Richemont's full-year sales rose above expectations as customers kept spending on pricey Cartier bracelets and rings. While the broader luxury market slowed, the Swiss group managed to hold its ground better than most rivals, riding strong demand for its signature jewelry.

Cartier's high-priced bangles and rings drew shoppers willing to splurge despite a wider downturn. The brand's pull proved stronger than competitors could match, helping Richemont post results that surprised analysts on the downside.

Other luxury houses haven't shown the same resilience. Richemont's outperformance signals that a handful of heritage names can still drive growth when the sector contracts.