Apr 20, 2023
EssilorLuxottica's sales grow in the first quarter
Apr 20, 2023
Luxury eyewear maker EssilorLuxottica reported on Thursday a rise in first quarter revenues as a rebound in China led growth.
The maker of Oakley and Ray-Ban sunglasses posted an 8.6% rise in revenue to 6.15 billion euros ($6.75 billion) for the first three months of the year at constant exchange rates.
The French-Italian eyewear group said Asia-Pacific was its best performing region in the first-quarter driven by the recovery in China following the lifting of lockdown restrictions.
Sales in this region grew by 12% at the constant exchange rates to 750 million euros, against 685 million euros reported a year ago.
Chief Financial Officer Stefano Grassi told an analysts call the trend in China was "consistently stronger".
"It is an important part of our growth profile this year. We are happy to see that Chinese consumer have appreciation for our products, and our service," he added.
Peers in the luxury sector have also benefited from China's rebound, despite higher prices and global market turmoil.
Hermès reported a rise of 23% in its first-quarter sales, and LVMH flagged a sales' rise of 17%.
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