EssilorLuxottica ESLOY stock rose after the eyewear giant revealed interest from Alphabet Inc’s GOOG GOOGL Google and other major technology companies in exploring partnerships following its collaboration with Meta Platforms META to develop Ray-Ban smart glasses.
EssilorLuxottica CEO Francesco Milleri highlighted the company’s awareness of Meta’s intention to take a stake in the company. However, any share purchases by Meta would need to be conducted on the open market.
This statement followed a report by The Wall Street Journal indicating that Meta was discussing acquiring about 5% of EssilorLuxottica.
Related: Meta Ray-Ban Smart Glasses Ready To Get AI Upgrade: Expect These New Features Soon.
Citing the CEO, the Wall Street Journal report emphasized that while the company welcomes any investor, it has no plans for a capital increase specifically for Meta.
The CEO assured that the existing partnership with Meta is robust and does not require a stake acquisition to strengthen it.
In addition to Meta, EssilorLuxottica has attracted interest from Google and other significant tech companies for potential collaborations.
This interest was reinforced by a report from The Verge, which cited unnamed sources suggesting that Google had approached EssilorLuxottica to integrate its Gemini artificial intelligence assistant into future smart glasses.
In June, Meta Platforms said it is “almost ready” to introduce a new augmented reality prototype. Mark Zuckerberg hinted that the prototype had left early testers “giddy.”
Price Action: ESLOY stock is up 4.10% to $112.06 at the last check on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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