Eyewear powerhouse EssilorLuxottica has reported strong first-half results, with revenue rising +9.7% year-on-year at constant exchange rates (+5.7% at current rates) to €14.82 billion.
Despite an unsettled global macroeconomic environment, the company said its business strategy, sustained growth across all regions and business segments, and continued advancement of its key growth drivers boosted its strong first-half performance.
Profitability also improved, with adjusted group net profit increasing +13.3% at constant exchange rates (+6.8% at current rates) to €1.92 billion, representing 13% of revenue.
The company highlighted the strong performance of its emerging product categories, particularly myopia management solutions and smart glasses.
Growth was driven by strong regional momentum, with North America, EMEA and Latin America recording high single-digit gains in the second quarter, while Asia-Pacific delivered double-digit growth.
The group’s core eyecare and eyewear business also maintained steady mid single-digit growth in both the Q2 and H1. Emerging categories continued to accelerate, with the myopia portfolio generating +24% revenue growth in Q2, and AI glasses such as the Ray-Ban and Oakley brands, nearly doubling revenue.
EssilorLuxottica ended Q2 with solid momentum, posting +8.7% revenue growth at constant exchange rates (+7.2% at current rates) to reach €7.7 billion.
EssilorLuxottica Chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant commented: “Once again, our performance reflects the power of our strategy and our ability to execute with excellence as we continue to transform our industry.
“We drove strong momentum across all regions and businesses, fuelled by our vision care and eyewear innovation and the expansion of our distribution network, with Top Charoen in Thailand further strengthening our global footprint.
“We made significant progress across our key growth drivers, from the acceleration of our myopia management portfolio to the sustained success of AI-powered wearables, driven by our iconic Ray-Ban, Miu Miu and Oakley brands and our core expertise.
“While doing so, we continued to invest in the future, reinforcing our leadership to develop the next generation of intelligent optical systems through our partnership with Applied Materials.
“Supported by an increasingly integrated business and industrial platform, and as we double down on the capabilities and technologies that will shape the future of our industry, the dedication and talent of our colleagues around the world remain our greatest asset.
“With these foundations in place, we’ve never been better positioned to seize the opportunities ahead and accelerate our next chapter of growth.”
Strong momentum across key regions
During the first six months, Asia-Pacific led regional growth with revenue rising +13.4% at constant exchange rates, while North America remained the group’s largest market, delivering +9.9% growth to reach €6.37 billion in revenue. EMEA also recorded solid momentum, with revenue increasing +8.7%, while Latin America posted growth of +6.7%.
Brand momentum in North America remained strong, with Ray-Ban standing out in frames on the back of positive trends in traditional eyewear and AI glasses. Sunglass Hut recorded double-digit growth, driven by continued demand for sunglasses and growing interest in AI-enabled eyewear.
Across EMEA, performance was underpinned by strong consumer demand, with optical banners achieving double-digit growth and optical retail benefitting from the group’s lens premiumisation strategy. AI glasses remained a key growth contributor, supporting the Professional Solutions segment.
Asia-Pacific delivered double-digit growth across both Professional Solutions and direct to consumer, with China, India, Japan and South Korea all contributing strongly. The region also leveraged the continued growth of myopia management and the addition of Top Charoen’s Thai retail network.
Latin America recorded broad-based growth, led by solid performances in Mexico and Colombia, while Brazil remained stable with support from the frame category. Optical and sunwear banners drove direct to consumer growth, boosted by demand for AI glasses in Mexico and Brazil.
Long-term growth in focus
Looking ahead, EssilorLuxottica highlighted its focus on advancing its med-tech transformation through the expansion of its AI-driven healthcare platform and the development of integrated eye health solutions.
The company expects solid growth in total revenue and broadly aligned adjusted operating profit growth over the next five years, at constant exchange rates. ✈
