A succession battle within one of Europe's wealthiest dynasties has spilled into public view. Leonardo Maria Del Vecchio, the 31-year-old son of the late EssilorLuxottica founder Leonardo Del Vecchio, has issued an open letter to the board of Delfin, the family's Luxembourg-based holding company, pressing them to back his bid to acquire the stakes held by two of his siblings. The dispute centers on control of an empire that includes over 150 brands, from Ray-Ban and Oakley to the streetwear label Supreme.
In the letter, published Friday by the Italian newspaper Quotidiano Nazionale—which is itself owned by Del Vecchio—the heir argued that the board had failed to explain why its position on the deal had shifted. According to Del Vecchio, doubts emerged only after shareholders had already approved key parts of the transaction and after the reorganization had been publicly described as a stabilizing step.
A €10 Billion Gamble
The plan rests on a roughly €10 billion financing arrangement involving UniCredit, BNP Paribas, and Crédit Agricole—one of the largest acquisition loans ever pursued by a private individual in Europe. As talks progressed, Del Vecchio said the banks pushed for firmer assurances on future dividends, capital stability, and Delfin's long-term direction. He described those demands as reasonable but accused the board of failing to respond with a single, transparent position.
Completing the purchase would raise Del Vecchio's stake in Delfin from 12.5% to 37.5%, making him comfortably the largest shareholder. That could reshape the balance of influence within the family over how the dynasty's assets pass to the next generation. The holding company owns a substantial stake in EssilorLuxottica and holds influential positions in some of Italy's most important financial institutions, including Banca Monte dei Paschi di Siena, Assicurazioni Generali, and UniCredit. With a net asset value of more than €40 billion, Delfin has become a recurring presence in debates over banking consolidation across the country.
A rival route is also emerging. Delfin chairman Francesco Milleri is weighing a counter-proposal under which the holding company itself would buy back the stakes of siblings Luca and Paola at the same valuation and distribute them among the six remaining heirs, according to La Repubblica. That proposal could reach shareholders at the 30 June meeting, an encounter Del Vecchio framed in stark terms. The gathering, he wrote, will not be about dividends or the balance sheet, but about "the very nature and future of Delfin."
The outcome carries weight well beyond the family. Delfin's influence in Italian finance means the dispute could affect the direction of major banks and insurers. The broader European context is also relevant: as the continent grapples with economic challenges and shifting consumer trends, the fate of a luxury goods giant like EssilorLuxottica has implications for employment, investment, and brand strategy across multiple countries.
For now, the battle remains unresolved. Del Vecchio's open letter is a calculated move to pressure the board and sway public opinion, but the 30 June meeting will ultimately decide whether his vision for Delfin—and the Del Vecchio legacy—prevails.
