In a significant move towards advancing smart eyewear technology, EssilorLuxottica has announced the extension of its partnership with Meta Platforms. The two companies have agreed to a new long-term contract that will guide their collaborative efforts into the next decade. This partnership builds on a relationship that started in 2019, during which they developed two generations of Ray-Ban branded smart glasses.
Francesco Milleri, the CEO of EssilorLuxottica, expressed his enthusiasm about the ongoing collaboration, stating, “The incredible work we’ve done with Meta… has already proven to be an important milestone in our journey to making glasses the gateway to the connected world.” This sentiment underlines the potential he sees in integrating advanced technology with everyday fashion.
The initial launch of these smart glasses did not meet consumer expectations, exhibiting a lukewarm market response. However, the latest model, introduced in late 2023, has seen a marked improvement in sales. In fact, it has managed to sell more units within its first few months than its predecessors did in two years. This upward trend suggests a growing consumer acceptance of wearable technology that combines functionality with style.
The latest iteration of Ray-Ban Meta’s smart eyewear is equipped with features that allow users to make phone calls, listen to music, and take photos using a simple press on a button situated at the right temple. This seamless integration of technology into a familiar product represents a significant step toward making smart eyewear a mainstream accessory.
In addition to these practical features, the glasses also introduced a multimodal artificial intelligence function earlier in 2024 for customers in the United States and Canada. This innovation enhances user experience by enabling more intuitive interactions with the eyewear, thereby broadening the scope of its practical applications.
Meta’s CEO, Mark Zuckerberg, shared his vision for the collaboration in a statement: “I’m proud of the work we’ve done with EssilorLuxottica so far… We have the opportunity to turn glasses into the next major technology platform, and make it fashionable in the process.” This objective highlights the potential of wearable tech not merely as tools but as integral components of personal style and identity.
While this collaboration flourishes, speculation remains regarding potential investments from Meta into EssilorLuxottica. Earlier this year, discussions hinted at Meta possibly acquiring a stake in the eyewear maker, with reports suggesting a potential 5% investment. However, no formal progress has been communicated regarding this aspect, nor was it mentioned in the recent press release related to the partnership extension.
Interestingly, despite this positive news, EssilorLuxottica’s shares experienced a slight decline, closing down by 1.2% following the announcement. This reaction highlights a complex market perception, where investor sentiment may not always align with optimistic corporate narratives.
The extended partnership with Meta comes at a time when eyewear companies are increasingly recognizing the importance of integrating smart technology into their products. The demand for multifunctional, technology-driven accessories is becoming more pronounced. Brands that successfully merge these elements can gain a significant competitive edge in the fashion and tech landscape.
As consumers become more accustomed to blending technology with everyday items, companies like EssilorLuxottica and Meta are poised to lead the charge into a future where functionality does not compromise style. The next decade could witness a dramatic transformation in how consumers interact with traditional products, as they become gateways to a connected lifestyle.
In conclusion, EssilorLuxottica’s decision to extend its partnership with Meta underscores the belief that smart eyewear is not just a fad but a glimpse into the future of fashion technology. The synergy between fashion and tech is becoming stronger, offering a rich terrain for innovation and consumer engagement.
