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, 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.

The performance lifted shares of Richemont and boosted other luxury groups optimism the worst may be over for the industry