Performance Overview - Baron International Growth Fund gained 6.04% in Q3 2025, underperforming its benchmark MSCI ACWI ex USA Index which appreciated 6.89% [3] - Year-to-date performance shows the Fund at 24.85%, slightly below the benchmark's 26.02% [4] - The Fund's performance remains ahead of the Proxy Benchmark on a year-to-date and one-year trailing basis [3] Market Drivers - The initiation of a Federal Reserve easing cycle and enthusiasm for AI-related investments were key drivers of global equity returns during the quarter [7][32] - Ongoing uncertainty regarding U.S. tariffs may clarify in the current quarter, but a global central bank easing cycle is evident [7][32] - The shift in U.S. trade and immigration policy, along with accommodative monetary policy, is expected to impact global inflation dynamics [7][32] Sector Performance - Poor stock selection in the Information Technology sector, particularly due to Constellation Software Inc.'s share price correction, was a significant detractor [8] - Favorable stock selection in the Materials sector, driven by positions in global security and sustainability themes, contributed positively [8] - Weak stock selection in Consumer Staples and Communication Services also negatively impacted performance [8] Geographic Performance - Underperformance was noted in Poland, Japan, and Israel, while favorable stock selection in Australia and China partially offset these losses [9] - The Fund remains optimistic about China's AI potential and structural growth story in India, despite recent underperformance [9] Top Contributors and Detractors - Top contributors included Lynas Rare Earths Limited, argenx SE, and Lundin Mining Corporation, with Lynas benefiting from geopolitical tensions [10][11][13] - Key detractors were Constellation Software Inc., InPost S.A., and ODDITY Tech Ltd., with Constellation facing uncertainty around AI impacts and leadership changes [14][15][16] Recent Investment Activity - New investments included Nomura Holdings, EssilorLuxottica SA, Pony AI Inc., and GDS Holdings Limited, reflecting a focus on high-conviction ideas [24][25][26][27] - Increased exposure to existing positions such as Lundin Mining Corporation and Japan Exchange Group, while exiting positions in less favored stocks [29] Outlook - Strong performance is expected from global markets, particularly in Europe, driven by increased defense and infrastructure spending [30][31] - The Fund anticipates continued growth in China and Korea, with many holdings poised for significant earnings improvements [31] - The competitive landscape in AI is evolving, with China emerging as a formidable player alongside U.S. technology giants [34][35][36]

Core Insights - Safilo Group has demonstrated resilience amid tariff and foreign exchange challenges, with improved sales and margins in the first nine months of 2025, driven by strong performance in Asia-Pacific and Europe [1][4]. Financial Performance - Sales for the first nine months of 2025 increased slightly by 0.1 percent to 758.4 million euros from 757.4 million euros year-over-year, with a 2.2 percent rise at constant exchange rates [2]. - In the third quarter, sales decreased by 2.1 percent to 220.8 million euros compared to 225.4 million euros in the same period last year, but were up 2.1 percent at constant exchange rates [3]. - Gross profit in the third quarter totaled 131.7 million euros, a decrease of 1.2 percent year-over-year, while gross margin improved by 60 basis points to 59.7 percent [3]. Regional Performance - Prescription frames sales grew across all regions, with sunglass sales particularly boosting performance in Europe. Brands such as Carrera, David Beckham, and Marc Jacobs contributed positively [4]. - Sales in Europe rose by 3 percent to 334 million euros in the first nine months, while Asia-Pacific sales surged by 9.9 percent to 44 million euros [10]. - North American sales fell by 1.1 percent to 317.8 million euros, with a significant decline of 6.6 percent in the third quarter [11]. Margin and EBITDA - The adjusted EBITDA margin in the third quarter increased by 210 basis points to 10 percent from 7.9 percent year-over-year, with adjusted EBITDA rising 24.3 percent to 22.1 million euros [5]. - The company attributed margin improvements to effective mitigation actions against tariffs and favorable price/mix dynamics [6]. Debt and Cash Flow - As of September 30, net debt decreased to 30.4 million euros from 42.4 million euros at the end of June, with a positive adjusted figure of 10.7 million euros before IFRS 16 application [7][12]. - Free cash flow increased to 20.7 million euros in the third quarter, up from 16.9 million euros in the same period of 2024 [12].

