping to merge with Richemont, is quoted at even lower multiples. Gucci fans should take note.

Another controversial issue at Richemont concerns South African billionaire Johann Rupert's absolute control over the group. The 73-year-old stalwart Afrikaner businessman has nipped in the bud the few attempts to destabilize the company that have been made against him, but the subject will inevitably come up again in the very near future, no doubt as part of the discussions on the succession plan.

Often criticized for his defensive style, Rupert has never ceased to jealously defend his independence, avoiding major mergers and acquisitions - notwithstanding the failed takeover of YNAP, which was finally sold. on YNAP, finally sold to Farfetch after costing the Group EUR4 billion - and instead chose to invest in the development of his brands.

The style may not be as flamboyant as LVMH 's Bernard Arnault's, but it has enabled Richemont to develop three superb luxury jewelry franchises, double its sales over the last decade, and amass a war chest of over EUR20 billion.

The latter, it is certain, protects the group from a severe downturn in its business.