From a Milanese orphanage to the pinnacle of the global luxury industry, the Del Vecchio family embodies one of Italy’s most spectacular industrial sagas. Behind the global success of Luxottica—now EssilorLuxottica—stands a visionary patriarch : Leonardo Del Vecchio.
Leonardo Del Vecchio initially had nothing in common with the luxury magnate he would become. His father died before he was born; his mother, unable to raise her children alone, placed him in an orphanage. He then became an apprentice at a very young age in a metal tool factory in Milan before conquering a vast market: that of eyewear.
The invisible king of eyewear
In 1961, at the age of just 26, he founded the company Luxottica in Agordo, in the heart of Italy’s optics region. Leonardo Del Vecchio understood before anyone else that eyeglasses were no longer merely a medical necessity, but a fashion accessory and a symbol of social status.
Over the decades, Leonardo Del Vecchio built a vertically integrated empire unique in the luxury industry: he controlled manufacturing, distribution, and the brands. Under his leadership, Luxottica acquired or operated brands such as Ray-Ban and Oakley while signing licensing agreements with the world’s leading international fashion houses. The company also acquired retail chains and gradually established itself as the global leader in the sector.
In 2017, the merger with the French group Essilor gave rise to the giant we know today as EssilorLuxottica. The deal propelled Del Vecchio into a new realm: that of Europe’s great capitalist dynasties. At his death in 2022, his personal fortune was estimated at over $25 billion, and he ranked among Italy’s wealthiest men.
The new Del Vecchio war
Leonardo Del Vecchio was married three times and had six children: Claudio, Paola, Marisa, Leonardo Maria, Luca, and Clemente. Each inherits a share of the Delfin family holding company, a Luxembourg-based entity that controls EssilorLuxottica as well as strategic stakes in European banking, insurance, and real estate.
Among the heirs, several figures are gradually emerging : Claudio Del Vecchio, the eldest, has long kept his distance from the eyewear empire. Based in the United States, he has developed his own ventures in men’s fashion, notably around the Brooks Brothers brand.
Leonardo Maria Del Vecchio, meanwhile, now appears to be the most influential heir: he holds strategic positions at EssilorLuxottica and chairs Ray-Ban, among other roles. For several years, he has been attempting to consolidate family control around himself, amid a context marked by succession tensions.
Indeed, since the patriarch’s passing four years ago, internal rivalries have intensified : the Delfin holding company has become the scene of a power struggle among the heirs. Disagreements have long blocked certain strategic decisions and even the payment of dividends.
In April 2026, Leonardo Maria Del Vecchio took a decisive step by negotiating the buyout of the shares held by his brother Luca and his sister Paola. The deal, valued at several billion euros, could make him the clan’s dominant shareholder with nearly 37.5% of Delfin’s capital. This restructuring is seen as an attempt to restore strong governance centered on a single heir.
An influence that extends far beyond eyewear
The Del Vecchio family’s power has long since transcended the world of optics. Through Delfin, the family clan holds major stakes in several Italian and European financial institutions : Mediobanca, a historic player in Italian finance ; the insurer Generali ; Covivio ; as well as UniCredit and Monte dei Paschi di Siena. A highly influential portfolio of investments, now worth tens of billions of euros !
It was particularly its gradual acquisition of stakes in Mediobanca and then Generali that upended the historical balance of Italian finance, to the point of sparking several spectacular clashes with the leaders of the country’s major banks.
As recently as 2025, the family-owned holding company was actively involved in the tensions surrounding Generali, Mediobanca, and Monte dei Paschi, amid a restructuring of the Italian banking landscape supported by the government of Giorgia Meloni.
Read also : The Al Thani Family: Qatari Power on a Quest to Conquer the World
Featured photo : © Fondation Leonardo Del Vecchio
