Shares in LVMH rose this morning, lifting up other European luxury goods stocks, after the Louis Vuitton owner posted higher-than-expected third quarter sales.
LVMH shares were up by around 5% in early trading, driving up the stock prices of its rivals such as Kering, Hermes and Hugo Boss.
"Overall, LVMH posted another very strong performance in 3Q, materially beating consensus expectations," wrote analysts at Morgan Stanley.
Louis Vuitton owner LVMH beat third quarter sales forecasts despite unrest in Hong Kong that has forced luxury goods labels to shut stores.
The figures will come as an encouraging sign for rivals who might also be able to make up for the lost business elsewhere.
High-end brands have long relied on Hong Kong as a major shopping hub which draws visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll.
France's LVMH, behind fashion brands like Christian Dior as well as Veuve Cliquot champagne, did not give details of the sales hit from the protests in an update last night.
Third quarter sales rose 11% on a comparable basis, barely changing from the 12% notched up in the previous three months and beating analyst forecasts for 9% growth.
"The US and Europe saw good progress in the third quarter, as did Asia, despite the difficult context in Hong Kong," LVMH said in a statement.
Analysts expect mainland China and Japan to have made up for some of the lost sales, although not in every LVMH division.
Sales at LVMH's retailing unit, which houses travel duty free group DFS, slowed more markedly in the period than in other divisions like perfumes.
The Hong Kong demonstrations ground the airport to a halt in mid-August.
LVMH, which is kicking off the reporting season for luxury firms, has stood out for several years now as one of the top performers in an industry where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods.
Its resilience in the third quarter - carried largely by a stronger-than-expected performance by its powerhouse Vuitton and its fashion and handbag unit - is likely to resonate for peers also riding that wave, like Gucci-owner Kering.
Companies more present in the watch market, however, like Omega owner Swatch Group or Cartier-parent Richemont, are more exposed to the turmoil in Hong Kong, a major centre for luxury timepieces.
And many brands from Italy's Prada to Burberry are still in turnaround mode and trying to refresh their image.
Overall, LVMH said its sales were up 17% to €13.3 billion in the three months from July to September.