In 2020, Kering Eyewear posted sales of €487.1 million, down by 17.6 percent on a comparable basis. After being hard hit by Covid-19 related lockdowns in the first half, particularly in travel retail, revenues recovered in the second half, when the decline narrowed to 8.6 percent.

After excluding €88 million in royalties and intragroup revenues, Kering Eyewear’s consolidated sales in 2020 were €399 million.

The company, which is controlled by the French luxury group Kering, also delivered a positive and higher recurring operating income in the year.

Revenues for Kering amounted to €13,100 million in 2020, down by 17.5 percent year-on-year on a reported basis and by 16.4 percent on comparable structure and exchange rates due to the impact of the pandemic.

The decline was driven by the group’s key Gucci unit, whose sales fell by 22.7 percent to €7,441 million. Comparable sales were down by 21.5 percent.

Kering’s recurring operating income fell by 34.4 percent to €3,135 million, with the margin narrowing to 23.9 percent from 30.1 percent.

Ebitda dropped by 24.1percent to €4,574 million for the period, with the margin narrowing by 3.0 percentage points to 34.9 percent. Net income decreased by 6.9 percent to €2,150 million, while recurring net income was €1,972 million, down by 38.6 percent.

Kering said that the “current environment remains subject to a number of uncertainties”. But, it believes that the crisis has not called into question the structural growth drivers of the worldwide luxury market and expects to emerge stronger from the crisis.