Asia-Pacific was EssilorLuxottica’s best performing region in terms of sales growth in 2023, in a year when the world’s largest optical group exceeded 7% revenue growth for a third consecutive time and posted a net profit of €2.9 billion (AU$4.8 b).
The company also posted its Q4 financial results, where Asia-Pacific revenue was up 10.3% (at constant exchange rates) on the comparable 2022 quarter. Notably, EssilorLuxottica saw “continued positive pace” across its 402 OPSM stores, while Sunglass Hut saw negative grow in Australia, but was strong in the rest of the region.
The group’s board met on 14 February 2024 to approve the consolidated financial statements for the year ended 31 December 2023, in results that chairman and CEO Mr Francesco Milleri and deputy CEO Mr Paul du Saillant said they were “proud to share”.
“These strong results … have delivered another year above 7% revenue growth, including an acceleration in Q4, with every one of our regions doing its part,” they said.
“Our profitability remained strong, with a record adjusted group net profit close to €3 billion (AU$4.8 b) and free cash flow at €2.4 billion (AU$4 b). It was also a year of major investments: growing new product categories, with Stellest in myopia and Ray-Ban Meta in wearables, adding beloved brands like Moncler and Jimmy Choo to our portfolio, leveraging artificial and business intelligence, expanding our operations footprint and reinforcing the retail presence globally. This will support the evolution of the company and the transformation of the industry over the next decade.”
After three years of strong results, the board unanimously agreed to distribute a dividend of €3.95 (AU$6.51) per share.
In 2023, Asia-Pacific recorded more than €3 billion (AU$4.9 b) in revenue, which was 14.3% more than the year prior (at constant exchange rates). The Professional Solutions business – which supplies lenses, frames and equipment to optical businesses – was the strongest contributor with almost €2.1 billion (AU$3.5 b) in revenue in the region, with Direct to Consumer – such as OPSM, Sunglass Hut and other storefronts – delivering nearly €950 million (AU$1.6 b).
In other updates from the past 12 months, EssilorLuxottica lauded the debut of its Nuance Audio concept at the Consumer Electronics Show in Las Vegas. The technology integrates an open-ear hearing solution into eyewear and is being touted as a disruptor “that bridges two industries combining good vision and better hearing”.
“We also progressed on our sustainability roadmap, Eyes on the Planet, reaching carbon neutrality in Europe and continuing our journey to connect our communities around the world with a common culture and shared values, growing our employee shareholders globally to almost 80,000,” EssilorLuxottica stated.
“With all these positive results and momentum, we are confident that we will keep the pace and meet our long-term targets.”
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