Richemont , the owner of Cartier jewellery, beat market expectations for third-quarter sales, it said on Thursday, in a positive sign for the high-end of the luxury sector over the all-important holiday season.

Richemont, owner of Cartier, reported a 10% year-on-year increase in Q3 sales, significantly surpassing expectations. This growth suggests a potential recovery in the luxury sector, despite challenges in the Chinese market.

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.