MILAN — The son of the late founder of EssilorLuxottica is pursuing a major financial move that could make him the single largest shareholder in the family’s holding company, Delfin — the top investor in the $100 billion eyewear giant.
Leonardo Maria Del Vecchio, 31, who serves as EssilorLuxottica’s chief strategy officer and president of the Ray-Ban brand, is exploring private debt financing options to fund a roughly €10 billion ($11.6 billion) transaction, according to a source close to him. Delfin also holds the largest stake in Italian bank Monte dei Paschi, which is currently the target of a €30 billion takeover bid from Italy’s biggest bank, Intesa Sanpaolo.
Until just a few years ago, Leonardo Maria Del Vecchio was largely unknown in financial circles. That has changed dramatically. In 2022 — the same year his father passed away — he launched his own personal investment vehicle, LMDV Capital, and began making a series of smaller acquisitions.
LMDV Capital has since assembled a diverse portfolio that spans hospitality, food and beverage, real estate, healthcare, and technology. Among its holdings are mineral water brand Acqua Fiuggi, hospitality company Twiga — which operates a beach club in the Tuscan resort of Forte dei Marmi — along with restaurants and digital businesses. The company reached breakeven in 2024 while carrying €360 million in debt, according to company filings.
Del Vecchio drew broader public attention last year when he attempted to purchase la Repubblica, one of Italy’s most prominent newspapers. That deal ultimately fell through, with the publication being sold to Greece’s Antenna instead. Undeterred, he moved forward with other media investments, acquiring a 30% stake in the conservative daily Il Giornale and a controlling interest in Quotidiano Nazionale, which publishes regional papers including Il Giorno, La Nazione, and Il Resto del Carlino.
In an interview with Corriere della Sera, he said his goal was to build an Italian media group “untied from political colours.”
Recognizable by his long dark hair, beard, and glasses, Del Vecchio has become a more prominent figure through his efforts to restructure the ownership of Delfin. The Luxembourg-based holding company controls 32.4% of EssilorLuxottica, holds a 17.5% stake in Monte dei Paschi making it that bank’s largest shareholder, and also owns 10.1% of insurer Assicurazioni Generali along with roughly 2.8% of bank UniCredit.
When the elder Del Vecchio died, he divided Delfin equally among eight heirs, each receiving a 12.5% share. He also granted significant authority to a board chaired by EssilorLuxottica CEO Francesco Milleri and required large supermajorities for major decisions. Those requirements have since led to friction among shareholders, with one notable consequence being that the holding company has never distributed more than 10% of the dividends outlined as a baseline in its own bylaws.
In an effort to break through that gridlock, Leonardo Maria Del Vecchio has offered to purchase the stakes held by two of his siblings in the €10 billion deal, which would raise his total share to 37.5% and position him as Delfin’s largest individual shareholder. However, major decisions would still require the support of other heirs under supermajority rules requiring two-thirds or 88% approval. The deal would also leave him carrying a substantial debt load.
A graduate of Milan’s Bocconi University, Del Vecchio joined the family eyewear business in 2017 and has steadily taken on more responsibility over the years. He is now the only direct Del Vecchio heir still working within the company, following the departure of his stepbrother Rocco Basilico last year.
