Kering Eyewear turned in the standout performance as luxury group Kering posted a “mixed” Q1 performance with group revenue rising +2% reported and +1% comparable to €5,077 million. Trends improved through the quarter, the group said.
Kering Eyewear posted an +11% on a comparable basis to €433 million, driven by strong brand momentum. Revenue rose +44% as reported, driven by the strong contribution of late 2022 acquisition Maui Jim, consolidated in Kering’s financial statements since 1 October.
On 13 March this year Kering Eyewear announced the acquisition of Usinage & Nouvelles Technologies (UNT), a French manufacturer of high-precision components, to strengthen its position in the luxury eyewear industry.
“Kering’s performance in the first quarter remained mixed, as we had anticipated,” said Kering Group Chairman and Chief Executive Officer François-Henri Pinault.
“As we work to augment the desirability of our brands and raise their profile in key markets, we are encouraged by the gradual improvement in activity month after month during the period. A host of initiatives undertaken by all our Houses to enhance their appeal and exclusivity lays the foundations for sustained, profitable growth.”
Revenue in the directly operated store network, including ecommerce, rose by +4% on a comparable basis, with all houses contributing to the growth. The increase was driven by good momentum in Western Europe and Japan. Revenue was down in North America but resumed growth in Asia Pacific due to the gradual recovery of the Chinese market.
Wholesale and other revenue was down -10% on a comparable basis, as group houses continued to reduce the share of wholesale in their distribution. Groupwide Yves Saint Laurent was the pick of the brand houses, with revenues rising +8% (comparable) and +9% (reported). ✈
