After being a bit late to the smart device market, Intel Corporation (NASDAQ:INTC) is not willing to risk the potential wearable tech-accessories market. Among its latest partnerships, the chipmaker has collaborated with the luxury eyeglass maker, Luxottica Group SpA (ADR) (NYSE:LUX), to develop high-tech glasses.
The latest announcement from the two companies includes a multiyear R&D deal under which luxury and sporty eyewear glasses with smart technology would be developed. The CEO of Intel Corporation (NASDAQ:INTC), Brian Krzanich, said,
“The growth of wearable technology is creating a new playing field for innovation. Through our collaboration with Luxottica Group, we will unite our respective ecosystems and bring together Intel’s leading-edge silicon and software technology with Luxottica’s design innovation and consumer expertise.”
The CEO of Luxottica Group SpA (ADR) (NYSE:LUX), Massimo Vian, said,
“Together with Intel, we will continue to develop the potential of wearables, expanding the limits of what eyewear can be. We’ll lead the change to create frames that are as intelligent and functional as they are beautiful. Products that consumers will love to wear.”
Luxottica Group SpA (ADR) (NYSE:LUX) is already working with Google Inc (NASDAQ:GOOGL) to develop Google Glasses and its current deal will not interfere with its commitment with Google. While talking about the deal with Intel Corporation (NASDAQ:INTC), Mr. Vian added,
“We’ve started to work on sensors which can detect, say, temperature or location. They provide their chips, we our brands.”
Intel is working hard to make its comeback into the smart device industry. Earlier this year, Intel Corporation (NASDAQ:INTC) initiated partnership with Fossil Group and Opening Ceremony to work in the wearable accessory industry.
This joint venture between Intel and Luxottica Group SpA (ADR) (NYSE:LUX) is likely to release its first watch in 2015 and no financial details of the partnership have been confirmed by any of the partners.
This article has been written by Prakash Pandey.