Meta has acquired a minority stake in EssilorLuxottica SA, the world’s leading eyewear manufacturer, which also makes Ray-Ban, for expanding the tech giant’s financial involvement in the smart glasses sector, as reported by Bloomberg.
Meta acquired slightly less than 3% of Ray-Ban producer EssilorLuxottica, a stake currently valued at about $3.5 billion based on market prices.
According to the report, the company is also contemplating additional investments that might boost its ownership to roughly 5% in the future, although these plans could still be subject to change.
Based in Menlo Park, California, Meta’s financial commitment to the eyewear company strengthens the alliance between the two firms, which have collaborated in recent years to create AI-driven smart glasses. Currently, Meta offers a pair of Ray-Ban glasses that launched in 2021, featuring integrated cameras and an AI assistant.
The glasses come with built-in Meta AI, enabling users to interact through voice commands. Users can communicate with phrases like “Hey Meta” to ask questions, stream music or podcasts, make phone calls, and broadcast live on Instagram or Facebook.
Meta states that the product is intended to help users “stay present and connected to who and what they care about most.”
Last month, the company unveiled Oakley-branded glasses in collaboration with EssilorLuxottica. Francesco Milleri, CEO of EssilorLuxottica, mentioned last year that Meta showed interest in acquiring a stake in the firm, but this plan did not materialise until now.
For EssilorLuxottica, this agreement enhances its involvement in the tech sector, which could be advantageous if Meta’s forward-looking initiatives succeed. Meta is also wagering on the possibility that people will eventually engage in work and leisure activities while using headsets or glasses, Bloomberg reported.
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