PARIS—Kering Eyewear saw its first quarter sales rise 36 percent on a comparable basis, to total revenue of €300 million. The eyewear results were noted within the overall Q1 financial report of the Kering Group (PARIS:KER), the luxury conglomerate, which also saw sustained growth in the period. The company noted that its former "Corporate & Other" business segment has been renamed "Kering Eyewear & Corporate," with intra-group eliminations now starting to be reported under a separate line item.

In its presentation to financial analysts, the Group mentioned Kering Eyewear's growth in all regions and channels in the first quarter, with "strong contribution from Gucci and Cartier brands notably, together with Lindberg consolidation." The Group's report cited the previously announced acquisition by Kering Eyewear of Maui Jim, Inc., as reported by VMAIL on March 14, noting that the transaction is subject to clearance by the relevant competition authorities and is expected to be completed in the second half of 2022.

For the Kering Group, total revenue rose sharply in the first quarter of 2022, up 27 percent as reported and up 21 percent on a comparable basis year-on-year. The difference is primarily due to foreign exchange translation, the company stated, as scope was broadly neutral, the consolidation of Lindberg Eyewear offsetting the disposal of the Group’s watches activities.

Revenue from Kering Group's directly operated stores was up 23 percent on a comparable basis year-on-year and up 32 percent relative to the same period in 2019. Sales growth was supported by very strong momentum in Western Europe, North America, and Japan. In Asia-Pacific, sales were affected by new lockdowns in certain major Chinese cities. Group online sales continued to grow during the quarter and accounted for 15 percent of total direct sales.

François-Henri Pinault, chairman and CEO of Kering Group, stated, "We opened 2022 on a very solid first quarter in a more uncertain environment, notably impacted by tightening COVID restrictions in China since March. All our Houses posted double-digit revenue growth in the quarter, with spectacular performances at Saint Laurent, our Other Houses, particularly Balenciaga, and Kering Eyewear. Bottega Veneta also delivered sharply higher sales on a more demanding base.

"Gucci’s strong showing in North America and Europe was overshadowed by its exposure to China, where we are boosting its organization to fully capture the vitality of the market. While we remain attentive to economic and geopolitical conditions, we invest in all our brands, whose attractivity will continue to fuel our growth and profitability. Finally, I want to express my heartfelt sympathy, on behalf of all of us at Kering, to the people whose lives are affected by the war in Ukraine.”

Kering Group manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewelry: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, as well as Kering Eyewear. In 2021, Kering had over 42,000 employees and revenue of €17.6 billion.