EssilorLuxottica shares fell after Google and Samsung unveiled competing AI-powered smart glasses at the Google I/O developer conference. This entry intensifies rivalry in a market currently led by EssilorLuxottica’s partner, Meta Platforms, and its Ray-Ban Meta series.
Citi analysts noted that EssilorLuxottica and Meta maintain a first-mover advantage through established distribution and brand recognition. However, the analysts highlighted potential weaknesses in Google’s initial products, including a lack of fashion appeal and difficulties with prescription lens integration.
Samsung is challenging the fashion-tech sector through collaborations with Gentle Monster and Warby Parker. The global AI glasses market is projected to grow substantially as more tech giants enter the space.