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Meta is reportedly considering a multibillion-euro investment in Ray-Ban maker EssilorLuxottica, amid the smart glasses partnership between the companies.
The Financial Times reported, citing unnamed sources familiar with the matter, reports that the Facebook parent company is exploring a small stake in the Franco-Italian eyewear group. Meta is working with Morgan Stanley on the possibility. Meanwhile, Meta and EssilorLuxottica are currently discussing deepening their “Ray-Ban Meta” smart glasses partnership, The FT reports.
The first-generation of the smart glasses, Ray-Ban Stories, was released in 2021, and could take photos and record video. In October, the latest generation of the smart glasses were released, which EssilorLuxottica CEO Francesco Milleri reportedly said sold more in a few months than older generations did in two years.
In March, Meta announced it was adding its Meta AI feature to the smart glasses, which allows users to ask for real-time answers and recommendations based on their surroundings. Some examples include asking the smart glasses to identify objects, translate languages, and make suggestions based off photos taken with the glasses. Adding artificial intelligence features to its smart glasses is one of the ways Meta is positioning itself as a contender in the AI race.
Meanwhile, EssilorLuxottica has agreed to acquire streetwear brand Supreme in a $1.5 billion cash deal that is expected to close at the end of the year. It is the eyewear group’s first apparel-centric brand in its portfolio. Milleri and EssilorLuxottica deputy chief Paul du Saillant said the deal “perfectly aligns” with the group’s “innovation and development journey,” and offers it a “direct connection to new audiences.”