An upturn in the luxury and premium eyewear market was announced by Luxottica in its 2010 third quarter financial results, adding that the 'positive wave has just begun'.
Strong growth in the quarter was demonstrated by a 34.5 per cent increase in the company's net income to €101.9m from €75.8m the previous year. Included in the results were record wholesale sales which increased 20.7 per cent with 'accelerating growth in luxury brands'.
Among the factors underpinning these results were the fifth consecutive quarter of double-digit growth for Oakley and Ray-Ban sales. Luxottica's wholesale sales in Europe saw 12 per cent growth during the quarter spread across all markets with the exception of Greece which was down 49 per cent. Polarised Ray-Ban sales in Europe grew at three times the rate of traditional sunglasses and Ray-Ban prescription sales increased by 26 per cent, while Oakley prescription sales rose by 51 per cent during the quarter.
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