Industry News
Kering Eyewear Reports Record €1.5 Billion Revenue for 2023
The 2023 annual results for Kering Eyewear have been released, revealing a significant increase in revenue. Kering Eyewear, a part of the global Luxury group Kering, achieved a record revenue of €1.5 billion in 2023, marking a 35% increase as reported and a 10% increase on a comparable basis. This growth was attributed to the consolidation of Maui Jim and the exceptional development of the brand portfolio. In the fourth quarter, sales were up 6% on a comparable basis.
Kering Eyewear’s recurring operating income rose sharply to €276 million, reflecting Maui Jim’s contribution and the Eyewear division’s newly acquired scale. Taking into account Kering Beauté and Corporate costs, the Kering Eyewear & Corporate segment posted a recurring operating loss of €7 million, an improvement from 2022. Creed’s high level of profitability offset start-up costs at Kering Beauté.
The company's success can be partly attributed to the acquisition of Maui Jim, a renowned sunglass brand. Following clearance from the antitrust authorities, Kering Eyewear announced that it now holds more than 90% of Maui Jim, with the remaining shares expected to be acquired by year-end. Maui Jim will be consolidated in Kering's accounts starting from October 1st, 2022.
Kering Eyewear's achievement is a testament to its position as a key player in the Luxury Eyewear market segment. The company designs, develops, and distributes eyewear for a portfolio of 17 brands, including proprietary brands like Lindberg and Maui Jim, as well as House brands like Gucci, Cartier, and Saint Laurent.
Kering also communicated its commitment to sustainability and responsible luxury, as the company enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s luxury sustainably and responsibly.
“In a trying year for the group, we strengthened our organization and took significant steps to further enhance the visibility and exclusivity of our Houses. We are focused on revitalizing Gucci, leveraging the unique blend of craftsmanship, Italian heritage, and modernity that characterizes this iconic House. The launch of Kering Beauté and the acquisition of Creed, a storied maker of high-end fragrances, will enable us to capture our share of the steadily growing beauty market. In a market environment that remains uncertain in early 2024, our continuing investments in our Houses will put pressure on our results in the short term. Thanks to the experience gained across the group through a decade of outstanding expansion, we are confident in achieving our long-term ambitions.” said François-Henri Pinault, Chairman and Chief Executive Officer of Kering.
The 2023 annual results reflect Kering Eyewear's strong performance and its continued growth in the luxury eyewear market, positioning the company as a significant player in the industry.
