Luxottica emerged as the world's largest producer and retailer of eyewear under the leadership of Leonardo Del Vecchio, a Milanese entrepreneur who transformed the industry through vertical integration. By the time of his death in 2022, his business empire commanded over 8,000 retail stores and employed 77,734 people, securing his position as the second richest person in Italy.
Early Career and Industrial Beginnings
Born in Milan on 22 May 1935, Del Vecchio spent part of his childhood in an orphanage. His initial professional experience involved working as an apprentice for a tool and die maker in Milan and at Stabilimento Johnson. He later attended the Brera Academy. In 1961, he relocated to Agordo in the province of Belluno, a hub for Italian eyewear production, to establish his own limited partnership, Luxottica s.a.s., alongside partners Francesco Da Cortà and Vittorio Toscani.
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Del Vecchio became the sole owner of Luxottica in 1969. Initially focused on manufacturing components for other brands, he transitioned the company toward finished eyeglass frames by 1971. He expanded operations by acquiring the distribution company Scarrone in 1974 and establishing an international subsidiary in Germany in 1981. A 1988 licensing deal with Giorgio Armani preceded a period of rapid acquisition. The company gained control of Vogue in 1990, followed by Persol, LensCrafters, Ray-Ban, and Sunglass Hut by 2001. Further growth included the purchases of OPSM, Pearle Vision, Surfeyes, Cole National, and a $2.1 billion acquisition of Oakley in 2007.
Corporate Holdings and Governance
Managed through his financial holding company, Delfin S.à r.l., Del Vecchio maintained significant stakes across multiple sectors. These included a 38.4% share in EssilorLuxottica, resulting from the merger between his firm and the French company Essilor. His portfolio also comprised 28% of the property management firm Covivio, 13% of the airline Luxair, 19.8% of the investment bank Mediobanca, and 9.77% of the insurance company Assicurazioni Generali.
Legacy and Final Years
Del Vecchio held the title of Order of Merit for Labour and received an honorary doctorate from the Ca' Foscari University of Venice in 1995. He fathered six children: Claudio, Marisa, Paola, Leonardo Maria, Luca, and Clemente. He died of pneumonia on 27 June 2022 at San Raffaele Hospital in Segrate, aged 87. At his passing, his net worth was estimated at $24.1 billion.
Fast facts
- Born: 22 May 1935, Milan
- Died: 27 June 2022, Milan
- Founder of: Luxottica
- Education: Brera Academy
- Net worth at death: US$24.1 billion
- Number of children: 6
Questions readers ask
What was the core of Del Vecchio's business model?
He focused on vertical integration, manufacturing both metal and acetate frames while simultaneously acquiring retail distribution networks like LensCrafters and Sunglass Hut.
Which major company merged with Luxottica?
Luxottica merged with the French company Essilor to form the entity now known as EssilorLuxottica.
Achievements
- Order of Merit for Labour
- Affiliated with Stabilimento Johnson
- Educated at Brera Academy
