Luxury eyewear leader EssilorLuxottica has released its Q3 revenue, recording an impressive 11.75% sales growth in the Asia-Pacific region, primarily driven by China, totaling 6.3 billion euros ($6.68 billion).
The third quarter saw a «slight deceleration» compared to the first half, attributed to a decrease in the sun retail business, according to EssilorLuxottica’s statement.
Luxury goods companies are facing challenges as price-conscious consumers trim their spending on high-end products, coinciding with a slowdown in China’s growth.
Nevertheless, China stood out as a top performer, leveraging its myopia control portfolio effectively, particularly during the back-to-school season. The company remains optimistic about China’s continued retail success.
EssilorLuxottica stands firm on its 2023 objectives, striving for «mid-single-digit annual revenue growth» from 2022 to 2026 and targeting an operating profit representing 19% to 20% of revenue by the end of that period.