Innovative Eyewear, Inc. Announces Strategic Alliance with Geenee Inc. to Deliver Next-gen Smart Eyewear Retail Experiences

Rhea-AI Summary

Innovative Eyewear (NASDAQ: LUCY) has partnered with Geenee Inc. to enhance smart eyewear retail experiences in Q4 2024. The collaboration will introduce the Lucyd Kiosk, a freestanding LCD display offering virtual try-on (VTO) technology for Lucyd and Powered by Lucyd frames. Customers can view eyewear superimposed on their faces and enjoy audio demos through tethered Lucyd glasses. The kiosks will be placed in high-traffic optical and retail stores. Additionally, an improved VTO experience will be available on Lucyd.co, and personalized web ads will support VTO, allowing instant try-ons while browsing other sites. The Lucyd Kiosk is expected to debut in select retailers by the end of the year.

Positive

• Strategic partnership with Geenee Inc. to enhance retail experiences.
• Introduction of the Lucyd Kiosk with advanced VTO technology.
• Expansion of VTO experiences to Lucyd.co and personalized web advertisements.

Negative

• No financial metrics or revenue projections provided in the announcement.

Insights

Market Research Analyst

This strategic alliance between Innovative Eyewear and Geenee Inc. marks a significant step in enhancing the retail experience for smart eyewear. The introduction of the Lucyd Kiosk with virtual try-on (VTO) technology could be a game-changer in the optical retail space. However, the financial impact remains uncertain without specific projections.

The improved online VTO experience and personalized web advertisements could potentially boost e-commerce sales and brand visibility. Yet, the Q4 2024 timeline for implementation suggests a considerable wait before seeing any tangible results. While innovative, this move's success will largely depend on consumer adoption and the seamless integration of technology in the shopping experience.

Tech Expert

The partnership leverages cutting-edge AR technology to solve a critical challenge in eyewear retail: the need for physical try-ons. The Lucyd Kiosk concept, combining VTO with audio demos and TikTok content, is a clever fusion of digital and physical retail. This could significantly enhance the in-store experience and potentially increase conversion rates.

The extension of VTO to web advertisements is particularly intriguing, as it could reduce friction in the online purchase journey. However, the success of this initiative will hinge on the accuracy and user-friendliness of the AR technology. If executed well, this could set a new standard for immersive e-commerce experiences in the eyewear industry and beyond.

MIAMI, Aug. 21, 2024 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), the developer of ChatGPT smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, is pleased to announce it has partnered with augmented reality shopping developer Geenee Inc. to develop a new generation of Smart Eyewear retail experiences in Q4 2024.

The Company is working with Geenee to launch the following new customer experiences for its smart eyewear:

• The launch of the new Lucyd Kiosk, a freestanding LCD display with an immersive brand experience, allowing the viewer to see all Lucyd and Powered by Lucyd frames superimposed on their faces using state of the art virtual try-on (VTO) technology. The Lucyd Kiosk will also support seamless audio demos using a tethered pair of Lucyd glasses coupled with larger-than-life TikTok videos and product content. The Company envisions the Kiosk will be placed in high-volume optical stores, big box stores and select specialty retailers.
  
  
• The launch of an improved VTO experience on Lucyd.co, enhancing the Company's unique online smart eyewear shopping experience with cutting-edge AR try-on.
  
  
• Finally, the Company will be partnering with Geenee to launch a new wave of personalized web advertisements supporting VTO, allowing viewers to instantly try on Lucyd eyewear while browsing other websites.

At 5' high and with a 32" responsive LCD touchscreen, the Lucyd^® Kiosk will provide an immersive and customizable shopping experience. We believe adding the VTO takes it to the next level.

Harrison Gross, CEO of Innovative Eyewear said, "We are excited to partner with Geenee as they will provide a terrific and fun solution to help guide our customers in their smart eyewear purchases. We believe that their fast and flawless VTO experience will enhance sell-through both online and in-store."

Cory Grenier, CEO of Geenee Inc., said, "Culturally significant products often deliver useful multisensory experiences, at an accessible price point, in a more convenient and intuitive form. In this regard, Lucyd has been a trendsetter, converging audio entertainment and intelligent AI logic into sleek and stylish eyewear. Personalized virtual try-on kiosks, like the Lucyd^® Kiosk, extend this hands-free utility to the retail environment."

We expect the Lucyd Kiosk will debut in select retailers later this year, and the new virtual try-on experience is expected to launch on Lucyd.co by Q4 2024, along with other site-wide improvements. For a live demo of the try-on with the Lucyd Antimatter XL style, visit here.

About Innovative Eyewear, Inc.
Innovative Eyewear is a developer and retailer of ChatGPT smart eyewear, under the Lucyd^®, Nautica^® & Eddie Bauer^® brands. True to our mission to Upgrade Your Eyewear^®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives, and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.

About Geenee, Inc.
Geenee is an AI-based 3D personalization platform transforming how people digitally interact and transact through virtual try on ads, ecommerce and AR Mirrors. Geenee personalization platform partners include brands such as SHEIN, L'ORÉAL, John Hardy, and major eyewear manufacturers. To learn more, please visit Geenee.ar, or Try-on.io.

Forward Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding our partnership with Geenee and the launch of new kiosks and experiences. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."

Investor Relations Contact:

Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com

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SOURCE Innovative Eyewear, Inc.

FAQ

What new retail experiences is Innovative Eyewear introducing in Q4 2024?

Innovative Eyewear is introducing the Lucyd Kiosk, an advanced virtual try-on (VTO) technology, along with improvements to VTO on Lucyd.co and personalized web advertisements supporting VTO.

Which technology will the Lucyd Kiosk utilize?

The Lucyd Kiosk will utilize virtual try-on (VTO) technology and provide audio demos through tethered Lucyd glasses.

Where will the Lucyd Kiosks be placed?

The Lucyd Kiosks will be placed in high-traffic optical stores, big box stores, and select specialty retailers.

When will the new virtual try-on experience launch on Lucyd.co?

The new virtual try-on experience on Lucyd.co is expected to launch by Q4 2024.