Meta Platforms has acquired a minority interest in EssilorLuxottica SA, the world’s leading eyewear manufacturer, signaling a strengthened commitment to the burgeoning smart glasses market, according to informed sources.
The parent company of Facebook has secured nearly three percent of the Ray-Ban manufacturer, a stake valued at approximately EUR 3 billion ($3.5 billion or about Rs. 29,998 crore) based on current market conditions, the sources stated, requesting anonymity due to the confidential nature of the talks.
Located in Menlo Park, California, Meta is reportedly evaluating further investments that could increase its stake to around five percent in the future, although these plans may evolve, the sources indicated.
Shares of EssilorLuxottica experienced their largest increase in three months in the Paris market. Analysts at Bernstein suggest that this new partnership with Meta represents a strong endorsement of the eyewear company and the potential it holds in the eyeglass industry.
“This signifies another milestone in Meta’s dedication to the smart-glasses sector,” the analysts noted in a recent research report.
Both Meta and EssilorLuxottica declined to make any comments regarding the deal.
Over the past few years, the two companies have collaborated to develop AI-driven smart glasses. Meta has already released a pair of Ray-Ban glasses, first introduced in 2021, which feature built-in cameras and an AI assistant capable of providing image captions or real-time stock information.
Previous Interests
Just last month, Meta unveiled a new line of Oakley-branded glasses in collaboration with EssilorLuxottica. The eyewear maker’s CEO, Francesco Milleri, mentioned last year that Meta had shown interest in acquiring a stake in EssilorLuxottica, but this initiative had not come to fruition until now.
The stock price increase of up to 5.5 percent on Wednesday elevated EssilorLuxottica’s market capitalization to EUR 116.5 billion (around Rs. 11,68,623 crore). In the US, shares of competitor Warby Parker rose by 4.5 percent on Tuesday following Bloomberg’s report about the stake acquisition.
This partnership aligns with Meta CEO Mark Zuckerberg’s focus on artificial intelligence, which has emerged as a central priority and significant expenditure for the company. Smart glasses are integral to this strategy.
Traditionally, Meta has relied on delivering its applications and services through smartphones produced by other companies. However, as Zuckerberg has highlighted, smart glasses offer Meta the opportunity to create its own hardware and manage its distribution channels.
Manufacturing Insights
The agreement provides Meta with enhanced knowledge of manufacturing processes and access to global distribution networks, which are essential for transforming its smart glasses into products suitable for mass consumption.
For EssilorLuxottica, this arrangement enables a more substantial foothold in the tech landscape, which could be advantageous if Meta’s forward-looking investments yield favorable outcomes. Meta is banking on the belief that future generations will engage in work and recreational activities while wearing headsets or smart glasses.
The non-augmented reality (non-AR) smart glasses will display information without fully immersing users in an entirely altered reality experience. Analysts at Bernstein note that Apple Inc. has also shifted focus toward non-AR smart glasses, as fully realized augmented reality solutions may still be several years away.
According to GrandView Research, the market for smart glasses is projected to expand from $1.93 billion in 2024 to $8.26 billion by 2030.
Other technology companies are exploring opportunities in eyewear, indicating a possible mainstream acceptance of smart glasses in the near future, according to analysts at Jefferies. They referenced Google’s recent partnership with France’s Kering Eyewear and Xiaomi’s announcement of its entry into the smart glasses market.
“We anticipate that new competitors may emerge shortly,” they suggested in a note.
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