Ray-Ban maker EssilorLuxottica shares jumped 14 percent Wednesday after reporting third-quarter revenues of 7.49 billion euros, a nine percent year-on-year increase. The Franco-Italian group's eyecare, eyewear and medical technology businesses grew over six percent. While revenues from wearables, including AI-powered glasses developed with Meta, rose 20 percent, this marked a sharp slowdown from the previous quarter when the category almost doubled.
The results offer relief for CEO Francesco Milleri, who has faced a public feud with Leonardo Maria Del Vecchio, an heir to the group's late founder. Del Vecchio has questioned Milleri's leadership and threatened to challenge his reappointment. EssilorLuxottica's shares have lost almost half their value since reaching a record high in November 2025 due to smart glasses profitability concerns and competition.
Analyst Luca Solca warned that the prospect of smart glasses disrupting traditional eyewear remains a "sword of Damocles" over the company, especially with the upcoming Google glasses launch. Uncertainty over the governance of the Del Vecchio family's holding company Delfin has also weighed on the stock. Milleri maintained that traditional eyewear and eyecare businesses remain a "powerful engine of growth" and played down governance concerns.
Source: Financial Times Companies · Summarized by HeadlinesBriefing