The multi-billionaire Leonardo Del Vecchio died at the age of 87.
Leonardo Del Vecchio, founder of the eyewear group Luxottica and largest single shareholder of EssilorLuxottica, is dead. The multi-billionaire died at the age of 87 as a result of pneumonia, the group announced on Monday.
With a fortune of more than 27 billion euros, Del Vecchio was the second richest person in Italy. He grew up in an orphanage and built up an eyewear empire, including the sunglasses brand Ray-Ban. Compatriot and EU Economic Commissioner Paolo Gentiloni praised Del Vecchio on Twitter as a “great Italian”.
Born in 1935 from a poor family, Del Vecchio was placed in an orphanage and began working at the age of 14. He started out as a worker in a small eyewear factory. In 1961 he founded his own company Luxottica, which initially produced parts and accessories for optics manufacturers. In 1971, Luxottica presented its first own eyewear models, and in 1974 it began supplying the retail trade.
Until recently on the board of directors
In 1990, Luxottica was so successful that the company went public in New York. Del Vecchio signed licensing agreements with important fashion houses such as Chanel, Prada and Versace and bought the Ray-Ban brand. In 2017, Luxottica merged with the French eyeglass lens manufacturer Essilor. Until the very end, Del Vecchio sat on the board of directors of his company.
For his 80th birthday, he gave the employees shares worth nine million euros. They are “the true makers of the success of our company,” he explained.
The death of the billionaire also has an impact on the Italian stock market. The shares of the bank Mediobanca and the insurer Generali fell by around three percent each on the Milan stock exchange on Monday. Investors feared that the holdings would now be put up for sale, said a broker. EssilorLuxottica shares also fell by one percent in the morning.
Who is Leonardo Del Vecchio
Del Vecchio was the founder and chairman of the Italian company Luxottica and the largest single shareholder of EssilorLuxottica. According to Forbes, he was the richest Italian after the death of Michele Ferrero. He grew up without a father in an orphanage.
Leonardo Del Vecchio was a multi-billionaire. According to the Forbes 2022 list, his net worth was approximately $27.3 billion. This put Leonardo Del Vecchio at number 40 on the Forbes list of the richest people in the world. He owned 13% of the Luxembourg airline Luxair through his financial holding company Delfin Finance and is the largest shareholder of the real estate investment company Covivio with 25.1%.
Del Vecchio was married and had four children.
