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,

Europe’s beaten-down luxury stocks have turned a corner the past two months, increasing the stakes for the earnings the companies are about to announce.

Watches of Switzerland and Burberry’s share prices climbed after Cartier-owner Richemont posted booming sales.