Benetton, Del Vecchio, Marzotto: The malaise of the large entrepreneurial families of the Northeast

A few years ago, in our Veneto, three large companies operated, the Marzotto originated in the mid-nineteenth century, and two other companies, Luxottica e Benetton, recently founded, which have demonstrated an exceptional ability to innovate their products by operating in increasingly larger markets.

Il malaise to live with many family Those who express different ideas, who often fuel mutual aversions, who are also affected by the presence of newcomers following marriages or cohabitations are characteristic aspects of the enterprise. We must not forget that all this corporate humanity must reckon with existing wealth and the natural risks that the enterprise itself faces as it evolves.

Marzotto, from the dream of a major Italian sports club to a family rift

Marzotto is an ancient example of this. Pietro Marzotto, a highly skilled entrepreneur, had succeeded his father by initiating a profound transformation of the manufacturing industry, innovating products and markets, giving a strong push to technological and process innovation, and strengthening the capital and financial structure. At the end of the 1980s, the company valdagno, now among the largest global groups in the sector textile-clothing, undertakes a development process at European level.

La failed merger between gemina and Marzotto, announced in March 1997, became one of the most sensational failed mega-transactions in the history of Italian finance and industry. The plan envisioned the creation of an integrated manufacturing and financial giant. Through the merger with the holding company Gemina, Marzotto would have absorbed highly valuable assets such as Textile Financial Group (Gft), the Fila, the share in Burgo Paper Mills e RcsHowever, the operation abruptly fails as differences of opinion and conflicting forces arise within the family. After a few years, Pietro Marzotto leaves the Group, which is dissolving, while the family finds different paths.

Leonardo Del Vecchio: Building an empire and handing it over to the future, but there's open warfare among his heirs.

Leonardo DelVecchio He was an exceptional entrepreneur. He started out as a craftsman in the eyeglass frame sector. From a manufacturer of eyeglass parts to the finished product, he valorized it, no longer a medical prosthesis, but a fashion product, aiming to seek direct contact with the customer, first by bypassing the wholesaler and then by acquiring retail chains around the world, until entering the sunglasses sector (Ray-Ban) to balance the company's offering with a product that changes more frequently and has a more affordable price.

To clarify, Del Vecchio has always cultivated a community-based vision of the company, in the belief that the company is founded on those who work there, be they managers, technicians, or workers.

Before his death he managed to merge his company Luxottica with Essilor, thus creating a group with a turnover of 25 billion euros and approximately 190 thousand employees.

Leonardo Del Vecchio, until his passing in 2022, demonstrated uncommon vitality and energy. He was involved in two issues: identifying the right manager-entrepreneur to lead the group and developing a generational transition model, suitable for limit conflicts between heirsWhile the first goal is achieved, the peace between the heirs turns into open war. The legacy is enclosed in society. Dolphin which, in addition to 32,5% of Essilor Luxottica, owns 10% of Generali, the 2,7% of Unicredit, the 17,5% of Ps and 26% of Covivio - real estate company.

Delfin, Del Vecchio's great fortune comes to a close

- there are eight heirs, each holding a 12,5% ​​share of Delfin, which corresponds to a net worth of 3,75 billion for each. The latter includes his last wife Nicoletta Zampillo; the three children born from his first marriage with Luciana Nervo: Claudio, Marisa e Paola; the only child born from his marriage to Nicoletta Zampillo: Leonardo Maria; the two children born from the relationship with his ex-partner Sabina Grossi: Luca e clement and, finally, the wife's son from her first marriage: Rocco Basil.

The goal, sought by founder Leonardo Del Vecchio, was not achieved because some of his heirs requested the right to dispose of the capital received. All the other heirs also agreed to this request. Thus, with the help of skilled lawyers, a "financial box" was created with its own bylaws, allowing the company to pledge its shares to banks as collateral or even sell them to third parties.

Benetton: a planned separation to safeguard continuity

Compared to the first two companies, Benetton discusses the issue of potential shareholder abandonment and develops an appropriate methodology.

Following the 2022 change to the Articles of Association, a single timeframe was established: exit, exercisable between July and November 2026 "to allow those interested in liquidating their shares to carry out their exit, but according to pre-established mechanisms and procedures." These terms were written so as not to jeopardize the industrial continuity established by the new course, with Alessandro Benetton executive chairman and Henry Lakes name.

Of the four branches of the Venetian dynasty only the one that belongs to the second generation Giuliana Benetton, could exercise his right to leave by October, while the other three have confirmed their commitment to move forward together. The choice of branch Evolution, Giuliana and her four children, “is not connected with the strategy and results of Edizione, but rather by the will of the four brothers to start their own entrepreneurial journey”.

For the branch that leaves, a path is already defined in 2022, while for the governance The same applies where the Benetton family only holds stakes in strategic companies. Regarding the values ​​of the spin-off, the family is inclined to apply the values ​​from the latest available financial statements, the 2025 one.

As you can see, we are witnessing a peaceful and collaborative separation.