Meta Platforms has reportedly invested approximately €3bn ($3.5bn) to acquire a minority stake in eyewear manufacturer EssilorLuxottica. The move underscores Meta’s increasing commitment to the smart glasses market, Bloomberg reported citing sources familiar with the deal.

The acquisition involves just under 3% of EssilorLuxottica, which is known for its Ray-Ban brand.

Meta is contemplating additional investments that could increase its stake to around 5%. However, these plans remain subject to change, the sources indicated.

Both Meta and EssilorLuxottica representatives have declined to comment on the transaction.

However, this investment further strengthens the collaboration between Meta and EssilorLuxottica, which have been working together for several years on developing AI-enabled smart glasses.

Meta has been marketing Ray-Ban glasses equipped with built-in cameras and an AI assistant since their initial launch in 2021.

Recently, Meta also introduced Oakley-branded AI-powered smart glasses.

The deal aligns with Meta CEO Mark Zuckerberg’s strategic focus on AI. Smart glasses are integral to Meta’s vision of creating its own hardware, thereby reducing reliance on third-party smartphones for app and service delivery.

For EssilorLuxottica, the partnership with Meta offers an opportunity to strengthen its foothold in the tech industry, potentially benefiting from Meta’s long-term innovations.

Meta is also betting on a future where individuals use headsets or glasses for work and entertainment.

Recently, Meta announced the creation of a new division named Meta Superintelligence Labs (MSL) to unify its AI initiatives. The company has also poached Ruoming Pang, Apple’s leading executive in charge of AI models, to enhance its AI capabilities.