Industry News
Kering Eyewear Reports Sales Gains in Q3 Mainly Due to Maui Jim
Kering Group revenue was €4.5 billion in the third quarter of 2023, down 13% as reported and down 9% on a comparable basis, including a 6% negative exchange-rate effect and a 2% positive impact from the acquisition of Maui Jim.
- Revenue from the directly operated retail network fell 6% on a comparable basis, reflecting lower traffic and contrasted performances across regions.
- Wholesale and Other revenue fell sharply (down 20% on a comparable basis), due in particular to the Kering Group’s ongoing efforts to tighten its control over distribution.
In the first nine months of the year, the Kering Group generated revenue of €14.6 billion.
The company reported global revenues for Kering Eyewear €331 million in the third quarter of 2023, up 34% as reported – due to the contribution of Maui Jim – and up 2% on a comparable basis. Growth was mainly driven by sales of optical frames following very strong sales of sunglasses in the first half of the year.
“Beyond the challenging macroeconomic conditions and softening demand across the luxury industry, the change in our revenue performance in the third quarter reflects the impact of our decisions to further elevate our brands and their distribution. The organization we put in place in July will enable us to strengthen the steering of our Houses in the current market environment and to reclaim our positions and influence. With the acquisition of Creed completed last week, one of the world’s most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage.”, François-Henri Pinault, Chairman and Chief Executive Officer.
