Ray-Ban maker shares hits all-time high as investors bet on Meta AI glasses boom

Glasses manufactured by EssilorLuxottica, stand on display in their exhibition space at SILMO in Villepinte, near Paris, France September 24, 2022. REUTERS/Benoit Tessier

(Reuters) -Shares in Ray-Ban maker EssilorLuxottica rose 14% to hit an all-time high on Friday, adding nearly $20 billion in market value as investor enthusiasm for its AI-powered Ray-Ban Meta glasses gathered momentum.

The Paris-listed group, founded by late Italian entrepreneur Leonardo Del Vecchio and a possible contender in the race to buy fashion group Armani, reported on Thursday third-quarter sales growth of 11.7% from a year ago to 6.9 billion euros ($8.1 billion).