Richemont, Burberry Sales Disappoint, Dragged Down by China’s Covid-Zero Strategy

China’s Covid-Zero approach still remains the biggest challenge facing the luxury industry as the pandemic enters its third year.

Lockdowns, stringent testing requirements and a near collapse in Chinese international tourist travel hit Richemont and Burberry Group Plc last quarter, with investors concerned about the future of arguably the world’s most important luxury market.

Richemont, the maker of Cartier jewellery and Vacheron Constantin…