PARIS—Kering Eyewear, part of the global luxury group Kering, reported during the group's quarterly earnings call yesterday revenue of €343 million in the third quarter of 2024, up 4 percent on a year-over-year comparable basis. Overall, revenue from the Kering Eyewear and Corporate segment amounted to €440 million, up 32 percent as reported and up 7 percent on a comparable basis, the company announced. However, Kering Group’s revenue for the third quarter of 2024 was down 15 percent as reported and down 16 percent on a comparable basis to €3.8 billion.

The company noted that the continued growth in eyewear was supported by growth across all key brands as it invests behind all brands and collections. For the first nine months of 2024, Kering Eyewear and Corporate segment revenue grew by 25 percent on a reported basis and 7 percent on a comparable basis. The segment also encompasses the activities of Kering Beauté, boosted by the contribution of Creed, the company said.

Group revenue in the third quarter of 2024 was €3.8 billion, down 15 percent as reported and down 16 percent on a comparable basis. In the first nine months of the year, the Group reported generated revenue of €12.8 billion, down 12 percent both as reported and on a comparable basis. Sales from the directly operated retail network were down 17 percent on a comparable basis, adversely affected by lower store traffic. Trends in the various regions weakened by comparison with the second quarter and particularly in Asia-Pacific and in Japan, the latter of which suffered a significant slowdown. North America totaled 23 percent of the company’s Q3 revenue while Western Europe contributed 32 percent and Asia Pacific 29 percent.

In the third quarter, Gucci revenue amounted to €1.6 billion, down 26 percent as reported and down 25 percent on a comparable basis, the company noted. Yves Saint Laurent’s third-quarter revenue was €670 million, down 13 percent as reported and down 12 percent on a comparable basis. Bottega Veneta’s revenue totaled €397 million in the third quarter, up 4 percent as reported and up 5 percent on a comparable basis. Revenue from the Group’s Other Houses totaled €686 million in the third quarter, down 15 percent as reported and down 14 percent on a comparable basis.

“With discipline and determination, we are executing a far-reaching transformation of the Group, and at Gucci in particular, at a time when the whole luxury sector faces unfavorable market conditions,” said François-Henri Pinault, chairman and chief executive officer. "This severely impacts our performances in the short term.

“Our absolute priority is to build the conditions for a return to sound, sustainable growth, while further tightening control over our costs and the selectivity of our investments. We have the right strategy, organization, and talents to achieve these goals.”

To achieve its long-term vision, Kering said it continues to invest in the development of its Houses, so that they “continuously strengthen their desirability and the exclusivity of their distribution, strike a perfect balance between creative innovation and timelessness, and achieve the highest standards in terms of quality, sustainability and experience for their customers.” In what it called an environment of ongoing economic and geopolitical uncertainty, the Group said it will continue to execute on its strategy and vision in pursuit of two key ambitions: to maintain a trajectory of long-term profitable growth and to confirm its status among the most influential groups in the luxury industry. 

Noting the major uncertainties likely to weigh on demand among luxury consumers in the coming months and following the larger-than-expected slowdown in the third quarter of the year, Kering’s recurring operating income in 2024 is now expected to total approximately €2.5 billion, according to chief financial officer Armelle Poulou.