Global investors wanting to profit from China’s economic recovery are increasingly turning to companies in Paris, Las Vegas and beyond. China’s economy grew by 4.5% in the first quarter compared with the same period a year earlier, fueled by a return of consumer spending following the end of the country’s strict zero-Covid policy late last year. Shares of European luxury-goods companies—which are among the biggest foreign beneficiaries of China’s reopening—have soared since the start of this year, far outperforming Chinese consumer stocks and the country’s broad market benchmarks.