Louis Vuitton group valued at €138bn as China sales surge

Shares in LVMH — the Louis Vuitton, Moet, Christian Dior, and Hennessy Cognac group — hit record highs and the rally extended to its luxury goods rivals, after it signalled strong momentum with better-than-expected first quarter sales growth.

The upbeat start to the year for LVMH, the industry’s biggest company, sets an encouraging tone for peers and points to enduring demand from Chinese consumers, which sustained strong earnings at many luxury firms last year.