Meta picks up nearly 3% stake in EssilorLuxottica to deepen AI smart glasses push: Report

Meta Platforms has recently made a significant move by acquiring nearly a 3% stake in the renowned eyewear manufacturer EssilorLuxottica. This investment, valued at approximately €3 billion ($3.52 billion), underscores Meta's intensified commitment to advancing AI-driven wearable technology. A source familiar with the acquisition disclosed to Reuters that this stake may be just the beginning, as Meta is reportedly contemplating increasing its investment to around 5% in the future, as indicated by Bloomberg News. Although Meta has yet to issue an official statement regarding this development, the strategic investment aligns with the company's ongoing mission to embed artificial intelligence into consumer products. This announcement comes on the heels of Meta's recent launch of the Oakley Meta HSTN smart glasses, which are designed to enhance user experience with features such as a high-resolution hands-free camera, open-ear speakers, and water resistance, all while integrating Meta's AI tools. This reflects a growing trend towards multifunctional wearable technology. Meta's partnership with EssilorLuxottica dates back to 2023 with the introduction of the Ray-Ban Meta smart glasses, which have achieved impressive sales figures since their debut. The collaboration merges Luxottica’s rich design expertise with Meta’s expanding AI ecosystem, supported by substantial investments in infrastructure. In February, EssilorLuxottica's CEO, Francesco Milleri, expressed optimism about increasing production capacity for smart glasses and expanding collaboration with Meta across various brands. As competition intensifies in the AI wearable market, this strategic investment positions Meta to enhance its hardware innovation and strengthen its presence in the rapidly evolving landscape of consumer smart devices.