That's a good point, but falls apart under a closer look. I'd argue luxury goods are by definition a completely separate market where the same rules simply don't apply; something as essential (not in the classic economic sense of starving without them, but in the practical sense that pretty much everyone uses it practically on a daily basis) as search, online ads, etc. should be regulated entirely differently. The impact and importance of impact is entirely different.

If there's anything to break up in terms of European companies, that'd be Alstom which are top 2 in rail transportation (but whose competition from China is growing rapidly so their global position is under threat), which btw wasn't allowed to merge with Siemens. Can't really think of another sane example.