EsssilorLuxottica shares rose significantly last week, after sources reported that Meta Platforms had acquired a near 3% stake in the French-Italian eyewear company best known for its Ray-Ban brand.
The Paris-listed shares rose by 5.4% to €252 by 0925 GMT, making the company the top performer on the pan-European STOXX 600 index.
Meta has a long-standing partnership with EssilorLuxottica, collaborating on the production of smartglasses. According to reports, Meta has now purchased a stake valued at around €3 billion (approximately $3.5 billion) and is reportedly considering increasing its holding to 5% over time.
“The investment should be read as a vote of confidence in EssilorLuxottica in the smart-glasses opportunity,” said analysts at Bernstein.
The two companies had previously confirmed, in response to a 2023 report by the Wall Street Journal, that discussions were underway regarding a potential investment by Meta in EssilorLuxottica.
Back in September, Meta CEO Mark Zuckerberg said the move would have been a “symbolic” gesture to solidify the long-term partnership between the two firms.
Meta has been putting significant resources into AI infrastructure, and wearable tech has become a key part of its growth strategy. Earlier this year, the tech giant teamed up with Oakley, another EssilorLuxottica-owned brand, to introduce AI-powered smart glasses. These are being launched on the heels of the Ray-Ban Meta smartglasses, which have sold in the millions since debuting in 2023.
The new “Oakley Meta HSTN” glasses will come equipped with a hands-free high-resolution camera, open-ear speakers, water resistance, and Meta AI functionality.
In February, EssilorLuxottica CEO Francesco Milleri said the firm was planning to ramp up smartglasses production and hoped to extend its collaboration with Meta across additional brands.
