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Google is trying to steal the Ray-Ban partnership from Meta

Jul 20, 2024 - news.bensbites.com
Meta is reportedly in advanced negotiations to acquire approximately 5% of EssilorLuxottica, a European eyewear conglomerate valued at €88 billion. The company has previously collaborated with Meta on two generations of Ray-Ban smart glasses. However, Google has also expressed interest in partnering with EssilorLuxottica, potentially integrating its Gemini AI assistant into future smart glasses.

Despite the interest from tech giants, EssilorLuxottica's financial performance has been underwhelming, with its stock price only increasing by about 7% in the past year. This is due to a combination of global inflation and higher costs negatively impacting the company's profit margins. The potential investment from Meta, led by Mark Zuckerberg, could be a strategic move to secure a high-profile partnership amidst competition.

Key takeaways:

  • Meta is in advanced negotiations to buy approximately 5 percent of EssilorLuxottica, a European eyewear conglomerate.
  • Google has also shown interest in EssilorLuxottica, with plans to integrate its Gemini AI assistant in future smart glasses.
  • This competition could be driving the large investment that Meta's Mark Zuckerberg is preparing to make.
  • Despite being a fashion and retail conglomerate, EssilorLuxottica has been struggling with global inflation and higher costs, which have been impacting its profit margin.
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