È Leonardo Del Vecchio died. The founder of Luxottica and executive chairman of the multinational company EssilorLuxottica, the world giant of lenses and eyeglass frames, was 87 years old on May 22nd. He had been hospitalized at San Raffaele in Milan for a few days due to pneumonia and where he passed away this morning, Monday 27 June.
The Milanese entrepreneur was one of richest men in Italy. His wealth has been valued by Forbes magazine at approximately $27,3 billion (as of April 10, 2022) making him the second richest man in Italy and the 62nd in the world. In 1986 he was awarded the honor of Cavaliere del Lavoro. Major shareholder of Mediobanca need Generali, three degrees and two honorary masters, he built an economic empire starting from the Belluno area and now recognized throughout the world. Now the trustee is leaving the head of the 65 billion capitalization giant Francesco Milleri. His succession, widely prepared, between his children Claudio, Paola (from his first marriage with Luciana Nervo), Leonardo Maria (from his wife Nicoletta Zampillo who remarried in 2010), Luca and Clemente, had by his ex-partner Sabina Grossi.
Leonardo Del Vecchio is dead: his wealth
With its Luxembourg limited liability company, Dolphin, Del Vecchio controls 38,4% of EssilorLuxottica, 28% of real estate Covivio (listed on the Paris Stock Exchange) and 13% of Luxair, Luxembourg airline. As for Mediobanca (over 19%) in recent years it has engaged in a battle with the management led by Alberto Nagel, also proposing some changes to governance. Rumors have been circulating for some time about the possibility of a clash on the occasion of the renewal of the board of directors in October 2023, but now the scenarios will certainly change. The match on Mediobanca is closely linked to that on the Lion of Trieste, of which Delfin holds over 9% of the capital. On occasion of the last General meeting supported the list presented by Francesco Gaetano Caltagirone, coming out defeated in the confrontation with the team presented by the outgoing board of directors.
Biography
Born in Milan in 1935, to parents of Apulian origin, he lived as a child in the Martinitt orphanage, where he remained until he graduated from middle school, where other great Italian entrepreneurs such as Edoardo Bianchi and Angelo Rizzoli grew up.
While studying, at the age of 14 he found a job as a boy at Johnson, a factory producing medals and cups. A few years later he moved to Agordo, in the province of Belluno, where the mountain community had offered land to anyone starting a company in the area. At the age of just 26, the Luxottica adventure began, first as a contractor and then as a manufacturer of finished eyewear. Since 1969 he has become the sole owner of the company, which has also continued to expand worldwide, until the 2017 merger with the French company Essilor.
Stock market crash for Mediobanca and Generali, Essilux resists
Leonardo Del Vecchio is dead and Piazza Affari slows down. Mediobanca and Generali are sinking at the news: Piazza Cuccetta slips behind the Milanese Ftse Mib and now leaves 3,22% at 8,35 euros on the ground. The Lion is no better, retreating by 2,97% to 15,54 euros. Both companies subsequently mitigated the fall, having overcome the first moment of disorientation.
While the French multinational held firm in Paris (-0,5%) and Milan (-0,38%).
Updated at 12:55pm Monday June 27, 2022
