Leonardo Maria Del Vecchio Seeks to Tighten His Grip on Delfin, Main Shareholder of EssilorLuxottica
The succession of Leonardo Del Vecchio, the Italian billionaire who passed away in 2022, continues to fuel family tensions around Delfin, the Luxembourg-based holding company that holds major stakes in EssilorLuxottica and Banca Monte dei Paschi di Siena, according to the Financial Times.
Leonardo Maria Del Vecchio, the son of the late patriarch, is reportedly close to reaching a deal to buy out the shares of two of his siblings, Luca and Paola, he told the British business daily in an interview. The deal would raise his stake to 37.5% of Delfin, making him the principal shareholder and allowing him to break the deadlock that has paralyzed the group’s decision-making and delayed dividend payments.
The buyout would be financed through a leveraged buyout backed by several banks, to be repaid using Delfin’s dividends. Leonardo Maria Del Vecchio aims to preserve the strategic stake in EssilorLuxottica (31.9% of the capital), which he describes as the “jewel” of the holding. Meanwhile, family disputes continue: two heirs have taken legal action in Luxembourg to set the price of their shares, while Leonardo Maria is also contesting the transfer of part of his mother’s stake to his half-brother. Nevertheless, he says he wants to prioritize reaching an agreement and stabilizing his father’s legacy.
EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Formed in 2018, the company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux® and Transitions®, and world-class retail brands including Sunglass Hut and LensCrafters are part of the EssilorLuxottica family.
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