The Humble Beginnings of Leonardo Del Vecchio
Born in May 1935 in Milan, Italy, Leonardo Del Vecchio grew up in a challenging environment, stemming from an underprivileged background. However, these early hardships didn’t deter him; they shaped his resilience. Initially starting as a toolmaker, specializing in eyeglass parts, his entrepreneurial spirit soon pushed him to sell complete eyeglass frames by the 1960s. Naming his venture Luxottica, he quickly moved into manufacturing, securing brand licensing deals that would solidify Luxottica’s foothold in the eyewear industry. Beyond his corporate endeavors, he enjoyed life aboard his prized possession, the yacht Moneikos. On June 27, 2022, the world lost this luminary at the age of 87.
Key Takeaways:
- Leonardo Del Vecchio, born in Milan in 1935, founded Luxottica and transformed the eyewear industry.
- Luxottica, under Del Vecchio’s leadership, grew to own powerhouse brands like Ray-Ban and Oakley, alongside partnerships with luxury brands like Prada and Armani.
- Beyond eyewear, Del Vecchio expanded his portfolio by investing in real estate, particularly with Covivio sa.
- With a net worth of $27 billion, he was celebrated as the richest man in Italy until his passing in 2022.
- He was the owner of the Moneikos Yacht, now listed for sale by his family.
Luxottica: Pioneering the Eyewear Revolution
The Luxottica Group isn’t just another eyewear company; it’s the world’s largest. Owning iconic brands such as Ray-Ban, Oakley, Sunglass Hut, and Pearle Vision, Luxottica became synonymous with style and quality. The group doesn’t just stop at their in-house brands; they design and manufacture frames for high-end names like Prada, Dolce & Gabbana, Armani, and Chanel. Boasting annual sales exceeding US$ 10 billion and a dedicated workforce of over 80,000, Luxottica’s influence spans across 150 countries with their products gracing over 9,000 stores. Notably, fashion mogul Giorgo Armani also holds a stake in the company.
Del Vecchio’s Foray into Real Estate: Covivio sa
Leonardo’s business acumen wasn’t just limited to eyewear. He ventured into the realm of real estate by investing in Covivio sa. Owning a substantial 28% share in the company, he showcased his knack for diversifying his business interests.
Leonardo Del Vecchio’s Financial Stature
A testament to his business prowess, Del Vecchio held a staggering 62% of Luxottica shares through his holding entity, Delfin SARL. With an estimated net worth of $27 billion, he wasn’t just affluent; he stood as the wealthiest individual in Italy.
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