Angelina Rascouet Richemont sales unexpectedly jumped by double digits during the holiday shopping season as consumers splurged on the Swiss luxury conglomerate’s Cartier products.

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 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.

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