Leonardo Del Vecchio was an Italian merchant who passed away in June of 2022. When he died, he was expected to be worth $33 billion. Most people recognise Leonardo Del Vecchio as the founder and chairman of Luxottica, the largest manufacturer and seller of eyeglasses and frames in the world.
The company has more than 9,000 retail locations worldwide and employs over 77,000 individuals. Del Vecchio was one of the top 70 richest people in the world and the richest person in Italy at the time of his death.
- Leonardo da Vinci’s life is a classic tale of a poor boy becoming wealthy.
- He was born into a poor family, and when his mother could no longer care for him, she placed him in an orphanage. At age 14, he obtained his first job.
- Leonardo worked at a factory that produced auto and glass parts. The money he earned there was used to pay for design school.
- He moved to Agordo and opened his own business at the age of 25. Now, his brand has stores across the globe where thousands of individuals are employed.
- In other news, Ariana Grande and Jennette McCurdy share the same birthday and are rumored to be involved in a heated feud.
A Billionaire from Italy Passes Away
In a statement, Leonardo’s company said, “With profound sorrow, (the board) announces the death of president Leonardo Del Vecchio and extends its deepest condolences to the family and to all employees around the world for this tremendous loss.”
His first wife, Luciana Nervo, had three children, and his second wife, Nicoletta Zampillo, had a fourth child.
With his third partner, Sabina Grossi, he had two children, although they were never married.
His children are Claudio, Marisa, Paola, Leonardo Maria, Luca, and Clemente.
HITC wishes to convey condolences to Leonardo’s family and friends on his passing.
Del Vecchio began selling eyeglass frames under the brand name Luxottica in 1967. After achieving great success, he decided to engage in vertical integration. He acquired the Scarrone distribution company in 1974.
Luxottica opened its first business outside of Italy in the early 1980s. It occurred in Germany By the end of the decade, the company had expanded globally and signed the first of several licencing agreements with luxury brand Armani.
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The company went public again in Milan in 2000 and in New York in 1990. The company used the proceeds from its initial public offering to acquire numerous brands, including Vogue Eyewear, Persol, Ray-Ban, and Sunglass Hut, Inc.
To expand its retail business, it acquired OPSM, Pearle Vision, and Cole National at the turn of the century. In 2007, Luxottica acquired Oakley for $2.1 billion.
This was a major event. After arguing about prices and being expelled from the company’s stores, Luxottica forcibly acquired the brand.
In 2014, Luxottica adopted a new management structure with two co-CEOs who split their time between company management and market expansion.
After that, the situation changed abruptly. Enrico Cavatorta became the CEO of Andrea Guerra and resigned forty days later. The company lost its third CEO in 2016 when Adil Mehboob-Khan resigned a year after succeeding Cavatorta.
In 2017, Luxottica and the French eye care company Essilor International agreed to merge. The following year, a new holding company known as EssilorLuxottica was established. Its total market value approaches €57 billion.
Disputes Concerning Monopoly
Luxottica has received considerable criticism over the years for the high prices of its name-brand glasses. Because it has so many brands, retailers, optical departments, and insurance companies, it has been accused of merging with numerous other businesses and maintaining a monopoly in its field.
After merging with Essilor, the company claimed ownership of approximately 30 percent of the global market. Luxottica was also accused of market manipulation, such as when it removed Oakley from its list of competitors prior to acquiring the company after its stock price dropped.
Individual Life Del Vecchio had two children from his second marriage and three children from his first marriage.
Claudio, Marisa, Paola, Leonardo, Luca, and Clemente are his children. Claudio, who is also a successful businessman, formerly owned Brooks Brothers. Trusts have been established to safeguard the financial interests of all six children.
Leonardo Del Vecchio’s Net Worth
According to Celebrity Net Worth, Leonardo’s estimated net worth at the time of his death was $33 billion.
Luxottica is reportedly the world’s largest manufacturer and retailer of eyeglasses. It owns popular brands such as Ray-Ban, Oakley, and Sunglass Hut.
In 1961, Leonardo was founded in a small workshop in the northern Italian town of Agordo. The workshop produced components for other businesses.
Over time, the brand began manufacturing its own sunglasses and, in subsequent years, acquired a number of major eyewear companies.
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Leonardo owned a greater share of Luxottica than anyone else, 61,9 percent. He also owned shares in the Italian-based companies Covivo, Mediobanca, and Assicurazioni Generali.
Frequent Requested Information
What Happened to the Founder of Luxottica, Leonardo Del Vecchio?
Got it! Leonardo Del Vecchio, who founded the eyewear company Luxottica and owned brands such as Ray-Ban, Oakley, and Sunglass Hut, reportedly passed away on Monday at the age of 87, according to Italian media. Del Vecchio was a billionaire and Luxottica’s founder. Monday morning, the Italian newspaper Corriere della Sera reported that the 87-year-old passed away at the San Raffaele Hospital in Milan.
Is Leonardo Del Vecchio the richest person in Italy?
According to the Bloomberg Billionaires Index, Del Vecchio is the second wealthiest man in Italy and one of the seventieth wealthiest individuals in the world. 22 May 1935, in Milan, Italy, Leonardo Del Vecchio was born to a poor family from Barletta in the south of Italy. His father passed away when he was five months old.
What is Leonardo de Vinci’s current age?
22 May 1935, in Milan, Italy, Leonardo Del Vecchio was born to a poor family from Barletta in the south of Italy. His father passed away when he was five months old. At the age of seven, his mother was unable to care for him and his four siblings, so they were placed in an orphanage.