Warby Parker's stock price surged as it partnered with Alphabet to develop smart glasses
Google announced a collaboration with eyewear retailer Warby Parker for the development of smart glasses at the annual I/O developer conference, causing Warby Parker's stock price to rise by 15.63%. According to the agreement, Google will invest up to $150 million, with the first products expected to be launched after 2025. The glasses will be based on the Android XR system and will integrate the Gemini AI assistant. This collaboration will compete with smart glasses from Meta and EssilorLuxottica, marking Google's return to the smart glasses market
According to Zhitong Finance APP, after Google (GOOGL.US) announced a partnership with American eyewear retailer Warby Parker (WRBY.US) for the development of smart glasses at its annual I/O developer conference, Warby Parker's stock price surged, closing up 15.63% on Tuesday.
Under the agreement, Google has committed to invest up to $150 million. The company has already invested $75 million in product development and will invest an additional up to $75 million once Warby Parker reaches "specific collaboration milestones."
Warby Parker stated that it plans to launch a series of smart glasses in collaboration with Google, with the first products expected to hit the market sometime "after 2025." These glasses will be built on Google's Android XR system. Android XR will integrate Google's Gemini AI assistant, allowing users to interact with it via voice to control the device.
Shahram Izadi, Vice President and General Manager of Google Android XR, stated during the keynote speech at the I/O conference: "We know these must be fashionable glasses that users are willing to wear all day. We want you to wear glasses that match your personal taste."
The alliance between Warby Parker and Google will compete with the collaboration between Meta (META.US) and Ray-Ban manufacturer EssilorLuxottica. Meta and EssilorLuxottica launched their second-generation smart glasses in 2023, and it has been reported that the two companies also plan to release a third generation of glasses with a small display.
The partnership with Warby Parker is also an attempt by Google to re-enter the smart glasses market. The company launched a futuristic Google Glass device in 2013, but the product raised concerns about privacy. In addition to Warby Parker, Google also announced on Tuesday that it will collaborate with developers and device manufacturers such as Samsung, Qualcomm (QCOM.US), Sony (SONY.US), Xreal, Magic Leap, and Gentle Monster to develop Android XR
