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EssilorLuxottica Shares Surge After Meta Acquires Nearly 3% Stake

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Shares of EssilorLuxottica (ESLX.PA), the Franco-Italian eyewear giant known for Ray-Ban, jumped 5.4% to 252 euros on Wednesday, becoming the top performer on the STOXX 600 index. The rise followed reports that Meta Platforms (META.O) acquired a nearly 3% stake in the company, valued at about 3 billion euros ($3.5 billion).

Meta, the parent company of Facebook and Instagram, already partners with EssilorLuxottica on smart glasses production and is reportedly considering increasing its stake to around 5%. Neither company immediately commented on the transaction.

Analysts at Bernstein interpret Meta’s investment as a strong endorsement of EssilorLuxottica’s potential in the smart glasses market. The move builds on discussions between the two firms last year and signals deeper collaboration in wearable technology.

Earlier this year, Meta announced a partnership with Oakley, an EssilorLuxottica brand, to develop AI-powered smart glasses named “Oakley Meta HSTN.” These glasses feature a hands-free high-resolution camera, open-ear speakers, water resistance, and integrated Meta AI capabilities, marking an expansion beyond the successful Ray-Ban Meta glasses launched in 2023.

EssilorLuxottica CEO Francesco Milleri has expressed ambitions to increase smart glasses production capacity and extend partnerships with Meta across more brands, highlighting the growing intersection of eyewear and artificial intelligence.

French Fintech Qonto Seeks Banking License to Expand Services and Reach 2 Million Clients by 2030

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French fintech company Qonto has applied for a banking license from France’s banking regulator, aiming to broaden its offerings beyond payment services to include lending, savings, and investment products. Founded in July 2017, Qonto currently serves over 600,000 small and medium-sized business customers across eight European markets such as France, Germany, Italy, and Spain.

Operating under a payment institution license, Qonto provides digital banking and financial management tools including invoicing, accounting, card payments, and wire transfers. The company’s goal is to grow its client base to 2 million by 2030.

Qonto has raised over 600 million euros ($705 million) from venture capital and angel investors. The firm has also strengthened its board with banking experts like former UniCredit CEO Jean-Pierre Mustier, who now serves as an independent board member.

A banking license would allow Qonto to develop partnerships and offer its pay-later services with greater autonomy, according to CEO and co-founder Alexandre Prot. This move comes as digital payments continue to grow in Europe, although at a slower pace, with cards still dominating payment values and mobile apps gaining traction.

Korea’s SK Group and Amazon to Invest $5 Billion in Nation’s Largest AI Data Centre

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South Korea’s SK Group announced a $5.11 billion investment plan, including $4 billion from Amazon Web Services (AWS), to build the country’s largest data centre in Ulsan, the Science Ministry confirmed Friday. Construction will begin in September, with full operations expected by 2029, featuring a capacity of 100 megawatts.

SK Group Chairman Chey Tae-won expressed ambitions to expand the facility to one gigawatt eventually, aiming to position it as a global hub to meet domestic AI demands. President Lee Jae Myung, present at the announcement alongside tech industry leaders, emphasized AI’s critical role in South Korea’s growth and praised the project for spreading high-tech industry development beyond the metropolitan areas into provincial regions.

Following the announcement, South Korean AI-related stocks surged, with SK Hynix rising over 3%, Kakao jumping 11%, and LG CNS gaining 9%, helping the KOSPI index surpass 3,000 points for the first time in over three years.

The investment confirms earlier media reports this month about SK Group and AWS’s plans to build a major data centre in South Korea.