EssilorLuxottica reports “solid start” to 2024

Releasing figures for the first quarter of the year, the company has reported growth in consolidated revenue of 5.5% compared to the first quarter of 2023

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EssilorLuxottica has seen a growth of 5.5% in consolidated revenue for the first quarter of 2024 compared to last year, reaching €6,335 million (approximately £5,452 million) at constant exchange rates.

The professional solutions segment of the business recorded revenue of €3,080 million (£2,650 million), up 4.6% on the same period in 2023.

Stellest and Varilux were the largest contributors to growth in the lens category, while Ray-Ban, Oakley, Prada, and Swarovski were the top frame brands for the start of the year.

The direct-to-consumer business reported revenue of €3,255 million (£2,801 million), up 6.3% on the first quarter of 2023.

The Europe, Middle East, and Africa (EMEA) market recorded a revenue of €2321 million (£1997 million), up 8.5% compared to the first quarter of 2023, or 5.8% at current exchange rates.

EssilorLuxottica suggested this marked a ‘notable acceleration’ from the fourth quarter of 2023.

Varilux was again the biggest contributor for growth in lenses, boosted by the uptake of the XR series product, while a co-branded campaign with Persol increased brand visibility.

Swarovski’s frame collection stood out, while the new Oakley Sphaera style had a “promising” start in February, the group shared.

The North American region saw revenue of €2,875 million (£2,474 million), €768 million (£6609 million) in Asia-Pacific, and €371 million (£3193 million) in Latin America.

Francesco Milleri, chairman and CEO, and Paul du Saillant, deputy CEO, at EssilorLuxottica, remarked on a “solid start to the year” for the company, “with every geography and business contributing to the positive performance.”

The business leaders pointed to the company’s pipeline of innovation, including products such as Stellest, Varilux XR series, and the recently-launched Transitions Gen S.

“We further consolidated our luxury portfolio with the renewal of licensing agreements with trusted partners such as Dolce&Gabbana and Michael Kors,” the pair shared.

Members of the US Congress had the opportunity to see EssilorLuxottica’s Ray-Ban Meta and Nuance Audio smart eyewear products on 17 April at CES on the Hill, a version of the technology event curated for lawmakers.

Reflecting on this, Milleri and du Saillant said: “We are reinforcing our leadership beyond the boundaries of vision care and eyewear, while truly rewriting the story of the industry.”

“With this positive momentum, we approach the first half of the year with optimism and remain confident in our strategic vision and our ability to deliver on our long-term outlook,” they shared.