Kering Eyewear’s revenue hit a new record of €1.5 billion (AU$2.5 b) in 2023, which was up 10% on a comparable basis from 2022.
The global eyewear company – which produces Gucci, Saint Laurent, Cartier and other luxury brands – said the revenue jump is attributable to consolidating its Maui Jim acquisition and developing the brand portfolio.
Sydney-based Sunshades Eyewear has been the distributor of Kering Eyewear brands in Australia since 2016.
In the fourth quarter, Kering Eyewear said sales were up 6% on a comparable basis, with its recurring operating income rising sharply to €276 million (AU$459 m). According to the company, this reflected Maui Jim’s contribution and the eyewear division’s newly acquired scale.
Additionally, the Kering Eyewear and Corporate segment posted a recurring operating loss of €7 million (AU$11.6 m) in 2023. This is a 92% improvement from 2022, where the segment posted a recurring operating loss of €88 million (AU$146.2 m).
Overall, Kering’s eyewear business was the only department that reported positive revenue growth over the 12 month period.
“In a trying year for the group, we strengthened our organisation 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 characterises this iconic House,” Kering chairman and CEO Mr François-Henri Pinault, said.
“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.”
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