Meta reportedly in talks to buy stake in Ray-Ban maker EssilorLuxottica
By Benjamin Chiou
Date: Thursday 18 Jul 2024
(Sharecast News) - Facebook parent company Meta is reportedly in discussions to buy a 5% stake in Italian-French eyewear maker EssilorLuxottica as the social-media giant looks to deepen its ties with the company that makes its Ray-Ban Meta smart glasses.
According to the Wall Street Journal, citing people familiar with the matter, both companies are currently in talks but a deal is not certain.
However, based on current market prices, a 5% shareholding in the company would be worth roughly €4.5bn.
Meta launched its first-generation Ray-Ban branded smart glasses back in March 2022, which allow wearers to livestream directly from the glasses to Facebook of Instagram, and use its AI-powered conversational assistant using only their voice. A second-generation model was then unveiled in October 2023.
Sales of the glasses, which started at $299, are said to have surpassed expectations, so an investment in EssilorLuxottica could expand the social media group's focus in this area and lead to more devices, according to the report.
The rumours came just one day after EssilorLuxottica agreed to buy streetwear brand Supreme from VF Corp for $1.5bn.
Shares in EssilorLuxottica were up nearly 5% on the news at €198.70 by 1519 in Paris.
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