On Tuesday, Ralph Lauren Corp boosted its full-year revenue outlook, citing increased demand for high-end goods in North America as a factor.

In premarket trading, shares of the New York-based firm jumped 2.5%.

As consumers return to mingling and splurging on their clothes, the luxury goods market has rebounded dramatically this year following the pandemic-driven slump in 2020.Ralph Lauren logo and Its history | LogoMyWay

LVMH, Brunello Cucinelli, and Hermes, among Ralph Lauren's European competitors, have also reported significant sales growth, despite fears about a slowdown in China and a lack of tourist shopping, which is a key source of revenue for the industry.

In constant currency, the company anticipates revenue to rise 34% to 36% in fiscal 2022, compared to a previous prediction of a 25% to 30% increase.

Ralph Lauren's net revenue increased to $1.50 billion in the second quarter ending September 25, up from $1.19 billion the previous year. According to Refinitiv IBES data, analysts predicted revenue of $1.47 billion on average.