Core Insights - Innovative Eyewear, Inc. has launched four new variants of its Lucyd Armor smart safety glasses, which have become the company's top-selling frame since their debut in October 2024 [1][2][4] - The new variants aim to expand the collection's reach and enhance functionality, catering to a wider audience with variations in lens functionality and sizing [2][4] - The Lucyd Armor has received ANSI certification, allowing it to be sold in the US for safety applications, and is now available in the US, Canada, and EU markets [4] Product Details - The new models include the Armor Slim, which is designed for narrower faces and has received ANSI certification [4][8] - Other models include Lucyd Armor Green Mirror, Lucyd Armor Black, and Lucyd Armor Vantage, with the latter set to launch in Q1 2026 [8] - All new models are prescription adaptable, enhancing their usability for various consumers [2][4] Market Context - The safety eyewear market in North America and Europe is rapidly growing, estimated to be worth over $2.5 billion in 2024 [6] - A top-five global logistics company has placed an initial order for Lucyd Armor, indicating strong demand and potential for further market penetration [5][6]

MILAN — In a further sign that the doldrums for luxury spending might be starting to reverse, eyewear specialist Marcolin’s revenues and profitability advanced in the first nine months of the year. The Longarone, Italy-based company posted net sales of 416.6 million euros in the period ended Sept. 30, up 2.1 percent at current exchange rates versus the first nine months of 2024. Revenues were up 3.8 percent in comparable terms. More from WWD This is likely the last financial reporting before the acquisiti ...

Core Insights - EssilorLuxottica reported consolidated revenue of €6.87 billion ($8.03 billion) for Q3 2025, reflecting an 11.7% increase at constant exchange rates compared to Q3 2024, and a 6.7% increase at current exchange rates [1][6] Revenue Performance - Revenue growth was observed across all regions and channels, driven by demand in wearables, vision care, and sunglasses [1] - Vision care and sunglasses sales rose by 5% at constant exchange rates, while wearables significantly contributed to overall results due to product development [2] - Professional solutions revenue increased by 11.9% to €3.22 billion, and direct-to-consumer revenue rose by 11.6% to €3.64 billion [2] Regional Performance - North America reported revenue of €2.99 billion, up 12.1% at constant exchange rates [2] - EMEA revenue increased by 12.7% to €2.69 billion, and Asia-Pacific revenue rose by 10.5% to €822 million, while Latin America grew by 5.2% to €355 million, all at constant exchange rates [3] Product Development and Innovations - The company highlighted the continued uptake of its AI-glasses range and growth in myopia management solutions [3] - EssilorLuxottica's Stellest lens received FDA approval and will be available to US eyecare professionals starting Q4 2025 [3] Strategic Acquisitions and Outlook - Recent strategic acquisitions include the closing of Optegra and the announced acquisition of RetinAI [4] - The company maintains a long-term outlook of mid-single-digit annual revenue growth between 2022 and 2026 at constant exchange rates, targeting total revenue between €27 billion and €28 billion, with an adjusted operating profit margin of 19% to 20% by the end of the period [4] Management Commentary - The chairman and CEO, Francesco Milleri, and deputy CEO, Paul du Saillant, emphasized the achievement of the best quarter since the group's creation, highlighting the strength of their vision and management [5] - They noted that the results were fueled by contributions from EMEA and North America, along with strong momentum in wearables and vision care [6]

Core Insights - Eselor Luxottica, the parent company of Ray-Ban, reported an 11.7% increase in sales in the most recent quarter, with significant revenue growth attributed to its partnership with Meta for smart glasses [1] Group 1: Company Performance - The company has successfully launched smart glasses under the Ray-Ban and Oakley brands, with plans for a Prada version in development [1] - The smart glasses have been well-received, with users noting their aesthetic appeal and functionality, such as video recording capabilities [2][4] Group 2: Product Features - The smart glasses allow users to record videos hands-free, making them suitable for activities like capturing moments with children [4] - Users can interact with the glasses using voice commands, enhancing the user experience by integrating features like Siri [5]

