EssilorLuxottica is set to expand into the hearing solutions market with its own proprietary hardware and software that combines a hearing solution with prescription glasses.
With a dedicated Super Audio team, in-house research and development resources, and enabled by its 100% acquisition of Israeli startup Nuance, the Group will introduce a new breakthrough hearing technology to benefit the 1.25 billion consumers suffering from mild to moderate hearing loss.1
its first product to shift that paradigm…embeds high-quality hearing technology into fashionable eyeglasses seamlessly
In a statement, Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica said sight remains the company’s core business, however its proprietary hardware and software, combined with design and manufacturing capabilities, “will enable us to pair hearing solutions and prescription glasses into one ground-breaking product, and to bring it to market everywhere through our open network model”.
“As we did in the vision space, we will be the first to remove the stigma of traditional hearing solutions, replacing it with comfort and style”.
Significant Market Gap
Similar to vision care, the hearing solutions market is underpenetrated for a number of reasons, from the visibility of traditional hearing aids, to discomfort and price. According to research,2 globally there is an 83% service gap.
Launching 2024
The Group’s Super Audio team is working on its first product to shift that paradigm, which seamlessly embeds high-quality hearing technology into fashionable eyeglasses. The product is expected to launch in the second half of 2024. The audio component will be completely invisible, removing a psychological barrier that has historically stood in the way of consumer adoption of traditional hearing aids.
As part of its open business model, EssilorLuxottica will leverage traditional hearing aid channels as well as select optical wholesale customers, to make this technology accessible to consumers in 150 countries. The company will also engage its retail network to support the new category and expand its reach across the world.
References
1. World Health Organization, World Report on Hearing, 2021, p. 40
2. World Health Organization, World Report on Hearing, 2021, p. 178 fig. 3.9a
