Richemont reported better-than-expected quarterly sales, triggering a rally in luxury stocks, after its core jewelry division bucked a downturn in demand for high-end goods.

Richemont sales unexpectedly jumped by double digits during the holiday shopping season as consumers splurged on Cartier jewelry, a sign of recovering demand for luxury goods.

Richemont , the owner of Cartier jewellery, on Thursday fuelled hopes of a revival for the beaten down luxury goods industry, with end-of-year sales that exceeded expectations, sending shares higher across the sector.

Cartier owner Richemont on Thursday reported a 10% increase in third quarter sales even as China demand weighed.

Shares in European luxury companies rose after the Swiss luxury group reported sales that surpassed analysts’ projections, providing some relief at a time when the sector contends with sliding demand.

The struggling European luxury-goods sector roared to life Thursday after Richemont reported its highest-ever quarterly sales as it blew by analyst estimates.

Cartier owner Richemont on Thursday reported a 10% increase in third quarter sales even as China demand weighed.

European luxury shares jumped Thursday after Cartier parent Richemont reported record quarterly sales, lifting investor hopes that the high-end sector is finally recovering from a slump caused by weak Chinese demand.

Richemont sales unexpectedly jumped by a double-digit percentage during the holiday shopping season as consumers splurged on Cartier jewelry, lifting shares across the luxury-goods sector on hopes of a rebound.

Richemont, the owner of Cartier jewellery, beat market expectations for third-quarter sales on Thursday, fuelling hopes that the luxury sector could be coming out of its recent downturn. The Swiss company's sales jumped 10% year-on-year to 6.