Ray-Ban maker EssilorLuxottica says Meta smart glasses are boosting growth

Core Insights - EssilorLuxottica's revenue growth in Q3 was significantly driven by its partnership with Meta, particularly through the Ray-Ban brand smart glasses [1][2] - The company reported a year-over-year sales increase of 11.7%, reaching 6.9 billion euros (approximately $8 billion), with over 4 percentage points of this growth attributed to wearables, including Meta products [2] Company Developments - The partnership between Meta and Luxottica began in 2019 with the Ray-Ban Meta branded smart glasses, and has recently expanded to include Oakley and Prada brands [3] - Luxottica is actively promoting internet-connected glasses that integrate with Meta's AI-powered digital assistant, enabling functionalities similar to smartphones [4] Market Outlook - The CFO of EssilorLuxottica expressed optimism about the wearables business, stating that glasses will replace many smartphone functions and are already profitable [5] - The company anticipates reaching its target of 10 million units sold earlier than the original deadline of 2026, primarily due to the success of Ray-Ban Meta glasses [6] Industry Trends - The wearables ecosystem is expected to generate revenue not only from hardware sales but also from lenses and AI-related services over time [7] - Other tech giants, including Alphabet and Alibaba, are also entering the smart glasses market, indicating a growing competitive landscape [8]