Shares of Ray-Ban maker EssilorLuxottica jump 5% on reported Meta stake in AI push

Shares of Ray-Ban shaper EssilorLuxottica roseate implicit 5% connected Wednesday connected reports that Meta has taken a number involvement successful the institution amid increasing appetite for AI-powered wearable devices.

Meta reportedly bought a involvement worthy astir 3 cardinal euros ($3.51 billion) successful EssilorLuxottica astatine the existent marketplace terms and is considering further investments that could grow its stock to 5%, Bloomberg reported Tuesday, citing unnamed sources acquainted with the matter.

Meta declined to remark erstwhile contacted by CNBC portion EssilorLuxottica did not instantly respond.

EssilorLuxottica shares were up 5.3% by 9:10 a.m. London time.

The investment, if confirmed, indicates Meta's increasing inroads into wearable exertion — a cardinal precedence for CEO Mark Zuckerberg — and an accidental for the institution to physique retired its ain hardware.

Meta and EssilorLuxottica archetypal struck up a concern successful 2019, producing 2 generations of Ray-Ban Meta astute glasses. The archetypal mentation was debuted successful 2021 but it was with the 2nd procreation exemplary that the duo saw greater success.

That mentation comes equipped with the Meta AI dependable adjunct and includes features that, erstwhile tethered to a smartphone, lets users place metropolis landmarks, get recipes erstwhile looking astatine ingredients and grounds and nonstop dependable messages connected WhatsApp and Messenger.

EssilorLuxottica CEO Francesco Milleri said successful February the companies person sold 2 cardinal pairs of the Meta Ray-Ban glasses since precocious 2023, and that helium aimed to summation yearly accumulation to 10 cardinal units by the extremity of 2026.

The 2 companies said last month that they besides program to merchandise versions of their AI-powered astute glasses nether the Oakley and Prada brands.

— CNBC's Salvador Rodriguez and Jonathan Vanian contributed to this report.