Meta is reportedly planning to invest billions to acquire about 5% of EssilorLuxottica, the Italian-French eyewear giant valued at €88 billion. The news, reported by the Financial Times and other outlets, was confirmed by inside sources. Negotiations are at an advanced stage and it seems likely that Meta will proceed with the investment. However, Meta is not the only major technology company looking to strengthen ties with EssilorLuxottica, with which it already collaborates on the Ray-Ban smart line. Google recently approached the company’s top brass to discuss integrating its AI assistant, Gemini, into future smart glasses. According to well-placed sources, Google’s move, which could exclude Meta from the high-profile partnership, may have incentivized Mark Zuckerberg to plan the large investment.
The news comes as Google continues to develop its XR platform, which is intended to power smart glasses and headsets. Google has been working with Samsung and Qualcomm on a device that is expected to relaunch the company in the smart glasses space, and a recent leak suggests a developer version could launch in October, ahead of a commercial launch in the first quarter of 2025. Even if Google can convince the Ray-Ban maker to make smart glasses with Gemini, a commercial release will be a while away, as the device will need to run an entirely new operating system.
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