Facebook owner is considering a 3-5% stake in EssilorLuxottica
Meta, which has collaborated with EssilorLuxottica SA on Ray Ban-Meta smart eyewear, is considering a stake of more than three per cent and as much as five per cent in the luxury eyewear group, which would be valued at about €4.5 billion (US$4.9 billion) at current prices, according to people familiar with the discussions, who asked not to be identified because the information is not public. There is no guarantee that an investment will take place, they said.
A spokesperson for Meta didn’t immediately respond to a request for comment. A spokesperson for EssilorLuxottica declined to comment. The Financial Times reported the talks earlier.
Meta has already received clearance from U.S. antitrust authorities to buy a minority stake of as much as five per cent, according to two people familiar with the deal. The U.S. Federal Trade Commission declined to comment.
As yet, consumers haven’t adopted these technologies en masse.
EssilorLuxottica shares were up 2.3 per cent at €194.20 at 11:11 a.m. New York time. Meta gained 1.1 per cent to US$467.27.
Meta unveiled its first Ray-Ban smart glasses in partnership with EssilorLuxottica, in 2021. Those glasses were set on the Wayfarer frame to let users take photos and videos, listen to music and answer calls. Newer glasses incorporate MetaAI, an AI assistant based on its Llama artificial intelligence model.
EssilorLuxottica on Wednesday announced an agreement to buy streetwear label Supreme from VF Corp. for US$1.5 billion in cash, adding another lifestyle brand to a stable that also includes Oakley sunglasses.
—With assistance from Shona Ghosh, Daniel Zuidijk and Antonio Vanuzzo.