A public feud has erupted between Ray-Ban and the Del Vecchio family’s holdings, particularly following accusations from Leonardo Maria Del Vecchio. The 31-year-old heir to Luxottica’s founder claims that the family’s holding company, Delfin, is interfering with his ambitions for a multibillion-dollar succession plan.
In an open letter, Del Vecchio criticized the board of Delfin just days ahead of a crucial shareholders’ meeting set for June 30, which may significantly influence the future of their substantial wealth. According to a recent Bloomberg report, he emphasized that the situation has changed from being purely financial to a governance concern.
Del Vecchio accused the management of Delfin of not adequately communicating why issues with their takeover proposal arose only after shareholders had expressed support for important components of the deal.
The conflict revolves around Del Vecchio’s intention to acquire a combined 25% stake held by his brothers, Luca and Paola, in Delfin, the Luxembourg-based company overseeing a significant interest in Essilor Luxottica, which owns Ray-Ban.
If he successfully completes the acquisition, Del Vecchio’s stake would increase from 12.5% to 37.5%. This move could make him the family’s largest shareholder and potentially resolve ongoing uncertainties about the succession of the empire his father built.
Delfin not only owns about 32.4% of Essilor Luxottica but also has substantial holdings in other major institutions like UniCredit, Generali, and Monte dei Paschi di Siena.
The roots of this governance struggle trace back to the death of Leonardo Del Vecchio in June 2022, who divided Delfin equally among his eight heirs, giving each a 12.5% stake. This decision aimed to create balance but resulted in a framework where significant decisions needed broad agreement.
Now, Leonardo Maria Del Vecchio is positioning himself as the family member most willing to move past this stalemate. As the chief strategy officer at EssilorLuxottica and president of Ray-Ban, he believes that consolidating ownership is essential for realizing his father’s vision and enhancing stability within the holding company.
His push for change was bolstered in April when shareholders reportedly backed critical elements of the restructuring plan.
However, the deal hinges on securing around $11.4 billion in financing from a consortium that includes institutions like UniCredit, BNP Paribas, and Credit Agricole.
This financing arrangement represents one of the largest acquisition funds ever raised by an individual in Europe.
The Post has reached out to EssilorLuxottica for further comments.
