EssilorLuxottica extends smart glasses agreement with Meta by 10 years
What's the story
EssilorLuxottica, a global leader in eyewear, has announced the extension of its partnership with Meta for another 10 years.
The renewed long-term agreement aims to continue the development of smart eyewear together, into the next decade.
This collaboration was first established in 2019, and has since produced two generations of Ray-Ban branded smart glasses.
Strategic alliance
CEO's view on partnership with Meta
Francesco Milleri, CEO of EssilorLuxottica, expressed his satisfaction with the partnership's progress.
He stated, "The incredible work we've done with Meta, still in its early stages, has already proven to be an important milestone in our journey to making glasses the gateway to the connected world."
This statement underscores the strategic significance of this alliance for both companies.
Market response
Ray-Ban glasses gain traction among consumers
Despite initial challenges in attracting consumer interest, the latest version of the smart glasses introduced in late 2023, has seen significant success.
It has sold more units within a few months than its predecessors did over two years.
This indicates a growing market acceptance and demand for such innovative products.
Product capabilities
Features and functionality of smart glasses
The Ray-Ban Meta's smart eyewear offers users the ability to make phone calls, listen to music, and take photos with a simple button press on the right-side temple of the glasses.
In May, a multimodal artificial intelligence (AI) function was introduced for US and Canadian customers.
This feature further enhances the user experience by providing additional capabilities through AI integration.
Future outlook
Meta CEO's vision for smart glasses
Meta CEO Mark Zuckerberg expressed his enthusiasm about the extended partnership, and shared his vision for the future of smart eyewear.
He said, "I'm proud of the work we've done with EssilorLuxottica so far, and I'm excited about our long-term roadmap ahead."
Zuckerberg believes that they have an opportunity to transform glasses into a major technology platform, while also making it fashionable.