Mark Zuckerberg-Led Meta Acquires Nearly 3% Of Ray-Ban, Oakley Parent EssilorLuxottica In $3.5 Billion Deal: Report

Mark Zuckerberg-led Meta Platforms Inc. META has reportedly acquired a minority stake in EssilorLuxottica ESLOF.

What Happened: Meta has acquired nearly 3% of EssilorLuxottica, the French-Italian eyewear giant behind brands such as Ray-Ban and Oakley, reported Bloomberg on Tuesday, citing people familiar with the matter.

The stake is worth approximately €3 billion ($3.52 billion) at current market prices and comes amid Meta's growing ambitions in the wearable tech space.

See Also: Meta’s AI Empire Grows — Fueled By OpenAI, DeepMind, Apple Defectors

As per the report, Meta could increase its stake to as much as 5% over time.

Meta did not immediately respond to Benzinga's request for comments.

Why It's Important: Last month, it was reported that Meta and EssilorLuxottica plan to release new AI smart glasses under the Oakley and Prada brands.

This comes after the popularity of the Ray-Ban Meta smart glasses, which launched in 2023 and have reportedly sold millions of units. In October 2024, it was reported that Ray-Ban and Meta's smart glasses have become the best-selling product in 60% of Ray-Ban stores across Europe, the Middle East and Africa.

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Meanwhile, Meta rival Apple Inc. AAPL reportedly has at least seven headsets and smart glasses in development. This includes Vision Pro M5 models, Vision Air, XR glasses and a display accessory, with some expected to launch starting in 2027.

Price Action: Meta shares rose 0.044% in after-hours trading, following a 0.32% gain during regular market hours, according to Benzinga Pro data.

Benzinga’s Edge Stock Rankings indicate that META shows a strong upward trend in the short, medium and long term. While its growth score remains high, its value rating is relatively lower. More detailed performance data is available here.

Photo Courtesy: Skorzewiak on Shutterstock.com

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