For the first time since the Great Recession, the luxury market has been trying to navigate one of its worst slumps. An uncertain global economy and the softening in customer spending have caused many high-end companies to suffer financially due to the continuous slowdown in sales,

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.

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, 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.

European luxury stocks surged after Richemont, the company behind Cartier, Piaget and Van Cleef & Arpels, reported a "very solid end" to 2024, with quarterly sales surging to a record. Shares in Dior,

Richemont reported strong quarterly results, driven by festival sales, despite ongoing weak demand in China. The robust earnings lifted rival share prices, buoying the European luxury sector on Thursday.

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.

Cartier-owner Richemont, whose brands also include Montblanc, raked in £5.2bn in the three months to December 31, its highest quarterly sales.