Meta Platforms Inc. has bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, according to a number of media reports.
They said Facebook parent Meta had acquired just under 3% of the global eyewear giant, a slice worth around €3 billion (AU$5.3 billion) at current market prices.
It was reported by a number of outlets, including Reuters and Bloomberg, that the stake would deepen the US tech giant’s commitment to the fast-growing smart glasses industry.
Shares of EssilorLuxottica rose on the back of the acquisition.
The move follows Meta’s launch of Oakley-branded glasses in June.
“This [latest move] represents another step in Meta’s commitment to the smart-glasses category,” market analysts were quoted as saying.
The two companies have worked together for several years to develop AI-powered smart glasses.
Meta currently sells a pair of Ray-Ban glasses, first debuted in 2021, with built-in cameras and an AI assistant that provide image-captioning or real-time stock prices.
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