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Facebook, EssilorLuxottica In Multiyear Deal For Next Gen Smart Glasses

Facebook Inc. (FB) announced Thursday a multiyear deal with French ophthalmic company EssilorLuxottica SA (ESLOF.PK,ESLOY.PK) to develop the next generation of smart glasses.

The company noted that the partnership will combine Facebook apps and technologies, together with Luxottica's category leadership and iconic brands, and Essilor's advanced lens technology for the smart glasses.

In the partnership, the first product will be branded Ray-Ban, and is scheduled to launch in 2021. It will combine innovative technology and fashion-forward style to create smart glasses.

The companies will share product name, specs, software capabilities, pricing, and other details closer to launch in 2021.

The announcement was made by Mark Zuckerberg during Facebook Connect, an annual conference held virtually from California.

Rocco Basilico, Chief Wearables Officer at Luxottica, said, "Combining a brand that is loved and worn by millions of consumers around the globe with technology that has brought the world closer together, we can reset expectations around wearables."

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