EssilorLuxottica Chairman Leonardo del Vecchio passes away at 87, regional media reports

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EssilorLuxottica Chairman Leonardo del Vecchio dies at 87, local media reports

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Leonardo Del Vecchio

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Leonardo Del Vecchio, the chairman of eyeglasses maker EssilorLuxottica and among Italy’s most affluent organization figures, has actually passed away aged 87, his business stated on Monday.

“EssilorLuxottica sadly announces today that its chairman has passed away,” the group stated in a declaration, including that the the board would fulfill to “determine the next steps”.

Del Vecchio increased from a youth in an orphanage to generate a fortune of 10s of billions of euros in among the most popular rags-to-riches stories in Italy’s post-war financial healing.

“Leonardo Del Vecchio was a great Italian. His story, from orphanage to leadership of a business empire, seems like a story from another time. But it is an example for today and tomorrow. RIP,” European Economy Commissioner Paolo Gentiloni stated onTwitter

The Italian business owner established Luxottica in 1961 and developed a business that owned the Ray-Ban brand name and combined forces with France’s Essilor in a significant merger in 2018.

He stayed executive chairman of EssilorLuxottica up until December 2020, when he handed the everyday management of the business to Chief Executive FrancescoMilleri He had actually personally supported Milleri as head of the Franco-Italian eyeglasses giant when the merged group was developed.

Del Vecchio’s impact extended beyond his own organization and at the end of 2021, he was Italy’s 2nd wealthiest male behind Giovanni Ferrero of the Nutella- making group, according toForbes

His Delfin holding business is the biggest investor in Italian monetary services group Mediobanca and has a stake of simply under 10% in Italy’s biggest insurance providerGenerali It likewise owns about 7% of realty business Covivio, noted in both Paris and Milan.

“With the passing of Del Vecchio, Milan loses one of the most emblematic figures of its recent history,” Milan mayor Giuseppe Sala stated onTwitter

Shares in Mediobanca were down more than 4% after the reports, Generali was down nearly 2.5% while EssilorLuxottica stayed the same at simply under 148 euros per share.