A bitter battle for control of the fortune behind Ray-Ban and some of Italy’s most powerful corporate holdings has exploded into public view after an heir to the Del Vecchio empire accused his family’s holding company of obstructing a multibillion-dollar succession plan.
Leonardo Maria Del Vecchio, the 31-year-old son of late Luxottica founder Leonardo Del Vecchio, publicly challenged the board of family holding company Delfin in an open letter days before a pivotal June 30 shareholder meeting that could determine the future of one of Europe’s largest fortunes, Bloomberg News reported over the weekend.
“The issue stopped being financial and became a matter of governance,” Del Vecchio wrote in the letter, accusing Delfin’s leadership of failing to explain why concerns about his proposed buyout surfaced only after shareholders had already backed key elements of the transaction.
The dispute centers on Del Vecchio’s plan to purchase the combined 25% stakes held by siblings Luca and Paola Del Vecchio in Delfin, the Luxembourg-based holding company that controls a major stake in EssilorLuxottica, owner of Ray-Ban.
If completed, the deal would boost Leonardo Maria Del Vecchio’s stake from 12.5% to 37.5%, making him by far the largest shareholder in the family vehicle and potentially ending years of uncertainty surrounding the succession of the empire built by his father.
Delfin holds roughly 32.4% of EssilorLuxottica, as well as major positions in UniCredit, Generali and Monte dei Paschi di Siena.
The governance structure at the heart of the conflict dates back to the death of Leonardo Del Vecchio in June 2022.
The billionaire founder divided Delfin equally among eight heirs, giving each a 12.5% stake.
The arrangement was designed to preserve balance within the family but also created a structure in which major decisions require broad consensus.
Now Leonardo Maria Del Vecchio has increasingly positioned himself as the family member most determined to break that deadlock.
The executive, who serves as chief strategy officer of EssilorLuxottica and president of Ray-Ban, has argued that consolidating ownership would help execute his father’s vision and provide greater stability for the holding company.
His effort received a significant boost in April when shareholders reportedly approved key aspects of the proposed restructuring.
The transaction, however, remains contingent on securing approximately $11.4 billion in financing from a consortium that includes UniCredit, BNP Paribas and Crédit Agricole.
The financing package ranks among the largest acquisition financings ever pursued by an individual in Europe.
The Post has sought comment from EssilorLuxottica.