A family feud over one of the world’s largest eyewear companies may be coming to a resolution as one heir attempts to buy out two of his siblings in a deal worth billions of dollars.
Leonardo Maria Del Vecchio is working to purchase an additional 25% ownership in Delfin, the family holding company that controls eyewear giant EssilorLuxottica, according to a source familiar with the situation who spoke to Reuters.
The late Leonardo Del Vecchio, who founded the Ray-Ban eyewear empire and passed away in 2022, left his Luxembourg-based holding company equally divided among his eight children. This arrangement has created ongoing conflicts that have blocked major financial decisions for the past three years.
Internal disagreements among the family members have stopped the company from distributing dividends beyond 10% of net profits and have prevented any modifications to how the business is managed. Francesco Milleri currently holds dual roles as both EssilorLuxottica’s CEO and Delfin’s chairman.
Leonardo Maria, who serves as EssilorLuxottica’s Chief Strategy Officer and leads the Ray-Ban brand, hopes this acquisition will end the prolonged deadlock, the source explained. The transaction would likely be completed at a reduced price compared to Delfin’s current asset value, following standard market practices.
When contacted for comment, Delfin representatives declined to provide a statement.
Italian publication La Repubblica first reported Thursday that Leonardo Maria Del Vecchio had formally notified Delfin and fellow shareholders of his plans to exercise his right of first refusal on shares owned by his brother Luca and sister Paola. Each sibling owns a 12.5% portion, and together their stakes are valued at roughly 14 billion euros based on current market assessments.
The newspaper also revealed that Luca and Paola had previously tried to move their shares into different corporate structures but couldn’t obtain the necessary shareholder approval during a Delfin meeting. Additionally, another sibling, Marisa, had requested that the holding company itself acquire the shares and asked for additional time to arrange a possible deal.
Beyond its controlling interest in EssilorLuxottica, Delfin maintains investments in several major companies including Covivio, Banca Monte dei Paschi, Generali, and UniCredit.
