Eyewear powerhouse group EssilorLuxottica reached €26.5 billion in full-year revenues in FY2024, a rise of +6% at constant exchange rates (+4.4% at current rates). Despite inflationary pressures and currency headwinds, the group said it expanded margins through its pricing strategies, integration synergies, and cost efficiencies.
The group recorded a +9.8% increase in adjusted net profit at €3.1 billion at constant exchange rates, representing 11.8% of revenues.
The company said it is focusing on emerging product categories such as myopia management solutions and Smartglasses.
The company’s innovation agenda continues to show momentum with Ray-Ban Meta Smartglasses surpassing 2 million units sold since launch. In addition, its partnership with Meta Platforms has been further extended to develop next-generation smart eyewear products.
Notably, EssilorLuxottica’s Nuance Audio glasses cleared regulatory hurdles and will launch in the USA and key European markets in Q1 2025. Nuance Audio glasses are designed to assist individuals with mild to moderate hearing loss.
EssilorLuxottica closed the fourth quarter of 2024 with revenue of €6.8 billion, marking a +9.2% year-on-year increase at constant exchange rates (+8.5% in current rates).
Growth was broad-based, with all four regions and business segments (Professional Solutions and Direct-to-Consumer) contributing.
EssilorLuxottica Chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant commented: “We celebrate another year of remarkable achievements, with our fourth consecutive year of top-line growth on track with our targets, including a strong acceleration in Q4, with all regions and businesses contributing to our momentum, followed by new record highs in the Group’s profits.
“As we look ahead, we are entering an era of unprecedented opportunities, powered by our global community of over 200,000 passionate colleagues. Our commitment to med-tech, Smartglasses and iconic brands has never been stronger. With Ray-Ban Meta redefining digital eyewear and FDA-cleared Nuance Audio creating an entirely new category, we are pioneering the future.
“The exponential growth of Stellest alongside strategic acquisitions, including Heidelberg Engineering, Espansione Group, Pulse Audition and now Cellview, continue to expand our medical and clinical expertise, enabling us to improve hundreds of millions of lives worldwide.”
They added: “With Supreme now part of our portfolio, and the newly extended trust of key partners including Diesel, Dolce & Gabbana, Michael Kors and Prada, we are setting new standards in desirability, cultural influence and technology adoption.”
Regional performance
For the full year Latin America (+9.7%), Asia Pacific (+9.3%) and EMEA (+7.9%) outperformed North America (+3.1%) in terms of revenue growth at constant exchange rates. However, North America was still the biggest contributor in terms of revenues at €11.9 billion.
Developed markets led EssilorLuxottica’s revenue growth in the fourth quarter, with North America posting a +7.8% increase at constant exchange rates, marking its strongest performance of the year across both business segments (Professional Solutions and Direct-to-Consumer).
Growth in the region was further bolstered by the consolidation of Supreme. EMEA also delivered a robust quarter, up +9.6% at constant exchange rates, with both operating segments gaining momentum compared to the previous quarter.
Meanwhile Asia Pacific advanced +14% and Latin America grew +8.7% at constant exchange rates, reinforcing the group’s balanced global expansion.
From a product perspective, optical accounted for approximately three-quarters of total revenue, with sunglasses contributing 23%. Ray-Ban, bolstered by Smartglasses, performed strongly among frame brands, while Miu Miu, Chanel and Swarovski led licensed brands. Stellest, Varilux and Transitions were key revenue drivers in the lens category.
Outlook
Looking ahead, EssilorLuxottica is maintaining its target of mid-single-digit annual revenue expansion from 2022 to 2026 at constant exchange rates. The group anticipates reaching a revenue range of €27-28 billion by the end of the period while continuing to drive profitability. It projects an adjusted operating profit margin between 19% and 20%, reinforcing its long-term financial resilience and strategic ambitions.
In 2024, EssilorLuxottica reported continued progress in its sustainability efforts. First introduced in 2021, the company’s Eyes on the Planet programme is a comprehensive sustainability initiative based on five pillars: Eyes on Carbon, Eyes on Circularity, Eyes on World Sight, Eyes on Inclusion, and Eyes on Ethics.
Milleri and du Saillant added: “At the same time, our commitment to sustainability remains strong. Through our Eyes on the Planet roadmap, we are taking bold steps to reduce our environmental footprint, with our greenhouse-gas-reduction targets validated by the SBTi at the end of last year.
“In driving impact worldwide, our OneSight EssilorLuxottica Foundation is now collaborating with the World Health Organization to bring essential vision care to those who need it most. As we step into the new year with confidence, we remain on track with our long-term targets and are committed to driving meaningful transformation for years to come.” ✈
