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 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.

Investors were excited as Cartier owner Richemont's third-quarter sales beat expectations and revived optimism for the battered sector.Company shares jumped 14%.The Swiss company's sales jumped by a tenth year-on-year to $6.