Meta Platforms Inc. has purchased nearly a 3% stake in EssilorLuxottica SA, the largest eyewear manufacturer globally and the parent company of well-known brands such as Ray-Ban and Oakley.
This investment, estimated at around $3.5 billion (€3 billion), demonstrates Meta’s increasing dedication to the swiftly growing smart glasses market and its ambitious venture into AI-powered wearables.
The agreement enhances an already strong partnership between Meta and EssilorLuxottica, which started in 2019. This collaboration has produced two generations of popular Ray-Ban Meta smart glasses, first introduced in 2021, with a new version released in the fall of 2023. Recently, the companies also launched Oakley-branded AI smart glasses last month, further broadening their wearable technology offerings.
The investment gives Meta a significant edge by establishing a closer relationship with EssilorLuxottica’s vast manufacturing capabilities and global distribution channels. This is crucial for evolving Meta’s smart glasses from niche tech items into widely accepted consumer products.
For EssilorLuxottica, this agreement provides a stronger presence in the growing tech sector, potentially reaping benefits from Meta’s forward-looking investments in augmented reality and AI. The eyewear leader has also indicated plans to boost its production capacity for smart glasses and aims to extend its partnership with Meta to other brands within its extensive portfolio.
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