EssilorLuxottica, which owns Ray-Ban and other eyewear companies, has entered a long-term partnership with Meta to develop more smart glasses.

EssilorLuxottica extends its smart glasses partnership with Meta by 10 years. 'We have the opportunity to turn glasses into the next major technology platform,' Mark Zuckerberg says.

EssilorLuxottica said on Tuesday it had extended its partnership with Meta Platforms by agreeing a 10-year deal to continue developing smart eyewear. "The incredible work we've done with Meta, still in its early stages,

While financial details of the deal remain undisclosed, there were previous reports that suggested Meta might buy a 5 percent stake in EssilorLuxottica. However, the official announcement did not mention that kind of investment.

Meta and eyewear conglomerate EssilorLuxottica plan to work together on smart glasses “into the next decade.” The two announced a long-term agreement today to extend a partnership that started in 2019 and has yielded two generations of Ray-Ban smart glasses.

Meta Platforms and Ray-Ban maker EssilorLuxottica announced Tuesday that they've extended their partnership with plans to "collaborate into the next decade to develop multi-generational smart eyewear products.