Core Insights - Shares of EssilorLuxottica, the maker of Ray-Ban, increased by over 9% in early trading following the release of better-than-expected quarterly revenue [1] - The positive revenue performance was attributed to strong demand for its Meta AI glasses [1] Company Summary - EssilorLuxottica reported quarterly revenue that exceeded market expectations [1] - The surge in demand for Meta AI glasses significantly contributed to the company's revenue growth [1]

Core Insights - EssilorLuxottica's shares surged 14% to an all-time high, adding nearly $20 billion in market value due to investor enthusiasm for AI-powered Ray-Ban Meta glasses [1][5] - The company reported third-quarter sales growth of 11.7% year-over-year, reaching €6.9 billion ($8.1 billion), marking its best quarterly performance ever [2] - Smart glasses have become a focal point for analysts and investors, with Barclays predicting 60 million units sold globally by 2035 [3] Financial Performance - The AI-powered glasses contributed over four percentage points to sales growth, prompting the company to accelerate production capacity plans [4] - EssilorLuxottica's market capitalization reached €126.5 billion following the significant rise in share price [5] Product Development and Market Position - The latest Ray-Ban Meta models are priced between $379 and $799, with plans for expansion into Canada, France, Italy, and Britain by early 2026 [6] - The success of Meta's Ray-Ban smart glasses has revitalized interest in the eyewear computer market, previously abandoned by Google and Microsoft [6] - Major tech companies like Google, Samsung, and Apple are re-entering the smart glasses market, indicating a competitive landscape [7]

Core Insights - Lenskart is preparing for an IPO, aiming for a valuation of $9 billion, which could position its founder, Peyush Bansal, to join the billionaire club with a stake valued at approximately $800 million [2][3]. Company Overview - Founded by Peyush Bansal and partners met on LinkedIn, Lenskart has evolved into a multi-billion dollar eyewear startup over 15 years [1]. - The company has achieved its first full-year profit for the fiscal year ending March 31, indicating a shift towards profitability [5]. - Lenskart operates 2,723 stores across India and international markets, with nearly 40% of its revenue generated from outside India [14]. Market Position and Strategy - Lenskart utilizes robotic production technology imported from Germany, allowing for efficient manufacturing of eyewear [4]. - The company is expanding into Southeast Asia, with demand patterns in countries like Indonesia and Vietnam reflecting those in India a decade ago [5]. - Lenskart's business model includes controlling nearly every aspect of its value chain, from lens design to last-mile delivery, and employing ophthalmologists for remote consultations [13]. Financial Aspects - The IPO proceeds are intended for opening new stores, investing in technology and AI, making acquisitions, and general corporate purposes [14]. - Earlier valuations by Fidelity Management & Research pegged Lenskart at $6.1 billion, highlighting investor interest in the company [8]. Industry Context - The Indian startup ecosystem has faced challenges, with many companies experiencing valuation declines, but Lenskart's upcoming IPO is seen as a test of renewed investor confidence in the sector [7][9]. - Lenskart's reliance on China for over one-third of its purchases poses potential risks related to supply chain disruptions [10]. Future Prospects - The company is developing a new manufacturing facility in Hyderabad, expected to be the world's largest, with a capacity for hundreds of thousands of glasses daily [11]. - Lenskart is also investing in smart eyewear technology, integrating features like AI tools and cameras [15].

PresentationGood morning, and good afternoon, everybody. This is Giorgio Iannella from the IR team. Thank you for joining EssilorLuxottica Third Quarter Revenue Management Call. The Group CFO, Stefano Grassi, will walk you through the revenue performance of the last quarter. After his presentation, there will be a 30-minute Q&A session. [Operator Instructions]Stefano GrassiChief Financial Officer Good morning, and welcome to our third quarter revenue results. We couldn't imagine today a better start of the ...