A surge in luxury stocks has piled pressure on fashion houses including LVMH and Gucci owner Kering to show that signs of recovery in the third quarter can translate into a sustained turnaround in the key holiday season.

Kering's shares have soared around 49% from three months ago, while Louis Vuitton owner LVMH is up 42%, Moncler up 28%, and Cartier owner Richemont up 27%.

Although some of that is linked to a broader equity market rally, there are also growing hopes among investors that the $400 billion sector is emerging from two years of sliding sales. Third-quarter results showed some improvement in China - once the key engine of growth - and buzzy design debuts from newly-appointed creative directors have buoyed sentiment too.

But new styles will not hit the shops unt

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