Meta Platforms (META.O) has acquired a nearly 3% stake in eyewear giant EssilorLuxottica (ESLX.PA), a source told Reuters on Tuesday, signaling the social media company’s deepening push into AI-powered wearable technology.
The investment, valued at roughly €3 billion ($3.52 billion) at current market prices, could grow to around 5% over time, Bloomberg News reported earlier. The move comes as Meta seeks to integrate advanced AI features into smart glasses, aiming to attract users and expand its wearable tech ecosystem.
Meta and EssilorLuxottica have already collaborated on AI-enabled smart glasses, including the popular Ray-Ban Meta line, which has sold millions since its 2023 launch. Last month, the companies unveiled the “Oakley Meta HSTN,” featuring a high-resolution camera, open-ear audio, and water resistance.
EssilorLuxottica CEO Francesco Milleri said in February that the company planned to ramp up smart glasses production and explore further partnerships with Meta across its brands.
Neither Meta nor EssilorLuxottica immediately commented on the stake purchase. The deal highlights Meta’s aggressive investments in AI and hardware as it competes with rivals like Apple and Google in the wearable tech space.