Med-tech sector revenue growth observed for EssilorLuxottica, aiming to strengthen its presence in medical technology
In a recent earnings report, eyewear giant EssilorLuxottica showcased its continued success, with the North American region accounting for approximately 45% of its overall revenue. The region saw a positive upward trend in the optical division, but the sunglasses category experienced a negative growth for the third quarter.
The third quarter also saw the company's DTC revenue grow by 3.2%, with Ray-Ban Meta wearables being one of the strongest drivers. The Asia Pacific region grew by 4.5%, while the region containing Europe, the Middle East, and Africa showed the most growth at 5%.
The company's first earnings report since the purchase of Supreme from VF Corp., which closed earlier this month, offers EssilorLuxottica an opportunity to reach new audiences. However, the search results do not provide information about the new owner of the Supreme brand.
EssilorLuxottica's revenue for the first nine months of 2024 is 19.7 billion euros, marking a 3% revenue growth year over year. The company reported a third-quarter revenue of 6.44 billion euros, approximately $6.9 billion.
CEO and Deputy CEO, Francesco Milleri and Paul du Saillant, expressed confidence in the company's progress and stated they are on track with their long-term goals. The executives also announced the company's solidification in the med-tech space, preparing to accelerate that sector of its business.
The company has a partnership with tech giant Meta, but no specific facts about the growth or performance of other brands were mentioned in this paragraph. The $1.5 billion deal to purchase Supreme was first announced in July.
It's important to note that no specific facts about the financials of the company outside of the nine-month revenue were provided. Latin America saw a 5.6% year-over-year decrease in revenue in the third quarter.
In conclusion, EssilorLuxottica continues to show growth in multiple regions, with the North American region being a significant contributor. The company's strategic acquisitions, such as Supreme, and partnerships, like the one with Meta, position it well for future success. Despite some challenges, such as the decline in the Latin American market, the company remains optimistic about its long-term goals.
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