BUSINESS: Suppliers Kering Eyewear Expects to Double Its Revenues to €2.0 Billion By Staff Monday, June 13, 2022 12:21 AM PARIS—Kering Eyewear said it is anticipating to double its revenues to €2.0 billion ($2.1 billion) and to double its EBIDTA to 15 percent "in the medium term." The projections were made within a presentation to analysts at the Kering Group's Capital Market Days last week. Kering Eyewear is a division of Kering Group (PARIS: KER), the major global luxury conglomerate. In the presentation, Kering Eyewear reported that its unit sales for the 2021 calendar year reached 7 million units. The company shared a timeline of its expansion from 2014 when the eyewear business was established within the Kering Group, the launch of Gucci in 2016, establishing a partnership with Richemont and the launch of Cartier in 2017, the launch of Balenciaga and Montblanc in 2018, the debut of Chloe and Dunhill in 2020, among others. It set up a main logistics hub in 2019 and also announced that it had acquired a majority stake in Trenti, an Italian eyewear producer and one of its manufacturing partners, in April. In the report, Kering Eyewear also noted that it now works with some 40 external manufacturing partners, in addition to its own manufacturing plant in France for Cartier eyewear. Kering Eyewear noted it expanded its international presence through five new direct subsidiaries since 2018 including Malaysia, India, Middle East, Eastern Europe and Portugal. Also, in the presentation, Kering Eyewear shared that it was "cross-selling more brands per door" over the past few years. It also reported that its 2021 revenues globally were 25 percent in North America, 30 percent in Europe, 15 percent AIPAC and another 30 percent via centralized channels. The company said it would continue to enhance its product collections, reinforce selective distribution, leverage its visibility, invest in its client base via virtual showroom and special events and continue to explore growth opportunities worldwide, with North America a key focus. Through its own proprietary brands, such as Maui Jim and Lindberg, Kering Eyewear anticipates those at composing 40 percent of revenues, while brands of the Kering houses will comprise 60 percent, according to the presentation. In addition to its sales to independents, Kering Eyewear said that sales to fashion retailers and e-commerce channels would remain important. Kering began building an in-house eyewear division in 2014 and the company reported that its Kering Eyewear wholesale revenues exceeded €700 million euros in 2021. This past March, Kering announced it would buy U.S.-based brand Maui Jim, as VMAIL previously reported. It bought upscale Danish label Lindberg in July 2021, a deal that closed in October 2021. Kering Eyewear reported sales gains of 36 percent to €300 million in the first fiscal quarter of this year, as reported by VMAIL. Kering Eyewear manages eyewear and sunwear for the Kering houses in houses in fashion, leather goods, jewelry and watches including Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, among others.