Meta, the parent company of Facebook, owns at least a 3% stake in EssilorLuxottica, the maker of Ray-Ban glasses. The investment could potentially rise to 5%, according to a board director. Meta’s partnership with EssilorLuxottica on Ray-Ban Meta AI-powered glasses has boosted sales for the eyewear company.

Despite Meta’s stake, they are not seeking a seat on EssilorLuxottica’s board. The Ray-Ban Meta glasses, which offer features like photo-taking and AI assistance, have seen success in the market. However, competition is growing with tech giants like Google and Apple entering the smart glasses market.

The collaboration between Meta and EssilorLuxottica has been beneficial for both companies, with the potential for further growth in their partnership. The exact details of Meta’s stake in EssilorLuxottica have not been officially confirmed by either company. The future of smart glasses technology remains competitive with other tech giants entering the market.

Read more at Yahoo Finance: Meta stake in Ray-Ban maker EssilorLuxottica ‘at least 3%’, board director says