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EssilorLuxottica Open to Meta as Shareholder, Says CEO Francesco Milleri

By  |  July 25, 2024

In a recent post-earnings call, Francesco Milleri, the CEO of EssilorLuxottica, expressed openness to welcoming Meta as a shareholder. This statement follows media reports indicating that the U.S. tech giant plans to acquire a small stake in the renowned eyewear group.

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    According to a report by Reuters, Milleri revealed that he had been informed about Meta’s potential investment. However, he clarified that EssilorLuxottica, the maker of iconic Ray-Ban glasses, does not intend to initiate a capital increase to facilitate Meta’s entry as a shareholder. “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 told analysts. He emphasized that any acquisition of shares by Meta would need to be conducted through the market.

    Read more: Breaching Merger Remedies May be an Abuse of Dominance: Turkish Competition Authority’s EssilorLuxottica Decision

    The existing partnership between EssilorLuxottica and Meta focuses on the development of smart glasses, a collaboration that Milleri described as “really strong” and projected to be long-term. This alliance underscores the potential for further integration and shared innovation between the two companies.

    EssilorLuxottica, a global leader in the design, manufacture, and distribution of ophthalmic lenses, optical equipment, and eyewear, continues to expand its technological capabilities through strategic partnerships. Meta’s potential stake could further enhance this trajectory, leveraging both companies’ expertise in their respective fields.

    Source: Reuters