European luxury stocks jump

European luxury stocks jump after Richemont smashes expectations
European luxury shares soared on Thursday as Cartier owner Richemont's third-quarter sales beat revived optimism for the battered sector. Richemont shares jumped around 16% to an all-time high of 161.
Richemont stock is surging by the most ever. Other luxury plays are jumping too.
The struggling European luxury-goods sector roared to life Thursday after Richemont reported its highest-ever quarterly sales as it blew by analyst estimates.
Europe markets close higher; Richemont up 16% on quarterly results, boosting luxury sector
Luxury sector bellwether Richemont jumped 16% after reporting a better-than-expected 10% increase in fiscal third-quarter sales, while France's LVMH, Kering and Christian Dior all rising. Retailers Moncler, Burberry, Swatch and Hermes also crowded around the top of the Stoxx index.
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