All eyes on Ray-Ban! Heir to empire challenges Del Vecchio family’s holding company

The Ray-Ban empire is on shaky grounds right now. The reason? Leonardo Maria Del Vecchio, heir to the said empire. 

The heir to the Ray-Ban empire has publicly challenged his family's holding company as a battle over control of one of Europe's largest fortunes intensifies ahead of a crucial June 30 shareholder meeting.

Leonardo, 31, urged Luxembourg-based holding company Delfin Sarl to support his proposed €10 billion ($11.5 billion) buyout of two siblings, accusing the board of failing to provide clear explanations for its shifting stance on the transaction.

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What does he want?

Leonardo Maria Del Vecchio is seeking to acquire the combined 25% stake in Delfin held by siblings Luca and Paola Del Vecchio. The purchase would raise his ownership in the holding company to 37.5%, making him by far its largest shareholder and potentially bringing greater clarity to the succession of the family fortune.

The proposed acquisition depends on securing a complex €10 billion financing package from UniCredit, BNP Paribas and Credit Agricole, making it one of the largest acquisition financings ever pursued by an individual in Europe, according to people familiar with the matter.

Del Vecchio said lenders involved in the financing had recently sought stronger assurances on future dividends, capital stability and Delfin's long-term strategy as discussions progressed. While describing those requests as legitimate, he argued that Delfin's board had failed to adopt a transparent and unified approach to addressing them.

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Governance issue

In an open letter published Friday in Quotidiano Nazionale, the online newspaper he owns, Del Vecchio said the dispute had evolved beyond financing and become a governance issue.

"The issue stopped being financial and became a matter of governance," he wrote, questioning why concerns about the deal surfaced only after shareholders had approved key elements of the transaction and after the reorganisation had been publicly described as a stabilising move.

The intervention marks the latest escalation in a succession struggle surrounding the empire built by his late father, Leonardo Del Vecchio, founder of Luxottica, which later became EssilorLuxottica. The elder Del Vecchio died in 2022, leaving behind a complex governance structure that has often complicated decision-making among his heirs.

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Alternative options

The financing uncertainty has prompted consideration of alternative options. According to La Repubblica, Delfin chairman Francesco Milleri is evaluating a proposal under which the holding company itself would buy back the stakes being sold by Luca and Paola Del Vecchio. Under that plan, Delfin would acquire the shares at the previously agreed valuation of about €10 billion and redistribute them among the six remaining heirs. The proposal could be presented to shareholders at the June 30 annual meeting.

The dispute has sharpened scrutiny of governance at Delfin, which controls a significant stake in EssilorLuxottica and holds investments in major Italian financial institutions including Banca Monte dei Paschi di Siena, Assicurazioni Generali and UniCredit.

With a net asset value exceeding €40 billion, Delfin has become a powerful force in Italy's corporate landscape and frequently features in discussions around banking consolidation and financial-sector transactions.

Shareholders are due to meet at the end of June to approve earnings and distributions, but Del Vecchio signalled that broader issues are at stake.

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