European luxury shares jumped Thursday after Cartier parent Richemont reported record quarterly sales, lifting investor hopes that the high-end sector is finally recovering from a slump caused by weak Chinese demand.

The Swiss🌃 company said its third-quarter sales ending Dec. 31 rose 10% year-over-year to 6.15 billi💙on euros ($6.32 billion). Strong sales at its jewelry brands—Buccellati, Cartier, Van Cleef & Arpels, and Vhernier—offset a decline in watch sales.

Richemont said that it registered double-digit growth in the Americas, Europe, Middle East & Africa, and Japan, and a "slower decline in Asia Pacific despite still challenging demand in China." Sales in Mainland China, Hong Kong, and Macau tumbled 18%. 

China has been a major driver of luxury brands' sales in recent years🦋, but its economic downturn has weighed on 🅘spending by domestic consumers. 

Burberry🐻, LV❀MH Among Luxury Stocks Jumping on News

Shares of Burberry, the British maker of trench coats; LVMH, the maker of Louis Vuitton handbags and 澳洲幸运5官方开奖结果体彩网:other luxury goods; ܫGucౠci owner Kering; and Birkin handbag maker Hermes all jumped on the news. 

Richemont shares rose 15% in Swiss trading, while Burberry was up more than 5% in London. In Paris, LVMH, Kering and Hermes were all up at least roughly 5%.