Leonardo Del Vecchio was an Italian businessman who died in June 2022. He was expected worth $33 billion when he died. Most people know Leonardo Del Vecchio as the founder and chairman of Luxottica, which makes and sells more eyeglasses and frames than any other company in the world.
The company has more than 9,000 retail stores around the world and employs more than 77,000 people. At the time of his death, Del Vecchio was one of the top 70 richest people in the world and the richest person in Italy.
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Leonardo’s life is a classic tale of a poor boy who gets rich.
He was born into a poor family, and his mother sent him to an orphanage when she could no longer take care of him. When he was only 14, he got his first job.
Leonardo worked at a factory that made parts for cars and glasses. He used the money he made there to pay for design school.
When he was 25, he moved to Agordo and opened his own business. Now, his brand has stores all over the world where thousands of people work.
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Italian Billionaire Passes Away
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In a statement, Leonardo’s company said, “With deep sadness, (the board) announces the death of president Leonardo Del Vecchio and expresses its deepest condolences to the family and to all employees around the world for this huge loss.”
Luciana Nervo, the billionaire’s first wife, had three children, and Nicoletta Zampillo, his second wife, had a fourth child.
He had two kids with his third partner, Sabina Grossi, even though they didn’t get married.
His children are Claudio, Marisa, Paola, Leonardo Maria, Luca and Clemente.
HITC wants the family and friends of Leonardo to know how sorry it is about his death.
In 1967, Del Vecchio started selling frames for eyeglasses under the brand name Luxottica. After having a lot of success, he decided to do something called “vertical integration.” In 1974, he bought the Scarrone distribution business.
Later, in the early 1980s, Luxottica opened its first business outside of Italy. It was in Germany. By the end of the decade, the company had continued to grow around the world and signed the first of several licencing deals with the luxury brand Armani.
The company went public again in 2000 in Milan and in 1990 in New York. With the money from its initial public offering, the company bought many different brands, such as Vogue Eyewear, Persol, Ray-Ban, and Sunglass Hut, Inc.
At the beginning of the 2000s, it bought OPSM, Pearle Vision, and Cole National to grow its retail business. In 2007, Luxottica paid $2.1 billion to buy Oakley.
This was a big deal. After arguing about prices and being kicked out of the company’s stores, Luxottica took over the brand by force.
In 2014, Luxottica introduced a new way of running the company with two co-CEOs who split their time between running the company and growing the market.
After that, things changed quickly. Enrico Cavatorta took over as CEO of Andrea Guerra and quit 40 days after he was hired. In 2016, the company lost its third CEO when Adil Mehboob-Khan left a year after taking over from Cavatorta.
In 2017, Luxottica and Essilor International, a French eye care company, made a deal to join together. The next year, a new holding company called EssilorLuxottica was set up. Its combined market value is almost €57 billion.
Disputes About Monopoly
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Over the years, Luxottica has taken a lot of heat for the high prices of its name-brand glasses. It has also been accused of merging with a lot of other companies and keeping a monopoly in its field because it has so many brands, retailers, optical departments, and insurance companies.
After merging with Essilor, the business said it owned about 30% of the global market. Luxottica was also accused of manipulating the market, like when it took Oakley off its list of competitors before taking over the business after its stock dropped.
Del Vecchio had three children from his first marriage, one from his second marriage, and two from his third marriage.
Claudio, Marisa, Paola, Leonardo, Luca, and Clemente are his children. Claudio, who is also a good businessman, used to own the clothing store Brooks Brothers. Special trusts have been set up to protect the financial interests of all six children.
Net Worth of Leonardo Del Vecchio
According to Celebrity Net Worth, Leonardo was worth an estimated $33 billion when he died.
Luxottica is said to be the biggest company in the world that makes and sells glasses. It owns well-known brands like Ray-Ban, Oakley, and Sunglass Hut.
Leonardo’s brand began in a small workshop in the northern Italian town of Agordo in 1961. The workshop made parts for other companies.
In time, the brand started making its own sunglasses and, over the next few years, bought up a lot of big eyewear companies.
Leonardo owned 61.9 percent of Luxottica, which was more than anyone else. He also had shares in the companies Covivo, Mediobanca, and Assicurazioni Generali, all of which are based in Italy.
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Frequently Asked Questions
What Happened to Luxottica Founder Leonardo Del Vecchio?
Got it! Italian media say that Leonardo Del Vecchio, who started the eyewear company Luxottica and owned brands like Ray-Ban, Oakley, and Sunglass Hut, died on Monday at the age of 87. Del Vecchio was a billionaire and the founder of Luxottica. The Italian newspaper Corriere della Sera said that the 87-year-old died at Milan’s San Raffaele Hospital on Monday morning.
Is Leonardo Del Vecchio Italy’s Wealthiest Person?
According to the Bloomberg Billionaires Index, Del Vecchio is the second richest man in all of Italy and one of the 70 richest people in the world. Leonardo Del Vecchio was born in Milan, Italy, on May 22, 1935, to a poor family from Barletta, which is in the south of Italy. His father died when he was only five months old.
What is Leonardo Del Vecchio’s Age Now?
Leonardo Del Vecchio was born in Milan, Italy, on May 22, 1935, to a poor family from Barletta, which is in the south of Italy. His father died when he was only five months old. At age seven, his widowed mother couldn’t take care of him and his four siblings, so they were sent to an orphanage.
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