UK markets closed
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • FTSE 250

    18,636.98
    -29.80 (-0.16%)
     
  • AIM

    875.21
    -1.01 (-0.12%)
     
  • GBP/EUR

    1.1598
    -0.0013 (-0.11%)
     
  • GBP/USD

    1.2093
    -0.0082 (-0.67%)
     
  • BTC-GBP

    16,002.38
    +258.22 (+1.64%)
     
  • CMC Crypto 200

    416.91
    -3.23 (-0.77%)
     
  • S&P 500

    3,821.16
    +35.78 (+0.95%)
     
  • DOW

    31,072.73
    +297.30 (+0.97%)
     
  • CRUDE OIL

    108.33
    +2.57 (+2.43%)
     
  • GOLD FUTURES

    1,807.70
    +0.40 (+0.02%)
     
  • NIKKEI 225

    25,935.62
    -457.42 (-1.73%)
     
  • HANG SENG

    21,859.79
    -137.10 (-0.62%)
     
  • DAX

    12,813.03
    +29.26 (+0.23%)
     
  • CAC 40

    5,931.06
    +8.20 (+0.14%)
     

Luxury group Kering focuses on doubling eyeglass revenues

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
The logos of French luxury group Kering and fashion house Balenciaga
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

PARIS (Reuters) -French luxury group Kering aims to increase sales of its eyeglasses division to about 2 billion euros ($2.1 billion)with an earnings before interest and taxes (EBIT) margin of more than 15% in the medium term, it said Thursday.

The details were in slides shown on the second day of an investor presentation.

European luxury companies have shown increased interest in the eyewear business, tightening their hold on production capacity as demand for luxury products stays strong.

Kering began building an in-house eyewear division in 2014 and wholesale revenues exceeded 700 million euros in 2021. It announced plans in March to buy U.S.-based brand Maui Jim, and bought upscale Danish label Lindberg in July 2021.

Rival LVMH announced plans in December to take over Thelios, the Italian eyewear manufacturer it launched with Marcolin in 2017.

Kering is also due to hold a presentation on its main label and profit engine, Gucci, which accounts for over half of group sales Thursday.

($1 = 0.9349 euros)

(Reporting by Mimosa Spencer; Editing by Edmund Blair)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting