Meta Platforms Inc. is now considering starting a new innings. The American technology giant is going to do something that can bring about a big change in the field of lifestyle and technology. This information has been given by EssilorLuxottica SA company.
Meta Platforms Inc plans to buy a stake in the world’s largest eye-wear maker, the company said, a landmark deal that would help the U.S. tech giant expand its foray into smartglasses. Chief Executive Officer Francesco Milleri commented on Meta’s interest in the company during a call with analysts late Thursday, following weeks of speculation about the Facebook owner’s plans. A Meta spokesperson declined to comment.
EssilorLuxottica shares rose 8.1% in Paris on Friday. This was the biggest increase in the company’s shares in the last two years. The two companies have already been working together for years, and introduced their first Ray Ban-Meta smart glasses in 2021.
The deal with EssilorLuxottica will advance Meta in the virtual and augmented reality market for smart glasses, while also increasing the eyewear manufacturer’s visibility and access to new markets and fresh capital. “We are proud that a company that knows us so well, after years of partnership, is confident that our company can grow and perform even better in the future,” Millery said.
Bloomberg reported earlier this month that Facebook is considering taking a stake of up to 5% in EssilorLuxottica. If the US firm decides to invest, it will have to buy shares from the market. However, so far no information has been revealed about the size of the stake to be bought by Meta and the timing of the purchase. Let us tell you that many other companies are also competing in this field, including Snap Inc. which has been experimenting with mixed-reality glasses for several years.
