Meta Platforms has acquired a minority stake in EssilorLuxottica SA, the world’s leading eyewear manufacturer, reinforcing the tech giant’s involvement in the rapidly evolving smart glasses sector, according to sources familiar with the transaction.
The parent company of Facebook has purchased nearly three percent of the Ray-Ban producer, a stake valued at approximately EUR 3 billion ($3.5 billion or about Rs. 29,998 crore) based on current market conditions. The individuals, who wished to remain anonymous due to the confidential nature of the discussions, indicated that Meta is contemplating further investments to potentially increase its ownership to around five percent over time, although these plans may be subject to change.
Shares of EssilorLuxottica experienced their most significant increase in three months on the Paris exchange. Analysts from Bernstein view this collaboration as a strong endorsement of the eyewear company and a recognition of the potential in the eyeglasses market.
“This signifies an additional commitment by Meta to the smart-glasses segment,” the analysts noted in a report.
Representatives from both Meta and EssilorLuxottica did not provide comments regarding the deal.
The two entities have been partners for several years, working on the development of AI-powered smart glasses. Currently, Meta offers a pair of Ray-Ban glasses, launched in 2021, featuring integrated cameras and an AI assistant capable of delivering image captioning and real-time stock updates.
Previous Interests
In the previous month, Meta introduced anOakley-branded line of glasses in collaboration with EssilorLuxottica. The CEO of the eyewear manufacturer, Francesco Milleri, had mentioned last year that Meta expressed interest in acquiring a stake but the agreement has only materialized now.
The spike of up to 5.5 percent on Wednesday elevated EssilorLuxottica’s market valuation to EUR 116.5 billion (approximately Rs. 11,68,623 crore). Competitor Warby Parker also saw a rise of 4.5 percent in the U.S. market following Bloomberg’s coverage.
This partnership aligns with Meta CEO Mark Zuckerberg’s focus on AI, which is a significant priority and financial commitment for the company. Smart glasses play a crucial role in this strategy.
Historically, Meta has relied on third-party smartphones to deliver its applications and services. However, glasses provide an opportunity for the company to create its own hardware and manage distribution channels, as emphasized by Zuckerberg.
Manufacturing Expertise
This investment allows Meta to tap into EssilorLuxottica’s extensive manufacturing expertise and global distribution capabilities, essential for scaling its smart glasses into mainstream offerings.
For EssilorLuxottica, the partnership represents an entry into the tech arena, which could prove advantageous should Meta’s ambitious innovations come to fruition. The company is betting on a future where individuals may work or engage in recreational activities while wearing headsets or smart glasses.
The current generation of non-AR smart glasses provides basic information display functions, lacking a fully immersive alternative reality experience. Analysts at Bernstein note that Apple Inc. has also shifted towards non-AR glasses, acknowledging that fully functional AR is still several years away from realization.
The smart glasses market is projected to expand significantly, with estimates suggesting growth from $1.93 billion in 2024 to $8.26 billion by 2030, according to GrandView Research.
Other technology companies are exploring the eyewear sector, indicating that smart glasses may soon reach broader adoption. Jefferies analysts highlighted Google’s recent partnership with France’s Kering Eyewear and Xiaomi’s entry into the market as further evidence of this trend.
“We would not be surprised to see new entrants joining the field shortly,” the analysts concluded in their report.
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