Meta Platforms (NASDAQ:META) stock is reportedly in talks to acquire a stake in EssilorLuxottica (OTCMKTS:ESLOY), which owns Ray-Ban and Oakley eyewear brands, among others.
According to this report, Meta is going to spend about $5 billion to acquire a 5% stake in the eyewear company. That’s worth noting as Meta already works with Ray-Ban for its smart glasses.
Meta wanting to deepen its relationship with EssilorLuxottica makes sense. The company is focused on developing metaverse technology. That includes augmented reality, like what is offered by the smart glasses it makes with Ray-Ban.
This is a space that Meta Platforms has been interested in for some time now. It first showed interest in the metaverse when it partnered up with and eventually bought virtual reality (VR) headset maker Oculus. The company went so far as to change from the Facebook name to Meta Platforms to better represent its plans.
What This Means for META Stock
If Meta continues with its investment in EssilorLuxottica, it could be seen as a sign of confidence in the smart glasses market. This would also poise the company to compete with Apple (NASDAQ:AAPL), which is also targeting the AR space with its Apple Vision Pro headset.
META stock is up 1.9% while ESLOY stock is up 1.5% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
