Tag: $EssilorLuxottica

Armani is poised to kick off formal talks with the three potential investors anointed in the will of Giorgio Armani as it thrashes out a new strategy without the designer who kept an iron grip on the business for fifty years.

The boss of EssilorLuxottica has overhauled the eyewear group’s senior management after a bitter public clash with its founder’s son and as the company steps up its push into North America.

Meta Platforms launched two new Ray-Ban prescription smart ​glasses on Tuesday, expanding ‌its offerings in an area that has become one of ​the few breakthrough ​successes in the race for ⁠artificial intelligence-powered gadgets.

EssilorLuxottica’s more than tripled its Meta artificial intelligence glasses sales last year, the Ray-Ban maker said on Wednesday in its fourth-quarter results.

 Facebook-owner Meta (META.O), holds at least a 3% stake in EssilorLuxottica (ESLX.PA), a board director at the European firm behind Ray-Ban glasses said on Tuesday.

Armani representatives have approached potential buyers over a minority stake in the renowned Italian fashion group, three sources told Reuters, starting a de facto auction, for a slice of one of the world’s best-known fashion empires weeks after the designer’s death.

The extremely bullish growth forecasts for this market, estimated to be worth $166 billion by 2030, explains why last month Meta reportedly took a 3% stake in EssilorLuxottica, with an option to up it to 5%.

Eyewear giant EssilorLuxottica has agreed to buy US streetwear brand Supreme for $1.5bn, expanding its brand portfolio beyond eyewear and lenses for the first time.