Ray-Ban president Leonardo Maria Del Vecchio is reportedly exploring private debt financing for a €10 billion move to reshape his family’s Delfin holding company.
Del Vecchio, the 31-year-old son of late EssilorLuxottica founder Leonardo Del Vecchio, was seeking funding for a deal that would make him the largest shareholder in Delfin, Reuters reported.
Delfin is the top investor in the $100 billion eyewear giant, with a 32.4 per cent stake in EssilorLuxottica.
The Luxembourg-based holding company is also the largest shareholder in Italian lender Monte dei Paschi, with 17.5 per cent, and holds 10.1 per cent of insurer Assicurazioni Generali and around 2.8 per cent of UniCredit.
Del Vecchio, who serves as EssilorLuxottica chief strategy officer as well as president of Ray-Ban, has offered to buy out the stakes of two siblings in a €10 billion deal.
The move would lift his holding in Delfin to 37.5 per cent, making him its largest shareholder.
However, key decisions would still require backing from other heirs under Delfin’s bylaws, which include supermajority thresholds of two-thirds or 88 per cent.
Patriarch Leonardo Del Vecchio divided Delfin equally among eight heirs, with each holding 12.5 per cent. He also granted broad powers to a board chaired by EssilorLuxottica chief executive Francesco Milleri.
Disagreements among shareholders have since slowed decision-making, with the holding company yet to distribute more than 10 per cent of the dividends envisaged as a baseline scenario in its bylaws.
Del Vecchio set up his personal investment vehicle LMDV Capital in 2022, the year his father died, and has since made a string of acquisitions.
The company has built a portfolio across hospitality, food and beverage, real estate, healthcare and technology.
Its assets include mineral water brand Acqua Fiuggi, hospitality brand Twiga, restaurants and digital ventures.
LMDV reached breakeven in 2024 while carrying €360 million of debt, according to a company filing.
Del Vecchio also attracted attention last year with an attempt to buy Italian newspaper la Repubblica, which was later sold to Greece’s Antenna.
He has since expanded into publishing, acquiring 30 per cent of conservative daily Il Giornale and a controlling stake in Quotidiano Nazionale, publisher of regional titles including Il Giorno, La Nazione and Il Resto del Carlino.
Del Vecchio joined the family eyewear business in 2017 and is now the only direct Del Vecchio heir working at EssilorLuxottica after his stepbrother Rocco Basilico left last year.
Click here to sign up to Retail Gazette‘s free daily email newsletter
