Shares of EssilorLuxottica increase following news that Meta purchased a 3% stake
Following the announcement that Meta Platforms had purchased a nearly 3% investment in the French-Italian firm, shares of EssilorLuxottica, the manufacturer of Ray-Ban sunglasses, increased on Wednesday.
The Paris-listed shares had the largest gain in the pan-European STOXX 600 index, rising 5.4% to 252 euros at 09:25 GMT.
According to a source on Tuesday, Meta, Facebook’s parent company and a partner in the business’s smart glasses production, purchased a nearly 3% investment in the eyewear manufacturer.
Bloomberg reported that Meta acquired an approximately €3 billion ($3.5 billion) stake in EssilorLuxottica and is considering further investments that could increase its stake to approximately 5% over time.
“The investment should be interpreted as a vote of confidence in EssilorLuxottica in the smart glasses market,” Bernstein analysts said.
