EssilorLuxottica recorded revenues of €19,727 million in the first nine months of 2024, up by +4.9% at constant exchange rates compared to the same period in 2023 (+3% at current exchange rates).
All regions posted positive growth in the first nine months. Latin America rose +10.1% and EMEA was up +7.3%. Asia-Pacific increased by +7.7%, driven by strong performance in Japan and the growth of the Professional Solutions business in China. North America posted a +1.6% increase.
By category, revenues in the Professional Solutions division grew +4.5% (+2.4% at current exchange rates) driven by strong results in EMEA and Asia Pacific. The Direct to Consumer business saw a +5.3% rise (+3.7% at current exchange rates) with brick-and-mortar retail, led by the optical segment, the main contributor.
Sunglass Hut in North America also showed signs of recovery towards the end of the period, while Ray-Ban.com spearheaded online retail growth.
Q3 performance
EssilorLuxottica reported consolidated revenue of €6,437 million for Q3 2024, representing a +4.0% increase at constant exchange rates compared to the same period in 2023.
In the same period, EssilorLuxottica’s Latin America revenues grew +10.8%. North America revenues rose +1.6% at constant rates, thanks to its sun retail business turning positive at the end of the quarter. EMEA grew +5.6% at constant rates, while Asia Pacific revenues increased by +5% despite a challenging luxury landscape, driven by Stellest lenses seeing growth. The company’s Ray-Ban Meta and Transitions Gen S innovations were key drivers of its performance.
EssilorLuxottica Chairman and CEO Francesco Miller and Deputy Director Paul du Saillant commented: “In the third quarter, we maintained solid momentum, with all regions and businesses contributing to steady growth, fuelled by our commitment to innovation and excellence.
“We solidified our positioning in the med-tech space, while preparing for the acceleration of the business in the near future, with our myopia management offering and smart glasses roll-out, Nuance Audio launch, Heidelberg Engineering and Supreme additions to the Group’s portfolio.
“The long-term partnership between EssilorLuxottica and Meta continues to write the bold story of smart glasses as the disruptive category in digital eyewear. Welcoming 1,000 talented colleagues from the acquired companies strengthens our collective expertise.
“We’re also proud to be once again recognised as one of the top 50 companies on Fortune’s ‘Change the World’ list. As we enter the fourth quarter with confidence, we remain on track with our long-term targets and continue driving meaningful transformation for the years to come.”
Innovation and EssilorLuxottica’s med-tech push
Notably, innovation continued to drive EssilorLuxottica’s success, with the Stellest lens for myopia management and Ray-Ban Meta smart glasses achieving significant gains. These products capitalised on growing consumer demand for advanced eyewear solutions.
The anticipated launch of Nuance Audio, a new innovation in audio enhancements, is set to position company for sustained future growth in the med-tech category.
EssilorLuxottica remains committed to its long-term growth objectives, confirming its target of mid-single-digit annual revenue growth between 2022 and 2026, calculated at constant exchange rates. The company is aiming for total revenue in the range of €27-28 billion by the end of this period.
Additionally, EssilorLuxottica expects to achieve an adjusted operating profit margin of 19-20%, demonstrating its confidence in continued innovation and market expansion as key drivers of profitability. ✈
