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.

Richemont reported better-than-expected sales, up 10% compared with the prior-year period, in the midst of a downward trend in demand for luxury goods that is weighing on most high-end brands.

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.

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.

European luxury shares soared on Thursday as Cartier owner Richemont's third-quarter sales beat revived optimism for the battered sector.

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

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.