EssilorLuxottica (ESLX.PA): Lowering our growth estimates; down to Neutral

研报英文原文证据摘录

EssilorLuxottica (ESLX.PA): Lowering our growth estimates; down to Neutral

Goldman Sachs EssilorLuxottica (ESLX.PA)

(2) Competitor products likely to launch over the next 18 months.

Based on recent commentary from corporates and industry publications, we expect AI

glasses competition and product launches to accelerate over the next 18 months. Key

upcoming launches include Google’s Android XR audio glasses, expected in Fall 2026

through partnerships with Samsung, Gentle Monster and Warby Parker (covered by

Brooke Roach), while Apple is speculated to enter the category in late 2027. We also

note reports of Samsung launching its own Galaxy smart glasses in 2H26, alongside

further iterations from Google and Samsung that could expand the category from

AI-enabled audio wearables into display-based AR/XR devices. Whilst we believe that

new entrants will be helpful for broader adoption of AI glasses, in the near term we

acknowledge that increased competitive pressure could weigh on growth rates for

EssilorLuxottica’s AI glasses. One important consideration regarding competitor

launches will be whether EssilorLuxottica partners with any of those companies to

provide lenses.

(3) The recent launch of Meta glasses which provide similar functionality at a lower

price point, but potentially could shift the economics / business model of AI glasses

In our view, the recent launch of Meta glasses potentially represents an evolution of

EssilorLuxottica’s business model for Wearables. The frames are being manufactured for

Meta by a third party (Goertek); we believe that EssilorLuxottica’s role (and share of the

overall value chain) consists of providing (1) lenses and (2) distribution of Meta glasses

through its own store network (Lenscrafter and Grand Vision) and over time managing