Ralph Lauren Corp. raised its annual forecast and reported a better-than-expected 27% jump in holiday-quarter revenue on Thursday, benefiting from soaring demand for high-end jackets, shirts and dresses in the United States and Europe.

Shares in the New-York based designer, which also announced a new $1.5 billion share buyback program, rose 7% in premarket trade.

Ralph Lauren's market-beating sales extend a string of strong performances from global luxury groups, including Versace owner Capri Holdings, LVMH and Prada , as customers coming out from lockdowns splurge on luxury fashion, propelling sales above pre-pandemic levels.

Capri on Wednesday raised its full-year sales outlook and said it would further increase prices across its brands, including Michael Kors and Jimmy Choo, to take advantage of soaring demand.

Ralph Lauren's net revenue rose to $1.82 billion in the third quarter ended Dec. 25. Analysts on average had expected revenue of $1.64 billion, according to Refinitiv IBES data.

Revenue rose 30% in North America and 47% in Europe. Sales in Asia rose only 16% due to the pandemic-induced store closures and lockdowns in China.

Excluding certain items, Ralph Lauren reported a profit of $2.94 per share, beating estimates of $2.17.

The company said it expects constant currency revenue for fiscal year 2022 to rise 39% to 41%, compared with a 34% to 36% increase it forecast earlier.

Ralph Lauren expects fourth-quarter net revenue to increase by about 17% to 18% on a constant currency basis.