China’s luxury market has begun to rebound from the downturn it experienced during the country’s draconian zero-Covid policies, but the pace of sales growth in the US — luxury’s biggest market — has plateaued, according to LVMH.

The world’s biggest luxury group, which is controlled by billionaire Bernard Arnault, reported global sales for the first quarter of the year of €21bn. The rise of 17 per cent compared with the same period a year ago was ahead of analyst expectations. Sales of fashion and leather goods, the company’s biggest division, continued to be strong, growing 18 per cent to €10.7bn. 

“We’re definitely out of the zero-Covid period now, the page has turned,” LVMH chief financial officer Jean-Jacques Guiony told the Financial Times.