Meta Platforms is reportedly considering an investment worth billions for a stake in eyewear company EssilorLuxottica, building on the pair’s existing partnership and deepening its push in the smart glasses segment.

Financial Times (FT) reported, citing sources, Meta Platforms CEO Mark Zuckerberg is looking at taking a small stake in Italy-based EssilorLuxottica, which is valued at €87 billion.

Meta Platforms has recently been holding talks with the company to strengthen an existing collaboration, which has led to the launch Ray-Ban Meta smart glasses, the latest of which was unveiled in October 2023.

The two companies struck a partnership in 2020 pledging to work together to develop eyewear which include AR features, launching their first product a year later.

FT reported EssilorLuxottica CEO Francesco Milleri said at an event this week the latest generation of the device has sold better than older versions.

The newest product allows users to livestream what they see directly to Instagram and Facebook, and in the US it is integrated with Meta’s AI system.

Buying a stake in the Ray-Ban parent would further boost Zuckerberg’s push into the wearable technology market. The company has already invested heavily in creating VR headsets.

In an earnings announcement in April, Zuckerberg said its outlook for smart glasses had improved and it was a big focus area within its AR and VR unit Reality Labs.