Ray-Ban owner EssilorLuxottica said revenue for the third quarter grew 4 percent to EUR 6.4 billion, with the Italian giant reporting growth in all regions and channels.
SEE ALSO: EssilorLuxottica acquires Supreme from VF Corp for USD1.5 billion
By region, the eyewear giant’s Asia-Pacific market posted a 5 percent uptick in revenue to EUR 794 million, reporting a slow in growth, compared to the two previous quarters. Despite the weakening macroeconomic conditions across the country, Greater China revenue rose slightly, with positive Mainland China growth more than offsetting declines in Hong Kong.
Across the company’s professional solutions segment, Greater China rose by low single digits sustained by the still buoyant performance of eyewear brand Stellest, which grew more than 40 percent, offsetting the sales drop at Bolon due to feeble sell-out of the brand.
All the other key markets logged “sound growth,” with Japan and India up high-single digits.
In direct to consumer, both optical and sun channels in APAC were up in comparable-store sales , while China as a country declined in both, due to market conditions. In optical, OPSM grew mid-single digits in Australia and New Zealand. Meanwhile, the region’s sun business saw growth, supported by the “healthy performance” of Oakley stores.
“In the third quarter, we maintained solid momentum, with all regions and businesses contributing to steady growth, fueled by our commitment to innovation and excellence,” said Francesco Milleri, chairman and CEO, and Paul du Saillant, deputy CEO at EssilorLuxottica.
“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.”
Earlier this year, the eyewear manufacturer acquired luxury streetwear brand Supreme from U.S. apparel firm VF Corp., in a USD1.5 billion cash transaction.