EssilorLuxottica Board Member Confirms Meta Holds At Least 3% Stake
A board member for EssilorLuxottica, the prominent French-Italian eyewear giant, confirmed on Tuesday that Meta holds a stake of at least 3% in the group. This revelation provides concrete details regarding a financial relationship between the two companies that had previously only been speculated upon in media reports. EssilorLuxottica owns a portfolio of popular brands, including Ray-Ban, with which Meta has established a deep collaborative partnership.
While reports about Meta's investment in EssilorLuxottica had circulated for some time, neither company had officially confirmed the stake until now. The disclosure was made by José Gonzalo, executive director of the French public investment bank Bpifrance and a member of the EssilorLuxottica board. Gonzalo specified that Meta holds "at least 3%" of the group. He also indicated that this figure could potentially increase, noting that while the stake could rise up to 5%, it is more probable that it will stay closer to the lower bound of the 3-5% range. Gonzalo added that "Nothing is stopping [Meta] from growing [its stake]."
The financial relationship between the two entities underpins their technological collaboration on the Ray-Ban Meta connected glasses. When contacted for comment on the matter, Meta declined to respond for the time being. EssilorLuxottica was also unavailable for comment. Gonzalo also clarified that despite holding a significant stake, Meta is not currently seeking representation on EssilorLuxottica's board. He stated, "They aren’t on the board, and haven't asked to be represented on it."
