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Who could object to a crackdown on graft in China? The sellers of luxury items—often given as gifts to officials—that’s who. Still, LVMH has weathered the crackdown thanks to Arnault’s global diversification. Sales of alcohol, perfume, and watches have gleamed, offsetting weakness at its fashion business, which includes Louis Vuitton. Don’t underestimate LVMH’s discipline: It boasts profit margins roughly twice those of rival Kering. So even as LVMH’s revenue has leveled off around $37 billion in the past three years, profits have climbed 50%, from $4.5 billion to $6.8 billion.