CHARENTON-LE-PONT, FRANCE — EssilorLuxottica, a global leader in advanced lens technology and eyewear, has announced its expansion into the hearing solutions market. The company will introduce a new disruptive technology that combines sight and sound to address the needs of the 1.25 billion consumers suffering from mild to moderate hearing loss.
This breakthrough hearing technology is supported by proprietary hardware and software and aims to eliminate the stigma associated with traditional hearing solutions.
Eyeing OTC Hearing Aid Market
EssilorLuxottica’s dedicated Super Audio team, along with its in-house R&D resources and the acquisition of Israeli startup Nuance, will drive the development of this innovative hearing technology.
The company’s goal is to create a product that seamlessly combines hearing solutions and prescription glasses into one groundbreaking device, set to launch in the second half of 2024. By embedding high-quality hearing technology into fashionable eyeglasses, the company seeks to remove the psychological barrier that has hindered consumer adoption of traditional hearing aids.
“Meeting critical consumer needs with the boldest actions is part of our DNA. While sight remains our core business – and growing the optical market our strategy – we are uniquely positioned to open up a new avenue for the industry by addressing the need for good hearing with innovative technologies. Our proprietary hardware and software, combined with our design and manufacturing capabilities, will enable us to pair hearing solutions and prescription glasses into one groundbreaking 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”
–Francesco Milleri, Chairman and CEO, and Paul du Saillant, Deputy CEO at EssilorLuxottica
The hearing solutions market is currently underpenetrated due to factors such as the visibility of traditional hearing aids, discomfort, and price.
According to research, there is an 83% service gap in the global hearing care market. EssilorLuxottica plans to leverage its open business model to make this technology accessible to consumers in 150 countries through traditional hearing aid channels, select optical wholesale customers, and its own retail network.
With this move, EssilorLuxottica aims to address the critical consumer need for good hearing and provide a stylish and comfortable solution that revolutionizes the hearing solutions market. While sight remains the company’s core business, expanding into the hearing solutions market represents a strategic opportunity to make a positive impact on the lives of millions of people worldwide.
Source: EssilorLuxottica
