Fight over EssilorLuxottica founder’s US$47 billion fortune deepens as heir quits roles at Ray-Ban maker
Stalemate becoming a distraction as firm strives to hang on to first-mover lead in AI smart glasses market
The ongoing dispute over Leonardo Del Vecchio's US$47 billion fortune has intensified after one of his heirs, Leonardo Maria Del Vecchio, resigned from his roles at the eyewear company he founded, EssilorLuxottica. The heir had attempted to break the deadlock at the family firm, Delfin Sarl, but his abrupt decision to step down has removed a prominent figure from the group.
The Del Vecchio clan has been embroiled in a four-year feud over Delfin since their father's death, with differences among the eight heirs and their advisers creating a governance crisis at a key Italian corporation. Delfin holds significant stakes in other Italian financial institutions, including Banca Monte dei Paschi di Siena and Assicurazioni Generali.
For EssilorLuxottica, the family dispute is becoming a distraction as the company strives to maintain its lead in the AI smart glasses market, which faces competition from Apple, Google, and Samsung. The company's shares have fallen 40% year-to-date, and EssilorLuxottica has announced a plan to buy back up to five million shares to stabilize its value.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
