Leonardo Del Vecchio
Leonardo Del Vecchio | |
|---|---|
| Born | Template:Birth date Milan, Italy |
| Died | June 27, 2022 (aged 87) Segrate, Italy |
| Occupation(s) | Entrepreneur, businessman |
| Known for | Founder and chairman of Luxottica |
Leonardo Del Vecchio (22 May 1935 – 27 June 2022) was an Italian billionaire entrepreneur, best known as the founder and chairman of Luxottica, the leading global manufacturer and retailer of eyewear and frames. The company employed 77,734 people and operated more than 8,000 outlets worldwide. At the time of his passing, his fortune was valued at approximately US$24.1 billion, ranking him as Italy's second wealthiest individual and 54th richest person internationally.
Life and career
Originating from a modest family in Barletta, Del Vecchio was born in Milan and lost his father before birth, spending his early years in an orphanage. He started his professional journey as an apprentice in tool and die making in Milan, later applying his expertise to producing components for eyeglasses. In 1961, he relocated to Agordo, a hub for Italy’s eyewear industry, where he established Luxottica s.a.s.
By 1967, Luxottica began marketing spectacle frame components under its own brand name, transitioning solely to manufacturing complete frames by 1971. In 1974, Del Vecchio expanded by acquiring Scarrone, a distribution company. His international growth included launching a German branch in 1981 and securing a licensing agreement with designer Giorgio Armani in 1988.
Luxottica went public on the New York Stock Exchange in 1990 and later listed on the Milan Stock Exchange in 2000, becoming part of the MIB-30 index by 2003. This public status enabled a series of acquisitions such as Vogue (1990), Persol, US Shoe Corporation (owner of LensCrafters) in 1995, Ray-Ban in 1999, and Sunglass Hut in 2001. The company further expanded its retail presence by acquiring Sydney-based OPSM (2003), Pearle Vision (2004), Surfeyes (2006), Cole National (2004), and completed a $2.1 billion purchase of Oakley in 2007.
In addition to his eyewear ventures, Del Vecchio possessed a substantial 10% shareholding in the Italian investment bank Mediobanca.
Delfin S.à r.l., the financial holding entity controlled by Leonardo Del Vecchio, maintained significant ownership stakes including:
- A controlling interest of 61.90% in Luxottica and a 38.4% share in EssilorLuxottica, the entity formed through the merger of Luxottica with French company Essilor;
- A 28% stake in Covivio, a French real estate management firm;
- Ownership of 13% in Luxembourg's airline Luxair;
- Nearly one-fifth (19.8%) of shares in Italian investment bank Mediobanca;
- A 9.77% holding in Italy’s largest insurer, Assicurazioni Generali.
Personal life
Del Vecchio was married three times and fathered six children while living in Milan. His first marriage resulted in one son, Claudio Del Vecchio, along with two daughters named Marisa and Paola. From his second marriage came a son named Leonardo Maria; his third marriage produced two sons, Luca and Clemente. He later remarried his second wife in 2010.
Death
On 27 June 2022, at age 87, Del Vecchio passed away due to pneumonia at San Raffaele Hospital located in Segrate, near Milan. Following his death, EssilorLuxottica announced the news and stated that its board would meet to discuss subsequent plans.