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EssilorLuxottica Asia-Pacific sales decelerate in Q1 on sluggish DTC

Eyewear firm Essilor Luxottica said revenues grew 5.5 percent to EUR 6.4 billion, with a deceleration in growth in Asia Pacific and the U.S. partially offsetting growth in EMEA and Latin America.

SEE ALSO: EssilorLuxottica acquires Washin to grow presence in Japan

Asia-Pacific posted revenue of EUR 768 million, up 8.2 percent compared to the first quarter of 2023, decelerating on a softer direct to consumer performance. The region’s professional solutions segment was held up by double-digit growth in the firm’s
Chinese business, which saw progression across all main product categories.

Sun frames gained traction during the quarter, particularly in the luxury segment, as well as Ray-Ban and Oakley. Japan, South Korea and India continued to deliver strong results, while in direct to consumer, the Australian business posted mixed results aligned with the fourth quarter of last year.

Sunglass Hut remained negative, while OPSM delivered slightly positive comparable-store sales, thanks to a favourable conversion and price-mix which helped to offset some softness in appointments. Sunglass Hut continued to be solid in China and Southeast Asia, the Italian firm added.

“We’re pleased to report another solid start to the year for the Company, with every
geography and business contributing to the positive performance. Building on these results, and thanks to our strong executive team and our 200,000 talented colleagues, we continued to make bold and transformational moves, driven by a strong pipeline of innovation with new categories, digital solutions and products including Stellest, Varilux XR series and the recently launched Transitions Gen S,” said Francesco Milleri, chairman and CEO, and Paul du Saillant, deputy CEO at EssilorLuxottica.

“We further consolidated our luxury portfolio with the renewal of licensing agreements with trusted partners such as Dolce & Gabbana and Michael Kors; and improved our retail presence following the acquisition of Washin in Japan. Also, with Ray-Ban Meta and Nuance Audio, showcased in the last few hours to the members of the US Congress at ‘CES on the Hill’ in Washington DC, we are reinforcing our leadership beyond the boundaries of vision care and eyewear, while truly rewriting the story of the industry.”

Earlier this month, Luxottica Japan, part of EssilorLuxottica, acquired local retailer Washin Optical Co., as the Italian eyewear firms looks to grow its presence in Japan.