Meta has reportedly acquired a minority stake in EssilorLuxottica, valued at approximately $3.51 billion, which has led to a 5% increase in the eyewear maker's shares. This investment marks a significant step for Meta into the wearable technology sector, aligning with CEO Mark Zuckerberg's vision to expand the company's hardware capabilities. The partnership, which began in 2019, has already produced two generations of Ray-Ban smart glasses, indicating a successful collaboration that could lead to further innovations in AI-powered wearables.

EssilorLuxottica's CEO has expressed ambitions to ramp up production of the Meta Ray-Ban glasses to 10 million units annually by 2026, following the sale of 2 million pairs since late 2023. The investment from Meta not only strengthens their existing partnership but also positions EssilorLuxottica favorably in the growing market for AI-integrated devices. The companies are also planning to release smart glasses under the Oakley and Prada brands, further diversifying their product offerings in the wearable tech space.