When Chinese president Xi Jinping called in August for wealth redistribution and “common prosperity for all”, markets reacted quickly. Rapid selling wiped more than €60bn off the market capitalisation of Europe’s four largest luxury groups in two days.

Already jittery because of Beijing’s crackdowns on video gaming, for-profit education and tech billionaires, investors feared a repeat of the 2012 anti-corruption campaign, which hit sales of sports cars, showy watches and pricey liquor.

So far, these concerns look overdone. Rather than crimping growth, China’s drive for an “olive shaped” distribution of wealth looks to be an opportunity for western brands, albeit a complicated one that will require them to steer around political and social minefields.