The giant technology company, Intel Corporation (NASDAQ:INTC) is teaming up with Luxottica Group SPA (ADR) (NYSE:LUX) to integrate smart technology in premium eyewear.
Intel has a strong foundation in computer chip technology. The company is well known for making processor chips for desktop computers and PCs. Not so long ago, Intel ventured into mobile devices such as the Surface pro series and a few Phones models. Now, the company is making a step forward with smart wear.
Luxottica Group is an Italian organization that manufactures eyewear. The organization’s new venture with Intel is an ‘out of the box move that the two firms will use as a sales strategy.The partnership was heavily influenced by the increasing frenzy and demand for smart devices. The smart devices such as Apple watch and Google Glass enjoy a fairly large market share. The new eyewear is an opportunity or the partnership to introduce some healthy competition and diversity into the market.
The partnership solidified in December 2014 and will give the two companies an opportunity toparticipate in providing for the growing market for wearable devices. Massimo Vian, one of the Chief Executives at Luxottica, announced to investors that the firms are ready to reveal the first bunch of smart eyewear.
The new venture has been dubbed the second Google glass due to its similarity to the Google Glass project. However, Google Inc (NASDAQ:GOOGL) is reported to have terminated its contract with Texas Instruments Incorporated (NASDAQ:TXN) for the Google Glass project. The company intends to incorporate Intel chips for future designs.
Intel has so far not released any official statements about the new partnership. Despite the new changes, the company will still continue to work with Google on interface development and other important features.
All in all, the venture is a vital opportunity for both companies to establish themselves in the smart wear market as well as the internet of things.