Meta buys $.35 bn-stake in Ray-Ban maker EssilorLuxottica as it eyes big on smart glasses

Meta Platforms has acquired a nearly 3% stake in eyewear maker EssilorLuxottica, opens new tab, a source told Reuters on Tuesday, amid growing consumer interest in AI-powered wearable devices.

Sprucing up its wearable technology with artificial-intelligence capabilities could help Meta attract new users as it invests billions of dollars in bolstering its AI infrastructure.

Meta bought a stake worth around 3 billion euros ($3.52 billion) in EssilorLuxottica at the current market price and is considering further investments that could build its share to around 5% over time, according to Bloomberg News, which reported the development earlier in the day.

The social media giant teamed up with Oakley to release AI-powered smart glasses last month, expanding its push into wearable tech after the success of Ray-Ban Meta glasses, millions of which have been sold since their launch in 2023.

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The “Oakley Meta HSTN” will feature a hands-free high-resolution camera, open-ear speakers, water resistance and Meta AI capabilities.

EssilorLuxottica planned to boost its production capacity for smart glasses and hopes to expand its collaboration with Meta to other brands, Chief Executive Francesco Milleri had said in February.