Nikon Corp. shares jumped as much as 21% following media reports that EssilorLuxottica, the manufacturer of Ray-Ban eyewear, is considering increasing its stake in the Japanese company.

According to sources familiar with the matter, EssilorLuxottica is exploring a potential transaction to raise its shareholding in Nikon Corp. from approximately 9% to around 20%.

Nikon Corp. and EssilorLuxottica have maintained a joint venture eyewear business since 2000.