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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.

Meta Collaborates with Oakley to Launch AI-Powered Smart Glasses

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Meta (META.O) announced on Friday its partnership with sports eyewear brand Oakley to introduce AI-powered smart glasses, marking an expansion in Meta’s wearable technology lineup following the success of Ray-Ban Meta glasses.

The new product, named Oakley Meta HSTN, features a hands-free high-resolution camera, open-ear speakers, water resistance, and integrated Meta AI capabilities. The limited-edition glasses will be available for preorder starting July 11 at $499, with additional models priced from $399 launching later this summer.

Meta plans to release the Oakley Meta HSTN initially across North America, Australia, and several European countries, with further expansion to Mexico, India, and the United Arab Emirates expected by the end of the year.

The launch will coincide with major sports events this month, including Fanatics Fest and UFC International Fight Week, highlighting Oakley’s strong sports brand presence.

In the growing AI-powered wearables market, Meta faces competition from companies like Snap, which recently announced its consumer smart glasses “Specs” for release next year, and Google, which is also exploring similar technology investments.

Japan’s TDK Acquires U.S. Smart Glasses Company SoftEye

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Japanese electronics manufacturer TDK announced on Thursday it has acquired SoftEye, a U.S.-based company specializing in software and hardware for smart glasses. This acquisition supports TDK’s strategy to find new growth drivers linked to artificial intelligence (AI).

SoftEye, headquartered in San Diego, California, develops eye-tracking and object recognition technologies. Its founder and CEO, Te-Won Lee, has previously held executive roles at Samsung Electronics and Qualcomm.

According to a source familiar with the deal, the acquisition is valued at under $100 million.

Tech companies are increasingly investing in hardware beyond smartphones, with smart glasses gaining attention. Facebook owner Meta and others are focusing on AI-powered smart glasses to enhance user interaction with their environment. Social media company Snap plans to launch consumer smart glasses next year, and Alphabet’s Google recently showcased smart glasses at its developer conference. Chipmaker Qualcomm also unveiled a smart glasses processor this month.

TDK, once famous for its cassette tapes, now plays a key role in electronics by supplying components and batteries for smart glasses.