EssilorLuxottica "Well Placed to Capture Long-Term Opportunity" (Buy) Krankowski

研报英文原文证据摘录

EssilorLuxottica "Well Placed to Capture Long-Term Opportunity" (Buy) Krankowski

Prescription lenses appeal not only to existing smart glasses users but, more importantly,

serve as a key driver of adoption among new customers. Figure 6 shows that the

proportion of respondents seeking prescription lenses is even higher among non-owners

than among current users, highlighting their role in expanding the addressable market.

From EssilorLuxottica’s perspective, this is particularly attractive, as newer-generation

prescription products, which typically command a premium relative to standard

offerings, are also structurally more profitable.

Given the potential scale of the opportunity and the margin accretion associated with

prescription lenses, it appears increasingly unlikely that major technology players such as

Google and Apple will not step up their focus on this segment. However, the structural

complexity of the prescription lens supply chain—particularly the need for specialised

optical lab manufacturing—creates a meaningful barrier to entry. Combined with

EssilorLuxottica’s recent partnership with Applied Materials, this positions the group

advantageously: as new entrants emerge, it appears well placed to supply prescription

lenses to third-party brands, which we believe would not be constrained by its existing

exclusivity agreement with Meta.

Figure 5: Availability of prescription lenses is an important Figure 6: Higher prescription lens penetration is positive

factor for new users as well for EssilorLuxottica’s margins

or new users as well High er pres

ion lens penetration is positive for EssilorLuxottica’s margins

es rip cript

pr esc ity of

Ava ila

ens

bil

n l

tio

is an import ant fa ctor f