After setting sail with The Louis, a ship-shaped pop-up store and exhibition in Shanghai that proved to be an unexpected tourist attraction, LVMH Moet Hennessy Louis Vuitton is planning to accelerate its expansion in China.

It is the latest sign that the country’s almost three-year luxury slump may be over. But investors betting on a swift bounce back may be disappointed. Many Chinese consumers are still grappling with the housing market crash and, among the young, unemployment.