Topline
Leonardo Del Vecchio, the Italian billionaire and founder of eyewear giant Luxottica—which owns brands like Ray-Ban, Oakley and Sunglass Hut—died on Monday at the age of 87, according to Italian media reports.
Giorgio Armani and Leonardo Del Vecchio attend Giorgio Armani-Luxottica Event in 2013 in Milan, … [+]
Key Facts
According to Italian newspaper Corriere della Sera, the 87-year-old died on Monday morning at Milan’s San Raffaele Hospital.
The cause of his death was not stated.
In a separate report, the Italian daily noted that Del Vecchio’s fortune will be divided among six of his children.
Luxottica is the world’s largest maker and seller of sunglasses and prescription eyewear and besides its own major brands like Ray-Ban and Oakley, it makes glasses for several luxury fashion brands like Chanel, Dolce and Gabbana, Bulgari, Armani and several others.
Big Number
$24.8 billion. That is the total net worth of Del Vecchio and his family, according to Forbes. His family’s fortune ranks 60th on Forbes’ Real-Time Billionaires list.
Tangent
Del Vecchio founded Luxottica in the northern Italian town of Agordo in 1961 as a small eyewear workshop which manufactured components for other companies. Luxottica eventually began designing its own glasses as it continued to grow over the next few decades. In 1988 it struck a lucrative licensing agreement with designer Giorgio Armani. Over the next decade the company acquired several major eyewear brands like Vogue Eyewear in 1990, Persol in 1995 and American brand Ray-Ban in 1999. Two years later, the company acquired American eyewear retailer Sunglass Hut. In 2018, Luxottica merged with French visual health giant Essilor to form EssilorLuxottica, the world’s largest sunglasses and prescription eyewear company.
Key Background
Del Vecchio was one of five children born to an impoverished family in Milan in 1935 and his mother became a widow soon after his birth. At the age of 7, Del Vecchio was sent to live in an orphanage by his mother who could no longer afford to support his upbringing. At the age of 14, Del Vecchio worked at a car and eyewear parts factory, where he lost a part of his finger to an accident, but used his income to put himself through design school. He moved to Agordo at the age of 25 where he was offered a piece of land by the local government to start a business. Del Vecchio is survived by six children from three marriages including Claudio Del Vecchio, who purchased and operated American fashion retailer Brooks Brothers until it filed for bankruptcy in 2020.
Further Reading
Leonardo Del Vecchio, Billionaire Owner of Ray-Ban, Dies at 87 (Bloomberg)
Source: https://www.forbes.com/sites/siladityaray/2022/06/27/italian-billionaire-and-eyewear-mogul-leonardo-del-vecchio-dies-at-87/