Meta Platforms has acquired nearly a 3% stake in eyewear manufacturer EssilorLuxottica, a source told Reuters on Tuesday, as consumer interest in AI-powered wearables continues to grow.
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Enhancing its wearable tech with AI features could help Meta draw in new users, as the company pours billions into expanding its artificial intelligence infrastructure.
EssilorLuxottica declined to comment, while Meta did not immediately respond to Reuters’ request for a statement. According to Bloomberg News, which first reported the development, Meta acquired a stake valued at approximately 3 billion euros ($3.52 billion) based on current market prices and is considering increasing its holding to around 5% over time.
Last month, the tech giant partnered with Oakley to launch AI-powered smart glasses, further advancing its efforts in wearable technology following the strong sales of its Ray-Ban Meta glasses, which have sold millions of units since their 2023 debut.
The “Oakley Meta HSTN” will come equipped with a hands-free high-resolution camera, open-ear speakers, water resistance, and integrated Meta AI functionality.
Back in February, EssilorLuxottica CEO Francesco Milleri stated that the company aimed to increase its smart glasses production capacity and expressed hopes of extending its partnership with Meta to include additional brands.