Despite ongoing weakness in China, Richemont, the owner of Cartier, reports a 10% increase in sales during the December quarter.

• Richemont, the owner of Cartier, reported a 10% increase in fiscal third-quarter sales on Thursday, despite the impact of China's demand.
• In the three months leading up to December, Swiss luxury brand reported its highest ever quarterly sales, totaling 6.2 billion euros ($6.38 billion) at constant exchange rates.
• The holiday shopping period indicates a positive early signal for Europe's luxury sector's health.

On Thursday, the owner of Cartier reported a 10% increase in fiscal third-quarter sales, despite the impact of China's demand, indicating a positive outlook for Europe's luxury sector during the holiday shopping season.

The Swiss luxury brand reported its "highest ever" quarterly sales figure of 6.2 billion euros ($6.38 billion) in the three months to the end of December, exceeding the 1% increase expected by analysts.

Despite growth in all regions except Asia Pacific, where sales decreased by 7%, the company experienced a significant decline of 18% in the combined regions of mainland China, Hong Kong, and Macau.

Despite a 1% year-on-year decline in first-half sales to September, the company has reported a return to growth, with sales for the six-month period totaling 10.1 billion euros. The challenging macroeconomic environment and tougher conditions in China were cited as reasons for the dip.

Despite the broader luxury downturn, the high-end group reported record full-year sales in May.

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