EssilorLuxottica announced on Tuesday that it had reached an agreement to extend its collaboration with Meta Platforms on the creation of smart glasses with a new long-term contract that will carry both businesses into the upcoming 10 years.

The incredible work that EssilorLuxottica has done with Meta, which is still in its early stages, has already proven to be a key turning point towards their objective of rendering Meta Smart glasses the entrance to the connected world, according to CEO Francesco Milleri of the firm.

The press release made no mention of Meta possibly buying stock in the eyeglass manufacturer. In July, the CEO of EssilorLuxottica disclosed that he received notification from the IT behemoth that it was considering investing in the business. Previous reports from The Wall Street Journal said that talks between the two companies focused on Meta obtaining a five percent stake in the Franco-Italian group. Since 2019, EssilorLuxottica and Meta have collaborated in an AR glasses partnership to develop two iterations of smart glasses bearing the Ray-Ban trademark.

The most recent iteration of the EssilorLuxottica glasses, released in late 2023, has sold more units in a matter of months than the previous iteration did in two years, despite the fact that the original generation's launch was met with limited customer acceptance. Customers wearing Ray-Ban Meta smart glasses may take pictures, listen to music, and make phone calls with a single button pressed on top of the right temple of the spectacles. In May, a multimodal AI feature was also introduced for consumers in the US and Canada exclusively.

In a statement, CEO of Meta Mark Zuckerberg expressed his excitement about their long-term strategy and his pride in the work they have done with EssilorLuxottica thus far. They have the chance to make spectacles the newest big thing in technology while still making them stylish. Tuesday's closing price decrease for EssilorLuxottica's stock was 1.2 percent.