EssilorLuxottica surges 7% as Meta explores multi-billion investment in company 📈

According to Financial Times, the owner of a popular eye-glasses brand Ray Ban, Paris-based EssilorLuxottica (EL.FR) may have a deal with American media and technology giant, Meta Platforms (META.US).

• EssilorLuxottica stock gains almost 7% after media reported that Meta explores possible multi-billion euro investment in the French company. Investors can't be sure, but it's possible that Meta, which is still interested in and invest in so-called Metaverse trend, would like to implement AR (augmented reality) technology in 'smart glasses' Ray Ban's.
• The US company is considering 'a small stake' in the Franco-Italian group, according to multiple FT sources, This week, EssilorLuxottica also took an 80% stake in Heidelberg Engineering, a company specialising in eye surgery technologies. It's' probable that any deal with Meta may help Essilor increase smart glasses sales.

Source: xStation5