Meta, parent of the social media platform Facebook, is in discussions to purchase a 5% share in EssilorLuxottica, maker of the Ray-Ban eyewear brand. 

This development was reported by the Wall Street Journal (WSJ) on 18 July 2024.

The stake in the eyewear maker could be valued at €4.33bn ($4.72bn), according to calculations by Reuters based on LSEG [London Stock Exchange Group] data.  

The potential acquisition would provide Meta with greater influence over the development of smart glasses.  

EssilorLuxottica's shares listed in Paris saw a 3% increase following the report, while Meta's shares rose by 1.2%.  

EssilorLuxottica was established in 2018 through the merger of French firm Essilor and Italy's Luxottica.  

Delfin, the holding entity controlled by the family of Luxottica's late founder Leonardo Del Vecchio, remains the major shareholder with a 33% stake. 

Meta and EssilorLuxottica are production partners of Ray-Ban smart glasses. 

The Ray-Ban Meta smart glasses, which debuted in 2021, have become a significant component of Meta's consumer product lineup.  

In July 2024 EssilorLuxottica CEO Francesco Milleri highlighted that the newer version of the Ray-Ban Meta smart glasses, released in October 2023, has outperformed the previous model's two-year sales in just a few months. 

A third iteration of the glasses is anticipated to be market-ready by the 2025 holiday shopping season, as reported by the WSJ.

EssilorLuxottica and Meta have not responded to requests for comment.

The news follows EssilorLuxottica's agreement in mid-July 2024 to buy the streetwear label Supreme from VF Corporation for $1.5bn in cash.