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Investing.com -- Meta Platforms Inc (NASDAQ:META) has purchased a stake in EssilorLuxottica (EPA:ESLX) (OTC:ESLOY) valued at approximately $3.5 billion, according to Bloomberg, citing sources familiar with the matter, reinforcing its strategic push into AI-powered eyewear.
Shares in the Italian-French eyewear maker jumped 5% on the report.
The acquisition of just under 3% in EssilorLuxottica aligns with Meta’s ambition to grow outside traditional platforms and advance in hardware innovation.
The move builds on Meta’s ongoing partnership with EssilorLuxottica, creator of Ray-Ban and Oakley, in co-developing smart glasses. Meta currently markets Ray-Ban smart glasses, incorporating features like embedded cameras and AI assistants, and more recently introduced a new line of Oakley-branded products enhanced with similar technology.
Citing sources, Bloomberg reported that Meta may expand its stake to roughly 5% in the future, though no final decision has been made. The investment cements Meta’s position as a strategic partner, while keeping its ownership as a minority investor.
The transaction also illustrates Meta CEO Mark Zuckerberg’s broader pivot toward artificial intelligence as a core growth pillar for the company. As AI development grows more capital intensive, smart glasses offer Meta a tangible consumer product through which it can deliver its AI capabilities.
EssilorLuxottica CEO Francesco Milleri had signaled last year that a stake purchase by Meta was under consideration, though terms had yet to be finalized at the time. The deal’s closing indicates growing confidence within both firms that smart eyewear is poised for mainstream adoption.
(Luke Juricic contributed to this report.)