Luxottica Founder Leonardo Del Vecchio Dies at 87

Italy’s Leonardo Del Vecchio, who rose from childhood poverty to build the eyewear empire that owns models such as Ray-Ban and Oakley, has died at the age of 87, his corporation said on Monday.

Del Vecchio additional a sprint of Italian design to spectacles and turned 1 of Europe’s wealthiest males, investing some of his riches to create influential stakes in Italian fiscal corporations Mediobanca and Generali.

The billionaire founded the Luxottica business in 1961, initially to offer parts for eyeglasses, and remained the chairman and key shareholder in the world’s biggest eyewear team right after it merged forces with France’s Essilor in 2018.

Fashion designer Giorgio Armani was among the those to pay tribute to Del Vecchio with whom he had worked given that the 1980s.

“Together, we invented a phenomenon that did not exist: we right away realised that eyeglasses, from basic purposeful objects would turn into indispensable vogue components,” Armani explained.

Partly lifted in an orphanage, Del Vecchio’s rags-to-riches tale mirrored Italy’s have recovery following Planet War Two.

“Leonardo Del Vecchio was a terrific Italian. His tale, from orphanage to leadership of a business empire, would seem like a story from an additional time. But it is an illustration for currently and tomorrow. RIP,” European Economy Commissioner Paolo Gentiloni reported on Twitter.

SHOCK SENDS SHARES Reduce

Del Vecchio had remained an influential figure in Italian enterprise and his loss of life came as a shock.

“EssilorLuxottica unfortunately announces nowadays that its chairman has passed absent,” the team reported in a assertion, including that the board would fulfill to “determine the up coming actions.”

He remained executive chairman of EssilorLuxottica until December 2020, when he handed the day-to-working day leadership of the business to main govt Francesco Milleri.

Del Vecchio’s affect extended further than his own business enterprise and at the conclude of 2021, he was Italy’s second-richest man guiding Giovanni Ferrero of the Nutella-generating team, according to Forbes.

His Delfin keeping corporation is the major shareholder in Italian economic services team Mediobanca and has a stake of just beneath 10 percent in Italy’s major insurer Generali. It also owns about 27 percent of authentic estate firm Covivio, mentioned in the two Paris and Milan.

Shares in EssilorLuxottica traded 1.8 per cent reduced by 1050 GMT, even though individuals in Generali and Mediobanca the two slipped 2.7 percent.

By Claudia Cristoferi and Giulia Segreti

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