Ray-Ban parent EssilorLuxottica up as Meta reportedly takes 3% stake

Shares in glasses manufacturer EssilorLuxottica ESLX.PA rise 4.9% after a source told Reuters that Meta Platforms META.O has bought around 3% in the Ray-Ban parent

Meta bought a stake worth about 3 billion euros ($3.5 billion) in EssilorLuxottica at the current market price and is considering further investments that could build its share to about 5% over time, Bloomberg News reported earlier on Tuesday

The two companies are already collaborating with the sale of Ray-Ban Meta smart glasses, launched in 2023

"The investment should be read as a vote of confidence in EssilorLuxottica in the smart-glasses opportunity," Bernstein analysts say in a note

Bernstein adds it further supports EssilorLuxottica as a trusted manufacturing partner

Shares in EssilorLuxottica are on track for their best day since February 13 if the gains hold

($1 = 0.8538 euros)