This Meta Product Unexpectedly Tripled in Revenue Over the Past Year: 'Major Milestones' Sales for the Ray-Ban Meta smart glasses have skyrocketed, leading others in Big Tech, including Apple and Google, to work on their own frames.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- Eyewear company EssilorLuxottica partnered with Meta to produce the bestselling Ray-Ban Meta glasses and the Oakley Meta glasses.
- The glasses allow users to take photos and videos, make calls, and interact with Meta AI.
- EssilorLuxottica says sales of the Ray-Ban Meta glasses have more than tripled in the first half of the year, contributing to the company’s 7.3% revenue growth.
The Ray-Ban Meta smart glasses were an unexpected success, selling two million pairs since debuting in October 2023. Last year, Meta CEO Mark Zuckerberg said that demand for the glasses "is still outpacing our ability to build them." The company has plans to sell 10 million glasses each year by the end of 2026.
Now eyewear company EssilorLuxottica, which partnered with Meta to produce the Ray-Ban Meta glasses, says that sales of the eyewear have more than tripled in the first half of the year, compared to the same time last year, and significantly contributed to the company's overall revenue.
In its latest earnings report on Monday, EssilorLuxottica stated that the glasses contributed to its overall sales of $16.25 billion in the first half of the year, a 7.3% increase from last year. The company said in the earnings report that the Ray-Ban Meta glasses were the No. 1 bestselling AI glasses on the global market, experiencing "category-defining success."
"We are leading the transformation of glasses as the next computing platform," Francesco Milleri, chairman and CEO of EssilorLuxottica, and Paul du Saillant, deputy CEO of the company, jointly stated in the earnings report.
The Ray-Ban Meta glasses are so popular that last month, Meta announced a sportier, waterproof version, the Oakley Meta glasses, also in partnership with EssilorLuxottica, and acquired a stake worth $3.5 billion in the eyewear company, signaling a long-term investment. The Oakley Meta frames have sold out on Meta's site at the time of writing.
Milleri and du Saillant cited "the success of Ray-Ban Meta" and "the launch of Oakley Meta" as "major milestones" for EssilorLuxottica in the earnings report.
Both the $299 Ray-Ban Meta and the $499 Oakley Meta glasses allow users to take photos and videos, make calls, send text messages through voice commands, interact with Meta AI, and play music. The Oakley Meta frames are a step up from the Ray-Ban Meta glasses, with higher-resolution recording, better speakers, and a 40% longer battery life lasting up to eight hours.
Ray-Ban Meta AI glasses. Photographer: David Paul Morris/Bloomberg via Getty Images
Meta is also reportedly working to expand its smart glasses portfolio by developing a pair of high-fashion AI glasses with Prada. Prada renewed an eyewear licensing agreement with EssilorLuxottica for the next ten years in December.
Related: Apple Is Reportedly Developing AI Smart Glasses to Compete with Meta and Google
Meanwhile, other major tech companies, including Apple and Google, are preparing to enter the smart glasses market following Meta's success. Bloomberg reported earlier this year that Apple is working on smart glasses that could be released by the end of 2026, and is preparing to differentiate the glasses with a new chip that could elevate their performance.
While Apple works behind the scenes, Google made a formal announcement in May that it was committing $150 million to develop AI glasses with Warby Parker. The glasses will have AI features, like translating from one language to another in real-time, and are expected to launch next year.
Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
