PARIS—Within the Kering Group's (PARIS:KER) financial results for the third fiscal quarter of 2023, issued yesterday, the company reported global revenues for Kering Eyewear for the period reached €330 million, an increase of 34 percent from the prior year's third quarter, the company said, citing the contribution of Maui Jim. Kering Eyewear sales in the Q3 were up 2 percent on a comparable basis. "Growth was mainly driven by sales of optical frames following very strong sales of sunglasses in the first half of the year," the company noted, adding in its presentation to the financial release that comparable growth was driven by Japan and APAC regions.

For the first 9 months of the year, Kering eyewear generated revenues of €1,202 million, a 42 percent increase compared to the prior year's nine months of €844 million or a 12 percent increase on a comparable basis.

Overall, the Kering Group reported that its group revenue was €4.5 billion in the third quarter of 2023, down 13 percent as reported and down 9 percent on a comparable basis, including a 6 percent negative exchange-rate effect and a 2 percent positive impact from the acquisition of Maui Jim.

Revenue from the Kering Group's directly operated retail network fell 6 percent on a comparable basis, reflecting lower traffic and contrasted performance across regions, the company said. 

The Kering Group's wholesale and other revenue segment fell sharply (down 20 percent on a comparable basis), due in particular to the Group’s ongoing efforts to tighten its control over distribution. In the first nine months of the year, the Group generated revenue of €14.6 billion.

François-Henri Pinault, chairman and CEO, Kering Group, commented, "Beyond the challenging macroeconomic conditions and softening demand across the luxury industry, the change in our revenue performance in the third quarter reflects the impact of our decisions to further elevate our brands and their distribution. The organization we put in place in July will enable us to strengthen the steering of our Houses in the current market environment and to reclaim our positions and influence.

"With the acquisition of Creed completed last week, one of the world’s most distinguished high fragrance houses has joined our family, propelling our ambitions in beauty onto the next stage.”

A global luxury group, Kering manages the development of a series of renowned houses in fashion, leather goods and jewelry including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ginori 1735 as well as Kering Eyewear and Kering Beauté.