PARIS—Kering Eyewear, part of the global luxury group Kering (KER.PA), has reported revenue of €1.6 billion for the full year 2024, up 6 percent on a year-over-year comparable basis. In the fourth quarter, sales totaled €326 million, an increase of 8 percent as reported and up 7 percent on a comparable basis, driven by all regions as well as the main brands in its portfolio, according to the company. The Kering Group, however, reported a 12 percent decline in overall revenue in 2024.

Revenue from Kering Eyewear and its Corporate segment, which includes Kering Beauté, amounted to €1.9 billion, up 24 percent as reported and up 8 percent on a comparable basis, the company stated. Kering Eyewear’s recurring operating income amounted to €277 million in 2024. Taking into account the contribution of Kering Beauté, including the full-year consolidation of Creed, and corporate costs, the Kering Eyewear and Corporate segment generated recurring operating income of €112 million. Kering Eyewear also reported steady growth across its brand portfolio. The fourth quarter saw growth in all regions, the company noted, in both optical frames and sunglasses.

“Kering Eyewear and Kering Beauté boost visibility that provide additional entry points for all our brands and they are steadily growing and profitable, giving the group more stability and resilience,” François-Henri Pinault, chairman and chief executive officer, said on a conference call with investors.

Conversely, Kering Group revenue amounted to €17.2 billion for full-year 2024, down 12 percent both as reported and on a comparable basis, the company advised. Revenue in the fourth quarter of the year also declined 12 percent, as its Gucci brand continued to struggle.

“In a difficult year, we accelerated the transformation of several of our Houses and moved determinedly to strengthen the health and desirability of our brands for the long term," said Pinault. "Across the Group, and at Gucci first and foremost, we made critical decisions to raise the impact of our communications, sharpen our product strategies, and heighten the quality of our distribution, all in the respect of the creative heritage that distinguishes our brands.” 

Net income attributable to the Group amounted to €1.1 billion in 2024, a 62 percent year-over-year decline. Recurring net income attributable to the Group for full-year 2024 was reported as €1.3 billion. The Group’s free cash flow from operations was €1.4 billion in 2024. Excluding real estate transactions, it was €3.6 billion, up 7 percent compared with 2023. As of December 31, 2024, Kering’s net debt amounted to €10.5 billion.

“We secured our organization, made key hirings, sped up execution, and intensified the efficiency of our operations,” said Pinault. “Our efforts must remain sustained and we are confident that we have driven Kering to a point of stabilization, from which we will gradually resume our growth trajectory.”