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.

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 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.

Cartier owner Richemont reported record quarterly sales on Thursday, beating expectations as a slump in key market China was offset by robust demand in other regions. The group said sales reached €6.2 billion ($6.

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.