Ray-Ban boosted by report that Meta is eyeing $5bn investment

Facebook and Instagram owner Meta Platforms (NASDAQ:META) is eyeing an investment in Ray-Ban parent company EssilorLuxottica, the company behind Ray-Ban glasses.

It follows the successful collaboration between Meta and Ray-Ban which created ‘smart’ sunglasses that integrate cameras, microphones and mini-speakers.

The smart glasses reportedly surpassed expectations for Meta’s hardware business, which also includes the Quest VR headsets.

According to media reports, Meta is negotiating to purchase around a 5% stake in the eyewear group which could be worth some $5 billion. In Europe, EssilorLuxottica shares surged close to 7% on the news on Thursday.