The heirs of the late Ray-Ban billionaire Leonardo Del Vecchio have reportedly endorsed a deal aimed at granting one of his children increased influence over EssilorLuxottica (ESLX.PA), the world’s largest eyewear group. EssilorLuxottica designs, manufactures, and distributes ophthalmic lenses, frames, and sunglasses globally. A source close to the matter indicated that the family’s holding company, Delfin, which controls a 32.4% stake in the approximately $100 billion Franco-Italian giant, backed the move on Monday. This potential ownership reshuffle could also have broader implications for Delfin’s non-core investments, including Italian insurer Generali and banks Monte dei Paschi di Siena and UniCredit.
Under the proposed arrangement, Leonardo Maria Del Vecchio is poised to acquire the stakes of his siblings, Paola and Luca, through an investment vehicle. This significant manoeuvre has reportedly secured around 10 billion euros ($12 billion) in bank financing. Since the founder, Leonardo Del Vecchio, passed away in 2022, Delfin’s ownership structure has seen his six children, widow, and her son from another marriage each hold an equal 12.5% share. The buyout is expected to elevate 30-year-old Leonardo Maria’s stake to 37.5%, a move anticipated to streamline decision-making within the Luxembourg-based vehicle, which has faced a governance stalemate.
This reorganisation follows a period of gridlock within Delfin’s board, chaired by EssilorLuxottica CEO Francesco Milleri. The rigid rules established by the founder for splitting Delfin had previously required a strong majority or near-unanimous approval for crucial decisions, capping dividends and preventing board changes. Il Sole 24 Ore daily reported that six out of eight heirs voted in favour of the buyout. Furthermore, seven of the eight heirs approved a second proposal to distribute 80% of Delfin’s profits as dividends between 2025 and 2027, signalling a shift towards unlocking the holding company’s substantial reserves and allowing shareholders a more active strategic role.
