Luxury eyewear manufacturer EssilorLuxottica has announced its third-quarter revenue of €6.3 billion ($6.68 billion), with sales growth in the Asia-Pacific region reaching 11.75%. This growth was primarily driven by demand in China, where the company experienced a strong performance, particularly in leveraging its myopia control portfolio during the back-to-school season. EssilorLuxottica noted that retail performance in China remains favorable.

However, the company acknowledged a “slight deceleration” in the third quarter compared to the first half of the year. This slowdown in growth was attributed to a weaker sun retail business. The challenging environment for luxury goods companies, coupled with cash-strapped consumers reducing spending on high-end products and the overall slowdown in China’s growth, contributed to this deceleration.

In spite of these challenges, EssilorLuxottica remains confident in its long-term prospects. The company reaffirmed its 2023 target of achieving “mid-single-digit annual revenue growth” from 2022 to 2026. Additionally, EssilorLuxottica aims to achieve an operating profit representing 19% to 20% of revenue by the end of this period.

With its focus on the luxury eyewear market and a strong presence in the Asia-Pacific region, particularly in China, EssilorLuxottica is strategically positioned to navigate the changing consumer landscape and maintain its growth trajectory.

Useful Links:
1. EssilorLuxottica Official Website
2. EssilorLuxottica on Reuters