Meta Buys Stake in the Parent Company of Ray-Ban and Oakley, Report Says

Michael Nguyen / NurPhoto / Getty Images

Meta's partnership with EssilorLuxottica SA on Ray-Ban and Oakley smart glasses began in 2019.

Key Takeaways

• Meta has taken a nearly 3% stake in the eyewear giant, EssilorLuxottica SA.

• Meta has collaborated with the eyewear company on smart Ray-Ban glasses since 2019 and plans to continue this work "into the next decade," according to press releases.

• The stake as reported is valued at about $3.5 billion.

Meta is sharpening its focus on wearable tech, buying a stake in eyewear giant EssilorLuxottica SA, Bloomberg reported Tuesday.

Meta Platforms (META) acquired a nearly 3% stake in its AI-eyewear partner EssilorLuxottica, the parent company of Ray-Ban and Oakley, Bloomberg's article said, with the investment estimated at $3.5 billion based on the current share prices of EssilorLuxottica, which trades on the Paris exchange.

The companies partnered to sell Ray-Ban and Oakley Meta glasses in new markets this spring. The shades can be used to access Meta AI, get live translations, take photos and videos, listen to music and podcasts, and make calls and texts, the companies said. “We’re bringing the power of intelligent eyewear to more people, in more ways, than ever before," said Rocco Basilico, Chief Wearables Officer of EssilorLuxottica.

Meta and EssilorLuxottica began collaborating on smart glasses in 2019 and said last year that they had agreed to continue this work “into the next decade."

EssilorLuxottica—as well as Meta, the parent company of Facebook, Instagram, and WhatsApp—did not immediately respond to Investopedia's request for comment.

Read the original article on Investopedia