Media outlets report that Meta Platforms has purchased a minority stake (just under 3%) in EssilorLuxottica, its longtime collaborator on multi-generational smart eyewear products.
Exactly how much is this stake’s estimated worth?
Per those reports: Around $3.51 billion ( in U.S. dollars), purchased at the current market price.
And take note: Meta is also apparently considering expanding its investment in the French-Italian eyewear corporation to 5%, according to Bloomberg (whose sourcing on this was noted as “unnamed sources familiar with the matter”).
Oh wow! And how has the news impacted Essilor’s stock?
When the news of this (apparent) purchase hit last Tuesday (July 9), the global industry leader in eyewear and contact lenses’ shares rose up to 5.8%.
And as of July 14: Its market capitalization (cap) stands at $130.16 billion.
- Translation: This refers to the total dollar market value (which is constantly changing) of a publicly-traded company’s outstanding stock shares—and is often used to indicate a company's size and worth (financial performance) against its peers.
So … why make this investment?
Meta already has an established collaboration with Essilor.
In fact, the two companies first launched a partnership back in 2019 to develop two generations of Ray-Ban Meta smart glasses, first in 2021 and then in 2023.
The most recent iteration features customizable frames and lenses, as well as:
- Meta AI (artificial intelligence)
- An AI-based chatbot and application that understands context and provides relevant answers to queries, offers personalized recommendations, and generates images
- Improved 12 MP camera
- Enhanced open-ear audio
- Voice command-enabled calling and messaging
- Touch control
And in 2024: The duo extended that partnership with a new long-term agreement to collaborate on developing multi-generational smart eyewear products.
Didn’t they also just release launch plans for more smart glasses?
Indeed they did. Essilor and Meta announced last month that—following the success of their first two smart glasses—the companies are developing a new category of performance AI glasses: Oakley Meta HSTN Ltd.
Specifically: These will incorporate Meta’s AI technology with Essilor’s Oakley brand of frames (sunglasses and prescription-based lenses)—famously designed for sports performance as well as apparel and accessories.
- Notably: Oakley frames feature Prizm lens technology, which is tailored to active situations and built to perform in demanding environments to improve vision in any light condition.
Talk more about this lens technology.
Prizm lenses target and refine individual wavelengths of color; block ultraviolet (UV) rays; and provide better visual acuity (VA) for wearers by filtering out light that washes out and hinders vision while increasing certain wavelength light to improve contrast and minimize eye fatigue.
- Plus: The lenses feature smudge-proof coating as well as anti-fog and scratch-resistant treatments.
Their composition: Involves a “specially chosen dye” mixed with plutonite (Oakley’s patented polycarbonate material) and injection-molded to their lens shape.
Now back to this new Oakley Meta HSTN Ltd.
The Oakley Meta HSTN collection features six frame and lens color combinations (with prescription-based compatibility).
Take note: A Limited Edition version of these glasses is currently available for pre-order (starting at $499).
So what do these performance AI glasses offer wearers?
The Limited Edition glasses target athlete wearers and feature gold accents (to celebrate the Oakley brand’s 50th anniversary).
Also included:
- “24K gold Prizm polarized lenses" that utilize color tuning to enhance contrast and detail—“revealing visual cues … difficult to see with traditional lenses.”
- With a built-in camera, wearers can capture photos or videos—and even send a message—using on-touch control or hands-free voice commands via Meta AI embedded in the frames
- Immersive audio via built-in (open-air) personal speakers and 8 hours of battery power use (with a 50% charge in 20 minutes)
Nice! And when will the other versions be available for ordering?
The remainder of the collection is expected to be available for ordering by “later this summer” in the United States, Canada, and select international markets (starting at $399).
And as a bonus: Reports also indicate that the companies plan to release AI-based smart glasses under Essilor’s Prada brand in the future.