Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) has invested $3.5 billion in the world’s largest eyewear manufacturer EssilorLuxottica SA, as part of its AI glasses push, people with knowledge of the matter told Bloomberg.
The Facebook and Instagram owner has acquired just under 3% of the Ray-Ban maker, the sources said.
Meta is reportedly considering a further investment that could built its stake to about 5%.
Meta and EssilorLuxottica have been partners since 2019, collaborating on smart glasses products such as the Ray-Ban Meta and the recently launched Oakley Meta HSTN, which feature AI capabilities, cameras, open-ear speakers, and other smart functions.
Meta and EssilorLuxottica declined to comment on the report.
EssilorLuxottica’s European-listed shares added 5.6% at €253 on the news, while Meta shares added 2% at $735.