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Sales of AI-enabled eyeglasses have nearly doubled compared with last year, helping EssilorLuxottica, the world's largest maker of eyeglasses, accelerate its second-quarter growth, the company reported Tuesday.
Second-quarter sales rose 7.2% in the three months to June to €7.7 billion ($8.8 billion). "AI glasses confirmed their exponential growth, almost doubling in sales in the second quarter versus last year," the company said. The company didn't provide a figure for sales of AI glasses, however.
The company's chief executive, Francesco Milleri, said sales of AI glasses expanded across the globe and consumer segments and were generating sustainable profits.
EssilorLuxottica's share price took a hit after releasing its first quarter results, with analysts saying investors had switched from seeing AI eyeglasses as an opportunity to a risk.
Earlier this year, the company expanded its AI-enabled offering with a new line developed by Ray-Ban in partnership with Meta aimed at a younger public that is more price sensitive.
"We look to expand our market, targeting new consumers that have more sensitivity to price and maybe are younger and more interested in having something technology" integrated, said Milleri during a conference call.
While the company's frames are the most visible segment, it was built from a merger that included lens manufacturer Essilor. The company has continued to innovate with lenses that slow the progression of short-sightedness in children. Sales of these lenses jumped by 24%.
EssilorLuxottica has also branched into hearing correction, with its Nuance Audio integrating hearing aids into eyeglasses frames. Milleri said a second generation of the products offering better performance would hit markets in mid-September.
First-half sales rose 5.7% in the first half of the year to €14.8 billion. Net profits soared by 12.9% to €1.6 billion.
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