EssilorLuxottica, the maker of Ray-Ban, sees a 5% rise in shares following news of a Meta investment in AI initiatives.

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SMART RAY-BAN GLASSES, ON JUNE 16, 2024, IN CAEN, NORMANDY, FRANCE. NURPHOTO | GETTY IMAGES
Shares of Ray-Ban maker EssilorLuxottica rose as much as 5% on Wednesday following reports that Meta has taken a minority stake in the company amid a growing interest in AI-powered wearable devices. Meta reportedly bought a stake worth around 3 billion euros ($3.51 billion) in EssilorLuxottica at the current market price and is considering further investments that could expand its share to 5%, according to Bloomberg, citing unnamed sources familiar with the matter. Meta declined to comment when contacted, while EssilorLuxottica did not immediately respond.

EssilorLuxottica shares were up 4.85% by 8:20 a.m. London time. The investment, if confirmed, indicates Meta's growing presence in wearable technology—a key focus for CEO Mark Zuckerberg—and presents an opportunity for the company to develop its hardware offerings.

Meta and EssilorLuxottica first established their partnership in 2019, producing two generations of Ray-Ban Meta smart glasses. The initial version debuted in 2021, but it was with the second-generation model that the collaboration achieved greater success. This version is equipped with the Meta AI voice assistant and includes features that, when connected to a smartphone, enable users to identify city landmarks, get recipes based on ingredients, and send voice messages via popular messaging platforms.

EssilorLuxottica CEO Francesco Milleri noted in February that the companies have sold 2 million pairs of the Meta Ray-Ban glasses since late 2023, with plans to increase annual production to 10 million units by the end of 2026. The two companies also announced intentions to release versions of their AI-powered smart glasses under the Oakley and Prada brands.

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