Ray-Ban maker EssilorLuxottica’s sales rise as Asia-Pacific rebounds

(Reuters) -Eyewear group EssilorLuxottica reported a rise in its third-quarter revenues on Friday, noting a rebound in sales in the Asia-Pacific region.

The Oakley and Ray-Ban sunglasses maker’s revenue reached 6.39 billion euros ($6.24 billion) in the three months to Sept. 30, up 8.2% on the year at current exchange rates.

Asia-Pacific was the group’s fastest growing region in the quarter with a 22.7% revenue rise at constant exchange rates to 761 million euros.

The retail business in particular bounced back strongly in the region, EssilorLuxottica said, after a negative second-quarter performance hit by COVID-19 lockdowns in mainland China.

Revenues also grew in North America, the company’s biggest market, where it posted sales of 3.01 billion, a 3.4% rise at constant exchange rates. This increase was driven by the direct to consumer division, the group said.

EssilorLuxottica makes glasses for brands such as Chanel and Prada (OTC:), among others.

Despite concerns that the luxury industry’s post-pandemic boom could be cooling due to a looming recession, Birkin bag maker Hermes on Thursday said there were no signs of a slowdown so far as U.S. shoppers took advantage of the dollar’s strength in Europe and China rebounded sharply, echoing earlier upbeat comments from Louis Vuitton owner LVMH.

EssilorLuxottica reiterated its long-term outlook presented in March and confirmed at its Capital Market Day last month.

($1 = 1.0235 euros)

[ad_2]

Source link