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.

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.