Meta buys 3% stake in EssilorLuxottica for AI smart glasses

Photo: Reuters

Meta Platforms, the company that owns Facebook, WhatsApp, and Instagram, has bought a nearly 3% stake in EssilorLuxottica, the world-famous eyewear maker. This news was shared by a source to Reuters on Tuesday. EssilorLuxottica is known for making glasses for brands like Ray-Ban and Oakley. This investment shows Meta’s growing interest in AI-powered wearable devices as people are becoming more curious about using technology in their daily lives.

Why did Meta buy a stake in EssilorLuxottica?

Meta wants to improve its wearable technology. Wearable technology means devices like smart watches and smart glasses that people can wear and use easily. By adding artificial intelligence (AI) to these devices, Meta hopes to attract more users to its products. Meta is spending billions of dollars to make its AI systems better. This investment in EssilorLuxottica will help Meta make even better smart glasses in the future.

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What did EssilorLuxottica and Meta say?

When Reuters asked EssilorLuxottica about this news, the company declined to comment. This means they chose not to say anything about it. Meta also did not immediately respond to Reuters when asked for a comment.

How much did Meta pay?

According to Bloomberg News, Meta bought a stake worth about 3 billion euros, which is nearly $3.52 billion, at the current market price. Meta is also thinking about investing more money in EssilorLuxottica in the future. The company wants to build its stake to around 5% over time. This shows that Meta is very serious about working with EssilorLuxottica to make better smart glasses and wearable devices.

Meta and EssilorLuxottica’s smart glasses partnership

Last month, Meta launched new AI-powered smart glasses with Oakley, another famous eyewear brand. This shows that Meta is expanding its work in wearable technology after the success of its Ray-Ban Meta glasses. Millions of Ray-Ban Meta glasses have been sold since they were first launched in 2023. People liked them because they combined stylish design with useful technology features.

What are Oakley Meta HSTN smart glasses?

The new smart glasses are called “Oakley Meta HSTN.” These glasses have many smart features such as:

• A hands-free high-resolution camera so users can take photos and videos easily.

• Open-ear speakers which allow users to listen to music or calls without blocking their ears completely.

• Water resistance to protect them from rain or sweat.

• Meta AI capabilities to help users with information and tasks using voice commands.

These features make the glasses very useful for everyday activities like cycling, travelling, working, and studying.

EssilorLuxottica plans to make more smart glasses

Earlier in February, EssilorLuxottica’s Chief Executive Officer Francesco Milleri said that the company planned to increase its production capacity for smart glasses. This means they want to make more smart glasses in their factories to meet the growing demand. He also said that EssilorLuxottica hopes to expand its partnership with Meta to include other brands in the future. This can bring even more advanced and stylish smart glasses to the market.

Why is this investment important for Meta?

Meta wants to become a leader in AI technology. Buying a stake in EssilorLuxottica will help Meta design better glasses that people will love to wear. Wearable technology is becoming more popular because it makes life easier. For example, people can take photos without holding their phones, listen to music while jogging, or ask AI questions while walking. Meta’s investment shows that it wants to be a strong player in the wearable device market.

How will this benefit consumers?

For normal users and students, this news means they can expect more smart glasses with better technology in the coming years. These glasses will not only look stylish but also help people in their studies, sports, and daily life. For example:

• Students can record lectures hands-free.

• Cyclists can use GPS and maps while riding without looking at their phones.

• Travellers can capture beautiful moments quickly.

• People can use AI for translations, definitions, or quick facts instantly.

Meta’s journey into wearable technology

Meta has always tried to innovate and build new products. It started with social media apps like Facebook and Instagram. Later, it bought WhatsApp to make messaging easier. Then it moved into virtual reality by launching Oculus VR headsets. Now, Meta is focusing on AI-powered wearable devices like smart glasses to bring its AI technology closer to people’s everyday lives.

What is EssilorLuxottica known for?

EssilorLuxottica is a famous company that makes and sells glasses and lenses. It owns popular brands like:

• Ray-Ban

• Oakley

• Persol

• Oliver Peoples

It also makes glasses for luxury brands like Prada, Chanel, and Versace. The company has factories around the world and sells its products in many countries. Working with Meta gives it a chance to bring more technology to its eyewear and reach tech-loving consumers.

What will happen next?

Meta may increase its stake in EssilorLuxottica to 5% in the coming months or years. This means it will invest more money and become a bigger shareholder in the company. Both Meta and EssilorLuxottica are expected to launch more smart glasses with AI features in the future.

Meta’s decision to buy a stake in EssilorLuxottica is a big step towards its goal of leading the AI wearable market. With smart glasses becoming more popular, this partnership can bring exciting products for students, professionals, and tech lovers. In the coming years, people may start using smart glasses just like they use smartphones today. This partnership shows how technology and fashion brands are coming together to make life smarter and easier.