Richemont reported better-than-expected quarterly sales, triggering a rally in luxury stocks, after its core jewelry division bucked a downturn in demand for high-end goods.

For the first time since the Great Recession, the luxury market has been trying to navigate one of its worst slumps. An uncertain global economy and the softening in customer spending have caused many high-end companies to suffer financially due to the continuous slowdown in sales,

KEY TAKEAWAYS European luxury shares jumped Thursday after Cartier parent Richemont reported record quarterly sales.Richemont's results raised investor hopes that the high-end sector is recovering from the slump induced by weak Chinese demand.