MILAN – On Thursday, the head of eyewear company EssilorLuxottica said Meta Platforms (NASDAQ: META) had informed him that it might take a stake in the company, adding that he would welcome such a step.
The comments from CEO Francesco Milleri follow media reports last week that Meta could invest in the Ray-Ban maker. The Wall Street Journal said the two companies had discussed Meta Platforms (NASDAQ: META) taking a 5% stake in the Franco-Italian group.
“We are informed of this kind of intention,” Milleri told analysts in an earnings call, adding that such interest was welcome.
“We are proud that the company that know us very well now after years of partnership is convinced that our company, our group, can grow,” Milleri said.
“We have no plan for a capital increase dedicated to Meta,” he added, saying any share purchase would have to be made on the market. EssilorLuxottica has a market capitalization of around 88 billion euros ($95 billion), according to LSEG data.
The two groups already have a partnership for smart glasses and Milleri said the relationship was really strong and it would be a long-term one.
Milleri said earlier in July that the new generation of Ray-Ban Meta smart glasses had sold more in a few months than the old ones in two years. The smart glasses went on the market last October, allowing users to livestream directly from them to followers on Facebook and Instagram.
($1 = 0.9221 euros)
(Source: Reuters)
Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies.
