Dive Brief:
- EssilorLuxottica reported third quarter revenue of 6.44 billion euros, or about $6.9 billion, a 2.3% year-over-year increase, according to a press release Thursday.
- The luxury eyewear company, which owns Ray-Ban, Oakley and Sunglass Hut and holds several luxury licensing agreements, saw its DTC revenue grow 3.2% for the period, with the North America region confirming a positive upward trend in the optical division and sun negative for the quarter, per the company.
- Francesco Milleri and Paul du Saillant, CEO and Deputy CEO of EssilorLuxottica, respectively, said in a joint statement that the company is entering the remaining quarter of the year with confidence and remains on track with its long-term goals.
Dive Insight:
Milleri and du Saillant said the company is solidifying its position in the med-tech space and is preparing to accelerate that sector of its business in the near future, referencing its myopia management and smart glasses offerings. Last month, EssilorLuxottica extended its partnership with tech giant Meta to make multi-generational smart eyewear.
Ray-Ban Meta wearables represented “one of the strongest drivers of the quarter,” the company said.
In the third quarter, EssilorLuxottica saw its revenue rise or remain flat in each region, apart from Latin America, which fell by 5.6% year over year. The region containing Europe, the Middle East and Africa grew the most at 5%, and the Asia Pacific region grew 4.5%.
In North America, revenue was flat with a 0.5% increase. The region has been sluggish on EssilorLuxottica’s results each quarter this year and represents about 45% of the company’s overall revenue.
“The eyewear business was sustained by the solid growth of the prescription frames but hampered by the negative performance of the sunglasses category as a reflection of the overall uncertain macroeconomic backdrop,” the company said in its release.
EssilorLuxottica’s revenue was 19.7 billion euros for the first nine months of 2024, marking a 3% revenue growth year over year.
This is EssilorLuxottica’s first earnings report since its purchase of Supreme from VF Corp. closed earlier this month. The $1.5 billion deal was first announced in July, and at the time, Milleri and du Saillant said the purchase offered EssilorLuxottica an opportunity to reach new audiences.
