Leonardo was the chairman of EssilorLuxottica.
Italian businessman and Billionaire, Leonardo Del Vecchio passed away on 27th June 2022 at the age of 87. Leonardo was the chairman of the world’s largest producer and retailer of sunglasses and prescription eyewear, Luxottica. The company announced the news of his death on Monday.
The news of his death was not accompanied by the reason behind the businessman’s death. At the time of his death, Leonardo was the second richest person in Italy and 54th in the whole world. Today we explore more into the Billionaire’s net worth.
Here are the details:
Who Was Leonardo Vecchio?
Leonardo Del Vecchio was born on 22 May 1935 in Milan, Italy. He was from a dirt-poor family where his father was a peddler of vegetables. He was born among four other siblings and was sent to an orphanage because her mother couldn’t afford to support 5 children after Leonardo’s father died.
At the age of 14, Leo began apprenticing at a car and eyewear parts factory but then decided to use his skills to make spectacle parts. By 1967, he was selling spectacle frames under the name of Luxottica. In 1974, he acquired a distribution called Scarrone and set up his first international subsidiary in 1981 Germany.
He signed a licensing deal with Giorgio Armani in 1988. His company joined the MIB-30 Index in 2003 and started acquiring other brands starting with Vogue in 1990. HE acquired LensCrafters in 1995, Ray-Ban in 1999, and Sunglass Hut, Inc. in 2001.
Leonardo Del Vecchio Net Worth
Vecchio owned a 10% stake in Mediobanca, the Italian investment bank. He owned 61.90% shares of Luxottica, 28% of the real estate company in France, Covivio, and 3.17% shares of Assicurazioni Generali, the biggest insurance company in Italy.
His company acquired Oakley in 2007 in a $2.1 billion deal. Vecchio placed the 52nd rank in Forbes’ billionaires’ ranks featuring the richest persons in the world. At the time of his death, Leonardo was worth around $25 billion according to Forbes.
Del married a total of three times and has a total of 6 children who are supposedly going to split the fortune he left behind. He had one son and two daughters with his first wife, one son with his second wife, and two sons with his third wife. Leonardo remarried his second wife in 2010 and lived in Milan.
Cause of Death
The reason behind Vecchio’s death was apparently pneumonia. He died at San Raffaele Hospital in Segrate on 27 June. He was 87 years old by the time he died. His company revealed the news of his death in a statement saying: “EssilorLuxottica sadly announces today that its chairman has passed away”.
Luxottica has a market value of €65 Billion and an employee count of more than 180, 000 making it the biggest eyewear maker in the world.