The Margin Structure Shift at EssilorLuxottica Behind the 7 Million Unit Milestone for Ray-Ban Meta

Fiscal year 2025 is positioned as the year when augmented reality (AR) and wearables in consumer technology began to expand from a "niche domain for advanced users" into broader practical scenarios. Previously, this field faced a gap between expectations and reality, with examples like Google Glass encountering barriers to social acceptance, and VR headsets seeing limited adoption due to constraints in price, wearability, and use cases.

On the other hand, in recent years, the advancement of generative AI has made it easier to provide "on-the-spot useful" experiences (such as search, summarization, translation, and photography assistance), and in addition, improvements in weight reduction and power efficiency have been made. With these conditions met, it is appropriate to view the smart glasses form factor as increasingly being seen as a realistic option for everyday use.