EssilorLuxottica posts Q2 sales growth as China rebounds

Luxury eyewear maker EssilorLuxottica reported on Tuesday a rise in second-quarter revenue as growth in its European retail business and continued recovery in China helped to offset a slowdown in North America.

The maker of Oakley and Ray-Ban sunglasses said total revenues for the quarter came in at 6.70 billion euros ($7.40 billion), up 4.9% at current exchange rates on the same period last year.

EssilorLuxottica, like other luxury groups, has been benefitting from a recovery in China after the country ended COVID-19 lockdowns last year.

“Ray-Ban and Oakley kept advancing firmly, while the regional brand Bolon jumped by an impressive two thirds on the reopening of its home market of China”, the group said in a statement.

Asia-Pacific was the best performing region in the quarter, EssilorLuxottica said, while flagging a slowdown in North America.

The group also announced it would expand into the hearing aid market. Thanks to the acquisition of Israeli hearing technology start-up Nuance Hearing, the French-Italian eyewear group will pair hearing solutions and prescription glasses into one product.

“We will be the first to remove the stigma of traditional hearing solutions, replacing it with comfort and style”, it said.

The world’s biggest luxury goods group LVMH posted on Tuesday a jump in quarterly sales, with demand in China also helping to offset a weaker performance in the United States.