Leonardo Del Vecchio Net Worth
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3 min read
Leonardo Del Vecchio Net Worth
Leonardo Del Vecchio, the founder and chairman of Luxottica, had a net worth of $30 billion at the time of his death in June 2022. As the richest person in Italy and one of the 70 richest people in the world, Del Vecchio left a significant legacy in the business world.
Table: Leonardo Del Vecchio Profile
| Net Worth | Salary | Birthdate | Birthplace | Gender | Height | Profession | Nationality |
|---|---|---|---|---|---|---|---|
| $30 billion | N/A | May 22, 1935 | Milan, Italy | Male | N/A | Businessman | Italian |
Highlights
– Leonardo Del Vecchio was an Italian billionaire businessman.
– He was the founder and chairman of Luxottica, the largest producer and retailer of glasses and frames globally.
– Luxottica had over 9,000 retail stores worldwide and employed more than 77,000 people.
– At the time of his death, Del Vecchio was the richest person in Italy and one of the 70 richest people globally.
– He had a net worth of $30 billion.
Early Life
Leonardo Del Vecchio was born on May 22, 1935, in Milan, Italy. He came from a poor family and faced early hardships when his father passed away when he was just five months old. Due to financial difficulties, his widowed mother was unable to support him and his four siblings, leading Del Vecchio to be sent to an orphanage at the age of seven.
Del Vecchio began his career at the age of 14 as an apprentice to a tool and die maker. With his metalworking skills, he ventured into creating eyeglass parts. He later attended the Brera Academy of Art and earned a degree in engraving in 1958. In 1961, he founded Luxottica in the eyewear industry hub of Agordo, Italy, with financial backing from two early customers.
Career
Del Vecchio started selling spectacle frames under the Luxottica name in 1967. The company witnessed significant success, leading him to vertically integrate by acquiring the distribution company Scarrone in 1974.
In the early 1980s, Luxottica expanded internationally and formed its first international subsidiary in Germany. Throughout the following years, Luxottica struck licensing deals with renowned designer brands such as Armani and acquired several brands, including Persol, Ray-Ban, and Vogue Eyewear.
In 1990, Luxottica went public in New York and later in Milan in 2000. The funds raised from the stock listing enabled the company to acquire other brands and expand its retail presence. Major acquisitions included Oakley in 2007.
In 2017, Luxottica agreed to merge with the French-based ophthalmic company Essilor International, leading to the establishment of EssilorLuxottica. Today, the holding company has a combined market capitalization of approximately €57 billion.
Personal Life
Leonardo Del Vecchio was survived by a wife and six children from three different relationships. His children Claudio, Marisa, Paola, Leonardo, Luca, and Clemente play a significant role in his financial interests, with special trusts created to protect their inheritance.
Net Worth Over Time
Leonardo Del Vecchio’s net worth grew steadily over the years, reaching $30 billion at the time of his death. Through Luxottica’s success and expansion, he accumulated significant wealth and established himself as one of the wealthiest individuals globally.
Components of Net Worth
Del Vecchio’s net worth primarily derived from his ownership of Luxottica, where he held a majority ownership of 61.9%. Additionally, he had other notable shareholdings, including 28% of Covivio, a French real estate investment company, 10% of Mediobanca, an Italian investment bank, and 3.17% of Assicurazioni Generali, Italy’s largest insurance company.
By combining his visionary business strategies and innovative approach to the eyewear industry, Leonardo Del Vecchio built an empire that cemented his remarkable net worth and secured his place among the wealthiest individuals in the world.
