Meta Platforms has acquired a nearly 3% stake in EssilorLuxottica, the owner of Ray-Ban and Oakley, a person with knowledge of the transaction said. The investment is valued at approximately €3 billion, or $3.52 billion at today’s prices. This is Meta’s largest direct bet to date into wearable technology.
The acquisition demonstrates how committed Meta is to expanding outside social media and creating more intelligent devices, particularly wearable ones that are artificially intelligent.
Meta May Raise Its Stake
Meta may increase its holding to 5% in the future, according to Bloomberg, but that has not been confirmed yet. Meta did not respond when contacted, and EssilorLuxottica refused to comment.
The two firms have collaborated since 2023, when they released the Ray-Ban Meta smart glasses. The glasses were made to blend form with elements such as voice control, a camera, and Meta’s AI capabilities. They’ve performed well and assisted Meta in discovering a new audience beyond phones and screens.
Most recently, Meta collaborated with Oakley, also an EssilorLuxottica brand, on the release of a second pair of smart glasses. The new specs feature a high-resolution camera, open-ear speakers, and water resistance — all with Meta’s AI capabilities.
More Smart Glasses on the Way
Earlier this year, EssilorLuxottica CEO Francesco Milleri announced that his company would expand its production of smart glasses and collaborate more closely with Meta in the future. This investment propels that expansion forward, providing both companies with a more solid role in the expanding market for tech-enabled eyewear.
Meta’s Next Big Bet: Wearable AI
With Facebook, Instagram, and WhatsApp already established, Meta now looks to what is next. The company has been investing heavily in AI and virtual or wearable technology. Smart glasses are a key part of that strategy, providing individuals with a new means of using technology in their everyday lives without having to reach for a phone.
As major technology corporations scramble to develop the future generation of AI devices and equipment, Meta’s recent investment places it well-positioned to battle its competitors, Apple, Google, and Amazon.
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