The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Luxottica Group SpA, the world's largest eyewear maker, reported record full-year profit as sales of Ray- Bans and other frames surged in North America.
Adjusted net income rose 11 percent to 687.4 million euros ($768 million), the Milan-based company said Monday after European stock markets closed. Analysts predicted 686.3 million euros, according to the average of 10 estimates compiled by Bloomberg.
Luxottica plans to double sales to 15 billion euros in the next 10 years, it said in January after reporting fourth-quarter revenue that rose faster than predicted. While the company should benefit from a stronger dollar this year, the recently appointed co-chief executive officers need to convince investors the business can overcome management upheaval, Citigroup analyst Mauro Baragiola has said.
“The industry is young and there are still many opportunities for organic and external growth ahead,” co-CEOs Massimo Vian and Adil Mehboob-Khan said in Monday’s statement. “In 2015, we expect solid revenue growth and profitability to grow twice that of sales.”
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The adjusted figures exclude one-time tax and job-cutting expenses as well as some other items.
By Andrew Roberts. Editors: Matthew Boyle, Tom Lavell, John Lear.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
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