In October, on a 260-acre ranch turned Louis Vuitton factory in north-east Texas, Bernard Arnault, the owner of LVMH and the world’s fifth-richest man, stood on a podium in front of US president Donald Trump and his daughter Ivanka and praised the strength of the US consumer. “The American market is number one for LVMH in the world, representing around 25 per cent of our business, a little more than $10bn a year,” he said.

It might not be number one for much longer.

“Ultimately, most of our business is going to be in China. The question is how fast,” says Michael Burke, chief executive of Louis Vuitton, LVMH’s largest brand. He is technically on holiday when we speak, ensconced in a scarlet sofa in a casual blue shirt. “Within five years it will happen. Because of Covid, it’s happening much faster.”