Leonardo Del Vecchio was an Italian entrepreneur who built a global eyewear empire—Luxottica—through innovation, strategic acquisition, and vertical integration.
Early life and founding journey
Born in Milan on 22 May 1935, he spent his childhood in an orphanage after his father’s death and mother’s economic hardship. Apprenticed in metalwork in his teenage years, he learned to manufacture small precision parts. In 1961, he established Luxottica in Agordo, Italy, initially focusing on the production of spectacle frames. Through early licensing partnerships and vertical integration into retail, he expanded Luxottica rapidly. Over the following two decades, he transitioned from contract manufacturing to designing, producing, and distributing branded eyewear directly. This enabled high margins, tighter quality control, and global expansion starting in the 1970s.
Business expansion and global leadership
During the 1980s and 1990s, Luxottica acquired multiple designer brands and retailers. Major acquisitions included Ray‑Ban in 1999 and Sunglass Hut in 2001, followed by Oakley in 2007. The company was listed on the New York Stock Exchange in 1990 and in Milan in 2000, boosting its capital base and acquisition capacity. By merging with Essilor in 2018, it formed Essilor Luxottica, combining lens manufacturing and eyewear retail under one corporate group. Luxottica gained control of retail chains such as LensCrafters, Pearle Vision, OPSM, and Sunglass Hut, operating thousands of stores with over seventy thousand employees worldwide. This integrated business model enabled control over design, production, distribution, and retail—shaping global eyewear market standards.
“I am proof that you can you make money in Italy and be honest.”
Wealth, legacy and influence
At his death on 27 June 2022 at age 87 from pneumonia, Del Vecchio was among Italy’s wealthiest individuals, with Forbes estimating his net worth near $24 billion—placing him second in Italy and among the top fifty worldwide. He held major holdings beyond Essilor Luxottica, including stakes in Mediobanca, Covivio, Generali and Luxair via his Luxembourg holding company. His personal story—from orphanage to billionaire industrialist—became emblematic of post-war recovery and entrepreneurial ambition in Italy. He was often cited as a significant figure in Italian business and finance, having shaped the global luxury eyewear sector. His six children inherited ownership via equal shares in his holding company.
