The stake is worth about €3 billion (about $3.5 billion), Bloomberg reported Tuesday (July 8), citing unnamed sources.
Neither Meta nor EssilorLuxottica immediately replied to PYMNTS’ request for comment.
The two companies have been partners in the development of artificial intelligence (AI)-powered smart glasses for several years, according to the report.
Meta sells Ray-Ban glasses that were first launched in 2021 and Oakley glasses that were added in June, the report said.
Smart glasses are part of Meta CEO Mark Zuckerberg’s plan for growth in AI, as the glasses allow the company to distribute its app and services through its own devices rather than those built by others, per the report.
For EssilorLuxottica, the reported deal offers a greater presence in the tech world, according to the report.
It was reported in July 2024 that Meta was looking to buy a stake in EssilorLuxottica after the Ray-Ban Meta smart glasses saw higher-than-expected sales and became an important part of Meta’s hardware business.
In September, Meta and EssilorLuxottica announced a long-term agreement aimed at advancing smart eyewear technology that would extend their already existing collaboration into the next decade.
EssilorLuxottica Chairman and CEO Francesco Milleri said at the time in a press release: “Our work with Meta has already proven to be a significant milestone in our quest to make glasses the gateway to the connected world.”
Zuckerberg said in the same release: “I’m proud of the work we’ve done with EssilorLuxottica so far, and I’m excited about our long-term roadmap ahead. We have the opportunity to turn glasses into the next major technology platform and make it fashionable in the process.”
Smart glasses are enjoying a boom as the latest versions are powered by AI and encased in traditional frames of various styles, so users don’t look out of place in public, PYMNTS reported in February.
Several tech giants and about a dozen smaller companies are betting on smart glasses to be the next popular connected wearable.
