Ray-Ban Heir Presses Family to Back Buyout in Public Feud

Leonardo Maria Del Vecchio, the 31-year-old heir of the late EssilorLuxottica founder Leonardo Del Vecchio, has escalated a private succession dispute by publishing an open letter urging the board of the family's investment vehicle, Delfin, to support a buyout that would increase his control over the empire. EssilorLuxottica owns over 150 brands including Ray-Ban, Oakley and Supreme.

At the heart of the conflict is Del Vecchio's attempt to acquire the combined 25% stake held by his siblings Luca and Paola in Delfin, the Luxembourg-based holding company. A successful purchase would raise his own holding to 37.5%, making him the largest shareholder and potentially shifting the balance of power within the family over how assets pass to the next generation.

In his letter, published on Friday by Italian newspaper Quotidiano Nazionale (owned by the Del Vecchio family), he accused Delfin's board of failing to explain why its stance on the deal had changed. He noted that doubts only emerged after shareholders had already endorsed key parts of the transaction and after the restructuring had been publicly described as a stabilizing move.

The buyout plan relies on a roughly €10 billion financing arrangement involving UniCredit, BNP Paribas and Credit Agricole, one of the largest acquisition loans ever sought by a private individual in Europe. Del Vecchio said that during talks, the banks demanded firmer assurances on future dividends, capital stability and Delfin's long-term direction, which he considered reasonable, but the board failed to present a unified position.

The outcome matters beyond the family. Delfin holds a significant stake in eyewear giant EssilorLuxottica and influential positions in major Italian financial institutions, including Banca Monte dei Paschi di Siena, Assicurazioni Generali and UniCredit. With a net asset value over €40 billion, the company is a recurring player in debates over banking consolidation in Italy.

A counter-proposal is emerging, according to La Repubblica: Delfin chairman Francesco Milleri is considering a plan under which the holding would buy back Luca and Paola's stakes at the same valuation and distribute them among the six remaining heirs. This could be presented to shareholders at the June 30 meeting, which Del Vecchio framed as being not about dividends or the balance sheet, but about "the very nature and future of Delfin."