The Ray-Ban Heir’s Bold Move to Oust Family from Luxury Empire
A Succession Battle Over Control and Legacy
Poinews.com – A key figure in the Del Vecchio family, Leonardo Maria Del Vecchio, has unveiled a contentious succession plan that could reshape the ownership of one of Europe’s most prestigious luxury brands. The 31-year-old has pushed the board of the family’s investment vehicle to support a buyout, aiming to consolidate his control over the vast Del Vecchio fortune.
The plan centers on acquiring the combined 25% stake held by his siblings Luca and Paola in Delfin, a Luxembourg-based holding company that oversees the empire. This move would raise his ownership to 37.5%, securing him as the largest shareholder and altering the dynamics of family influence over the brand’s future.
Del Vecchio’s case was laid out in a public letter published by Quotidiano Nazionale, the Italian newspaper he controls. The letter accused the Delfin board of shifting its position on the deal without clear justification. Shareholders had already approved critical aspects of the transaction, yet doubts emerged after the reorganisation was framed as a stabilising measure.
“The very nature and future of Delfin” will be at stake during the 30 June meeting, Del Vecchio wrote, framing the gathering as a pivotal moment for the company’s direction.
The buyout relies on a €10 billion financing arrangement with UniCredit, BNP Paribas, and Credit Agricole, one of the largest private acquisition loans in Europe’s history. As discussions continued, the banks demanded stronger commitments regarding dividends, capital stability, and Delfin’s long-term strategy, which the board failed to address transparently.
Delfin’s influence extends beyond the family. With a net asset value exceeding €40 billion, it holds significant stakes in EssilorLuxottica, the parent company of Ray-Ban and Oakley, and exerts control over major Italian financial institutions like Banca Monte dei Paschi di Siena, Assicurazioni Generali, and UniCredit. The outcome of this dispute could have far-reaching implications for banking consolidation in the region.
Francesco Milleri, Delfin’s chairman, is now considering a counter-proposal. Under this alternative, the holding company would repurchase Luca and Paola’s shares at the same valuation and distribute them among the remaining six heirs. This could set a new precedent in the ongoing battle for control.
