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Story summary
- EssilorLuxottica CEO Francesco Milleri predicts that smart glasses may replace smartphones as essential devices.
- The company aims to increase production of Ray-Ban Meta glasses to 10 million units annually by 2024.
- This expansion will facilitate the development of new products, such as myopia-correcting lenses and wearable devices.
- EssilorLuxottica's partnership with Meta includes a $3.5 billion investment from Meta for a 3% stake.
- Both companies face rising competition from rivals in the U.S. and China in the smart eyewear market.
