Kering: Eyewear Growth in 2024
Despite global challenges, the eyewear division stands out with growing revenues and strategic expansion in key markets.
In 2024, amidst a challenging global landscape for the Kering Group, eyewear remains a successful segment, delivering positive results both annually and in the last quarter. While the luxury giant reported a 12% decline in overall revenues and faced significant difficulties, as stated by Chairman and CEO François-Henri Pinault, the eyewear division continued to grow. With revenue reaching nearly €1.6 billion, Kering Eyewear recorded a 5% increase at current exchange rates and a 6% increase at comparable rates compared to the previous year.
The fourth quarter saw an 8% increase in sales at current rates and a 7% increase at comparable rates, driven by key geographical areas and the top brands in the portfolio. The eyewear division’s annual performance was supported by license development and the integration of two strategic brands: Lindberg and Maui Jim. The latter, in particular, experienced strong momentum alongside Gucci, Cartier, and Saint Laurent, contributing to the segment’s positive results. Growth at a constant scope was solid in key markets, with particularly strong performance in Europe and the Asia-Pacific region.
Beyond the eyewear division, Kering Beauté reported revenues of €323 million in 2024, primarily due to the integration of the luxury fragrance brand Creed, acquired in June 2023. Overall, the Kering Eyewear and Corporate segment achieved revenue of over €1.9 billion, marking an 8% increase at comparable exchange rates and a 24% increase at constant rates.
The eyewear division’s operating profit stood at €277 million, with a 17.5% margin on sales. Although slightly lower than in 2023, this figure reflects significant investments in Maui Jim, aimed at further expanding the brand’s presence in new markets. However, the overall operating profit of the Kering Eyewear and Corporate division was limited to €112 million, impacted by corporate costs.
Despite Kering’s difficulties in 2024, the eyewear division remains a strategic and resilient asset, capable of driving growth even in an uncertain economic environment. The focus on licensing, expansion into emerging markets, and the integration of prestigious brands continue to strengthen Kering Eyewear’s position in the luxury eyewear sector.