Shares of EssilorLuxottica, the Franco-Italian eyewear giant behind Ray-Ban, surged 11.4% on Wednesday after the company reported third-quarter revenue that exceeded market expectations. Revenue reached €7.49 billion, surpassing analysts’ estimates of €7.36 billion, as resilient demand for traditional eyewear products helped offset moderating growth in smart glasses.
The share price rally offered relief to the company, whose market value has declined significantly since reaching a record €149 billion a year ago. Investor concerns over corporate governance and the future of its smart glasses business have contributed to the downturn, with privacy issues and sales expectations adding to the pressure. The latest gains lifted the stock to its highest level since August, making it the top performer on France’s CAC 40 index.
Despite the strong results, analysts cautioned that competition in smart glasses could pose challenges for the company. Sales growth of its smart glasses developed with Meta slowed compared with earlier quarters, while Google is expected to launch its Gemini AI glasses by the end of 2026. Bernstein analysts noted that the potential disruption of traditional eyewear by smart glasses remains a concern, suggesting that EssilorLuxottica may maintain a cautious outlook for the fourth quarter.
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