BUSINESS: Financial Kering Eyewear Sales Up 23 Percent in Q3, Within Overall Kering Group Sales Increase in the Period By Staff Friday, October 21, 2022 12:24 AM PARIS—Kering Group, which includes Kering Eyewear, reported a strong financial performance for the third quarter of 2022. Overall revenue of the global luxury group rose 23 percent to €5,137 million and was up 14 percent on a comparable basis compared to the third quarter of 2021. Versus the third quarter of 2019, comparable revenue was up 28 percent, the company said. The group also reported that Kering Eyewear's sales for the third quarter rose 23 percent to €246 million.In the first quarter of 2022, the “Corporate and other” segment was renamed “Kering Eyewear and Corporate.” Intra Group eliminations are now reported on a separate line. In the overall Kering Eyewear and Corporate segment, overall sales were €253 million for the third quarter. The company said that Kering Eyewear's growth was sustained across all regions and distribution channels, with significant contributions from Gucci and Cartier and sharp growth in all brands. Following the successful integration of Lindberg, the acquisition of Maui Jim has recently been completed.The company reiterated that as of Oct. 3, 2022, Kering Eyewear currently holds a stake of more than 90 percent in iconic sunglass brand Maui Jim, in line with the terms announced on March 14, 2022, and after obtaining approval from the antitrust authorities. The acquisition of the remaining shares should take place by the end of 2022. Maui Jim will be consolidated in the Kering group’s financial statements from Oct. 1, 2022, as VMAIL previously reported. For the overall Kering Group, the company said that revenue in the directly operated store network continued to grow at a rapid pace, up 19 percent on a comparable basis. "All regions posted growth. Western Europe (+74 percent) and Japan (+31 percent) achieved particularly outstanding performances. In North America (+1 percent), steady activity reflects the high comparison base together with the hefty contribution from American tourists to European sales momentum. Growth in Asia-Pacific (+7 percent) was robust, despite the impact of COVID restrictions in Mainland China," the company said. The company cited the strong double digit sales of its overall Gucci, Yves Saint Laurent, Bottega Veneta business as well as the collective sales improvement of its "other houses" which include revenue from Balenciago, Alexander McQueen, Brioni, Boucheron and Pomellato, among others. Stated Kering Group chairman Francois-Henri Pinault, “Kering’s solid performances in the third quarter underscore the strength of the Group and the pertinence of our strategy. We delivered sharp top-line growth, both versus last year and from pre-pandemic levels. Our ongoing focus on the exclusivity of our brands and on the quality of their distribution are yielding very positive results and reinforce their positioning in their key markets. "In an increasingly complex environment, we maintain the required flexibility to support our profitability and sustain our investments in the long-term outlook of all our Houses, Gucci first and foremost. We are as confident as ever in the potential and prospects of the Group,” he said. In 2021, Kering Group generated revenue of €17.6 billion. Kering Eyewear’s contribution, after eliminating intra-group sales and royalties paid to the Houses and including Lindberg’s revenue from Oct. 1, 2021, rose to €599 million for fiscal 2021.