Milan, Italy – For those not familiar with the company Luxottica, they have one line of glasses which are recognizable: Ray-Ban. In short, Luxottica doesn’t make low-village quality tosser glasses. They make quality glasses for people prepared to pay for it. Now, Google Inc. has signed a deal with the Italian company to for the production of its eyewear. The move is guaranteed to bolster the visibility and “cool factor” of the coming line of Google Glasses.
According to the terms of the deal, Luxottica will handle just about everything connected to the glasses except for the smart technology. They will be in charge of product development & design and distribution for the special line of glasses. Google smart glasses contain a chip which allows them to display e-mail content on the glass lenses as if it were a screen. It also allows for the recording of video and display of web-content all at the touch of a button. The spectacles require a smartphone to function. The glasses will be sold under Google’s product line called Glass. At this time, the details of the financial quid pro quo are not known.
What is known as that both Oakley and Ray-Ban smartglass versions will fall under the Google Glass product line. Andrea Guerra, CEO for Luxottica, expressed confidence that the historic deal between a top-tier eyewear maker and a tech giant will allow his company to advance ahead of rivals and meet the ever evolving tech needs of consumers. Setting aside legitimate privacy concerns about what gets recorded by the glasses, smartglasses are gearing up to be the next huge tech item. Given the ever increasing prevalence of smartphones, there is good reason to concur. Investors agreed sending shares for Luxottica rising nearly 5%. The deal alone is expected to give Luxottica as much as 10% annual growth.