Kering Eyewear, the eyewear division of luxury group Kering, has experienced tremendous success in the first quarter of 2023. Surpassing the growth of its fashion labels such as Gucci and Saint Laurent, Kering Eyewear achieved double-digit growth in all regions, solidifying its position as a leader in the eyewear industry.
During this period, Kering Eyewear generated an impressive revenue of €433 million, representing a remarkable 44% increase compared to the same period in 2022. Even on a comparable basis, the company’s growth stood at an impressive 11%. This exceptional performance can be attributed to the positive performance of the brands in Kering Eyewear’s portfolio. Interestingly, Kering Eyewear even surpassed the revenue of Bottega Veneta, a well-known brand under the Kering umbrella, which reached €395 million during the same period.
Kering Eyewear was established in 2014 by Kering and CEO Roberto Vedovotto. The company manages the eyewear collections of 17 prominent labels, including Gucci, Saint Laurent, Bottega Veneta, and Balenciaga, among others. In recent years, Kering Eyewear has made strategic acquisitions to further strengthen its position in the industry. These acquisitions include Lindberg, a Danish luxury eyewear brand, as well as Maui Jim and Zeal Optics in 2022. Most recently, Kering Eyewear acquired UNT Usinage & Nouvelles Technologies, a high-precision components supplier based in France. These acquisitions have played a significant role in the company’s growth, allowing it to broaden its scope and increase its market presence.
The acquisition of Maui Jim, known for its innovative sunglasses technology and Hawaiian heritage, contributed significantly to Kering Eyewear’s growth in the first quarter of 2023. This expansion enabled the company to strengthen its operations and ensure a seamless production process. Moreover, the acquisition of UNT Usinage & Nouvelles Technologies will enhance Kering Eyewear’s supply chain capabilities, further optimizing efficiency and maintaining its high standards of quality.
In contrast to its competitor, Thélios, the eyewear specialist of LVMH group, Kering Eyewear initially focused on design, development, and commercialization, relying on selected partners to produce its collections. However, due to its rapid growth and success, with revenue surpassing €1 billion, the company has taken a more hands-on approach. By gaining greater control over its supply chain, Kering Eyewear can further optimize its operations and maintain its high standards.
Despite the challenges presented by the pandemic, Kering Eyewear has demonstrated remarkable growth. In just three years, its revenue doubled from €596 million in 2019 to €1.11 billion in 2022. These impressive figures showcase the company’s resilience and ability to adapt to changing market conditions. Kering Eyewear’s continued success positions it as a key player in the eyewear industry and a driving force behind the overall growth of the Kering group.
Useful links:
1. Kering Eyewear Official Website
2. The Rise of Kering Eyewear – Business of Fashion
