Leonardo Del Vecchio, the Italian who rose from childhood poverty to build the eyewear empire that owns brands such as Ray-Ban and Oakley, has died at the age of 87, his company announced on Monday (27).
Del Vecchio added a touch of Italian style to the glasses and became one of the richest men in Europe, investing part of his fortune in stakes in Italian financial group Mediobanca and Generali insurance company.
The billionaire founded the Luxottica company in 1961, initially to supply eyewear parts, and remained chairman and main shareholder of the world’s largest eyewear group after joining forces with France’s Essilor in 2018.
Designer Giorgio Armani was one of those paying tribute to Del Vecchio, with whom he has worked since the 1980s.
“Together, we invented a phenomenon that didn’t exist: we immediately realized that eyewear, from simple functional objects, would become indispensable fashion accessories,” said Armani.
Del Vecchio’s “poverty to riches” story, who was raised partially in an orphanage, reflected Italy’s own recovery after World War II.
“A leading figure in Italian business for more than 60 years, Del Vecchio created one of the country’s largest companies from humble beginnings,” said Prime Minister Mario Draghi, calling the businessman “a great Italian.”
Italian media said Del Vecchio died at the San Raffaele hospital in Milan after being admitted with pneumonia.
He remained an active and influential figure in Italian business, and his death came as a shock.
“EssilorLuxottica announces today that its chairman has passed away,” the group said in a statement, adding that the board would meet to “determine next steps.”
He remained chief executive of EssilorLuxottica until December 2020, when he handed over the day-to-day running of the company to Chief Executive Francesco Milleri, a former ally.
Del Vecchio’s influence extended beyond his own business, and by the end of 2021 he was the second richest man in Italy, behind Giovanni Ferrero of the group that makes Nutella, according to Forbes magazine.
His death raises questions about what will become of his 32% stake in EssilorLuxottica and other investments. He had six children, but no publicly designated heir.
Its holding company Delfin is the largest shareholder in Italian financial services group Mediobanca and has a stake of just under 10% in Italy’s largest insurance company, Generali. It also owns around 27% of the real estate company Covivio, listed in Paris and Milan.
Translated by Luiz Roberto M. Gonçalves
I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
