News Summary

Meta has acquired a nearly 3% stake in EssilorLuxottica, the parent company of Ray-Ban and Oakley, for approximately $3.5 billion, as part of its continued focus on smart glasses. This investment strengthens Meta’s existing partnership with EssilorLuxottica, known for their Ray-Ban Meta smart glasses. The acquisition is part of Meta’s strategy to lead in the wearable tech industry, reducing reliance on smartphones and expanding its hardware ecosystem. Meta is also working on its first display-equipped smart glasses, expected to launch in 2025, and has previewed its Orion augmented reality concept glasses. This move positions Meta to compete in the growing smart glasses market, projected to be worth $8.26 billion by 2030.