BUZZ-Luxury goods: coming back into vogue

** Better times ahead for Europe's luxury goods on strong FCF generation, likelihood of improving dividends and a healthier outlook for margins.

** Tide turning: Remy Cointreau (Other OTC: REMYY - news) has held on to gains even after a weak set of results; Jimmy Choo (LSE: CHOO.L - news) up 24 pct since listing mid-Oct

** Some analysts getting braver, sector still seeing downgrades but cash-rich firms seen as entering sweet spot of mild growth & dividend yields.

** Scilla Huang Sun, manager of the JB Luxury Brands fund at Swiss & Global Asset Management expects sector organic sales to grow 5-7 pct & slight margin improvement

** Likes Salvatore Ferragamo, Hermes & BMW (Swiss: BMW.SW - news)

** Nomura among brokers taking a more bullish view on sector, sees brands focused on lifting in-store productivity, cutting capex as growth slows and improving FCF.

** Slower global growth, unrest in Hong Kong, Middle East & Ukraine, Beijing's anti-corruption crackdown & negative FX have hampered sector

** Weaker euro an added tailwind for margins.

** Relative performance snapping back. Chart: http://link.reuters.com/puv53w (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)