Leonardo Del Vecchio, chairman of global optical giant EssilorLuxottica and Italy’s second fortune, died Monday at the age of 87 in Milan.
“EssilorLuxottica is deeply saddened to announce today the death of its Chairman, Leonardo Del Vecchio,” the group said in a press release, before adding that the “board of directors will meet to decide on the next steps”.
The entrepreneur suffered from pneumonia and had been in intensive care for several weeks at the San Raffaele hospital in Milan, according to Italian agencies.
“Del Vecchio was a great Italian. His story, from an orphanage to running a business empire, seems like a story from another time. But he is an example for today and tomorrow,” said reacted on his Twitter account the European Commissioner for the Economy, Paolo Gentiloni.
Leonardo Del Vecchio was the second richest man in Italy with a fortune estimated in April by Forbes magazine at $27.3 billion.
He still chaired the optical giant EssilorLuxottica, born in 2018 from the merger between his company Luxottica and the French Essilor. The group is the world’s leading eyewear distributor with 180,000 employees and more than 7,000 points of sale.
Del Vecchio was also an influential shareholder in the financial group Mediobanca and the insurer Generali.
“Milan is losing one of the most iconic figures in its recent history,” tweeted the city’s mayor, Giuseppe Sala.
Born on May 22, 1935 in the Lombard capital, from a poor family, he was placed in an orphanage, worked from the age of 14 while continuing his studies, then entered as a worker in a small eyewear factory.
In 1961, he created Luxottica, then a modest company that produced components and accessories for the optical industry. Ten years later, the brand presented its first in-house collection and in 1974 launched into distribution and retail sales.
In 1990, the company listed on the New York Stock Exchange. Leonardo Del Vecchio then multiplies licensing agreements with fashion (Chanel, Prada, Versace, etc.) and acquires the Ray-Ban brand.
On the occasion of his 80th birthday, he offered 140,000 Luxottica shares to his Italian employees worth 9 million euros. “They are the real architects of the success of our company”, he explained.
He had six children from three different marriages.