AsianFin -- Meta Platforms Inc. (META) has acquired a minority stake in EssilorLuxottica SA (EL.PA), the world’s largest eyewear maker, as it doubles down on its push into smart glasses, according to people with knowledge of the matter.

The Facebook parent purchased just under 3% of the Ray-Ban maker, a stake valued at roughly €3 billion ($3.5 billion) based on current market prices, said the people, who requested anonymity as the discussions are private.

Meta, headquartered in Menlo Park, California, is also weighing a further increase in its stake to around 5% over time, the people said, though the plans remain subject to change.