Meta, the parent company of Facebook, acquired approximately 3% equity in EssilorLuxottica, the world's largest eyewear and sunglasses manufacturer, according to a report by Bloomberg on the 9th, citing sources. This is interpreted as a strategic investment aimed at strengthening its artificial intelligence (AI)-based smart glasses business.
According to Bloomberg, Meta recently acquired approximately 3% equity in EssilorLuxottica for $3.5 billion (about 4.8 trillion won). Meta is also reportedly considering increasing its stake to about 5% in the future.
Following the news of Meta's equity investment, the price of EssilorLuxottica's American Depositary Receipts (ADRs) rose 6.9% to $148 per share. This is the largest intraday increase since April 9th.
EssilorLuxottica owns sunglasses brands such as Ray-Ban and Oakley. It holds about 30% of the global eyewear and sunglasses market share. Since 2021, Meta has partnered with EssilorLuxottica to introduce smart glasses under the Ray-Ban brand equipped with cameras and AI assistants. Last month, it launched AI smart glasses under the Oakley brand. Bloomberg noted, "This investment has further solidified the cooperative relationship between the two companies."
Earlier, at the annual developer conference in September last year, Meta showcased a prototype of the AR smart glasses 'Aureyan,' which features micro-lenses enabling the projection of three-dimensional (3D) images for augmented reality (AR) functionality.
Silicon Valley corporations are designating smart glasses as the next-generation device that will follow smartphones.
Google is developing smart glasses in collaboration with Samsung Electronics, and Apple is also expected to unveil smart glasses that will integrate more precisely with the Apple ecosystem by the end of next year.