Tech is Going Deep Into Eyewear
We're entering a golden age of tech-enabled accessories.
In 2024, the global eyewear market swelled to $146B. By the end of the decade, that number is expected to grow to $175B1. This is one of the consumer industry’s more reliable areas given that people will always need glasses to see better and sunglasses to protect their eyes (and try to look good doing both.) As technology seems to continuously seep into our everyday lives in the name of connectivity, it has found a way to literally get on our faces. We’re getting closer and closer to seeing products as futuristic as we’ve seen on sci-fi television shows and movies for years.
Context is critical to understand the current eyewear landscape. In 2017, Milan-based holding company Luxottica (a formidable entity within the frames space) announced a merger with French company Essilor (known for its prowess within lenses) to become the giant now known as EssilorLuxottica. Through a series of partnerships and acquisitions, the company now owns a significant portion of the market. They have the exclusive licensing deals to produce glasses for Burberry, Prada, Gucci, Jimmy Choo, Versace, and just about every other major luxury fashion house around the world. They also acquired Ray-Ban and Oakley, and own LensCrafters, Target Optical, and Sunglass Hut. EssilorLuxottica has been accused numerous times of being a monopoly over the industry and making market conditions nearly impossible for any other players to successfully scale.
Ray-Ban & Meta
Among the long list of brands under the EssilorLuxottica umbrella is the legendary Ray-Ban. They announced their partnership in 2019 with Meta but the first-gen glasses weren’t made available publicly until 2021. Second-gen models were rolled out in 2023 and saw even more success. Last year the partnership was extended by another decade with both parties excited for what’s to come. In their recent earnings call, EssilorLuxottica’s stock rose 6% during aftermarket hours and they’ve pointed out that a key factor behind their sales growth has been this partnership. These glasses allow you to record videos, take pictures, translate a sign/ask a question about something you’re looking at, and are audio equipped to send voice notes and play songs from streaming apps. The glasses also come with a charging case and a separate app to help navigate usage. Ray-Ban has been the gold standard for glasses and sunglasses for decades in terms of durability and style. The Wayfarer, the Skyler and the Headliner are the only tech enabled frames at the moment, but with an extended partnership, it’s not out of the realm of possibility that they’ll add other styles as well. I anticipate they’ll eventually loop in A$AP Rocky, a popular rapper and the brand’s creative director, to create an even more fashionable pair that incorporates this technology. These might have just started off as something for tech enthusiasts and content creators, but they’re finally tapping into the everyday consumer.
Google & Gentle Monster
Gentle Monster is a Korean brand that was started by Kim Hankook in 2011. Kim found early success in B2B channels because there were more independent glasses stores he could tap into, and on the consumer side he used a virtual try on technology on their website - similar to what Warby Parker’s website was known for years ago. He ran up against too much competition on the B2B front and eventually raised money to open up his own storefront and factory. They’ve scaled significantly and now operate brick and mortar stores in 15 countries. They normally operate in high traffic areas and easily stand out with a freakishly large swiveling head at their entrances. Last month they announced that Google would be investing $100M for a 4% stake in the company, showing how valuable they really are. Most millennials and older generations remember 15+ years ago when the tech giant introduced the Google Glasses that were expected to revolutionize the way we interacted with the world. The product never gained enough traction and was eventually shut down by the company. Seeing the success with Meta x Ray-Ban, Google is eager to get back into the wearables game and partnering with an influential and stylish eyewear company to do so should pique the interest of people around the world.
Future Outlook
The market is already seeing plenty of competitors. From lower cost glasses that have limited functionality to $600+ eyewear that contain an X1 chip and provide a complete augmented reality experience, consumers are starting to have more and more options. While the buzz around Apple Vision Pro has died down, a bulky headset that doesn’t have the aesthetic to wear outside of someone’s home is in a separate category. Apple hasn’t announced any specific plans eyewear just yet, but given the market signals that adoption is skyrocketing, this could be an easy cash cow for them just as the Apple Watch has been. More competition will breed some pretty incredible experiences for shoppers in the near future.
Statista; Worldwide Eyewear Market Insights
Gentle monster is such a cool brand- it's awesome to see how they're bringing their style to tech.