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 reported better-than-expected sales for its fiscal third quarter, in the midst of a downward trend in demand for luxury goods that is weighing on most high-end brands.

Cartier jewellery owner Richemont on Thursday reported a 10% increase in constant currency sales during the three months to the end of December, a strong early indicator for the performance of European luxury companies over the all-important holiday season.