Tiffany (TIF - Get Report) stock closed 3.61% higher at $80.55 in Thursday's trading session as makers of luxury goods rallied today on Richemont's strong third-quarter sales.

Earlier today, the Swiss jeweler and watchmaker said revenue rose 5% in constant currency to 3.09 billion euros for the three months ended December 31.

Jewelry revenue was up 8% to 1.75 billion euros for the period, topping estimates for a 1.2% gain.

"The cross-read of these results will probably benefit the other luxury names, in particular Swatch," Bernstein analysts wrote today, according to the Wall Street Journal.

Shares of European luxury brands including Prada  (PRDSY) , Luxottica (LUX) and Swatch (SWGAY)  all advanced in today's trading session.

Prada stock closed up 8.16% at $7.95, Luxottica advanced 0.31% to $51.97 and Swatch rose 5.57% to $17.33.

Tiffany, a high-end jeweler based in New York City, has struggled with European sales in recent months.

The company reported a 10% decline in total European sales for the quarter ended October 31. Same-store sales were down 14% in the region during the period.

Total revenue nonetheless rose 1% to $949 million for the quarter, surpassing the FactSet consensus of $923 million.

"We are encouraged by some early signs of improvement in sales trends, but we clearly need more positive data over time before this can be considered an inflection point," CEO Frederic Cumenal said at the time.