BUSINESS: Financial Kering Eyewear's Q1 Reflects 11 Percent Comparable Sales Gains By Staff Wednesday, April 26, 2023 12:18 AM PARIS—Within the Kering Group's (PARIS: KER) overall first-quarter financial report yesterday, the company characterized its Kering Eyewear division's performance as "excellent" for the period. Kering Eyewear revenues reached €433 million for Q1, up 11 percent on a comparable basis and up 44 percent on an as-reported basis. The company noted that the performance was "driven by the strong momentum of the brands in its portfolio," and cited the strong contribution of Maui Jim, consolidated in Kering’s financial statements since Oct. 1, 2022.In the first quarter of 2023, Kering Eyewear announced the acquisition of UNT (Usinage & Nouvelles Technologies), a French manufacturer of high-precision components, in order to strengthen its position in the luxury eyewear industry. Founded in 1989 in Morbier in the Bourgogne-Franche-Comté region of France, UNT is a key player in the manufacturing of high-precision metal and mechanical components. VMAIL previously reported on the UNT deal.The Kering Group reported that its overall group revenue reached €5,077 million in the first three months of the fiscal year, an increase of 2 percent as reported and up 1 percent on a comparable basis. Revenue in the Group's directly operated store network, including e-commerce, rose by 4 percent on a comparable basis, with all Group Houses contributing to the growth.The increase was driven by good momentum in Western Europe and Japan. Revenue was down in North America but resumed growth in Asia-Pacific due to the gradual recovery of the Chinese market.For the first quarter, Kering Group wholesale and "other revenue" was down 10 percent on a comparable basis, as the Group’s Houses continue to reduce the share of wholesale in their distribution. François-Henri Pinault, chairman and CEO, commented, "Kering’s performance in the first quarter remained mixed, as we had anticipated. As we work to augment the desirability of our brands and raise their profile in key markets, we are encouraged by the gradual improvement in activity month after month during the period. A host of initiatives undertaken by all our Houses to enhance their appeal and exclusivity lays the foundations for sustained, profitable growth.”Kering 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.