Meta and EssilorLuxottica have extended their partnership into the 2030s, with a focus on developing innovative multi-generational smart eyewear products.

Despite the average selling price of Ray-Ban products being around $150 to $200, the Ray-Ban Meta glasses start at $300, reflecting a consumer willingness to invest in fashionable smart glasses.

Stefano Grassi, CFO of EssilorLuxottica, expressed satisfaction with the sales performance of Ray-Ban Meta glasses, highlighting their success not only in the U.S. but also in Europe.

EssilorLuxottica, the parent company of Ray-Ban, maintains a near monopoly in the global eyewear market and owns other well-known brands like Oakley.

In the competitive landscape, companies such as Samsung and Google are reportedly developing similar smart eyewear products, while Apple is exploring a potential release in 2027.

Meta has been actively enhancing the functionality of Ray-Ban glasses by introducing new software features, including reminders, timers, and WhatsApp voice messaging.

However, the Ray-Ban Meta glasses are considered basic smart glasses, as they currently lack a display and face challenges in integrating more advanced features.

Notably, Ray-Ban Meta glasses are the top-selling product in 60% of Ray-Ban stores across the EMEA region, indicating strong market demand.

Future updates for the glasses are planned, which will include features like live translation and Spotify controls, enhancing their appeal.

This information regarding the partnership and product performance was shared during EssilorLuxottica's Q3 2024 earnings call.