https://morningwire.eu/fr/l-heritier-d-essilorluxottica-se-retire-au-milieu-d-un-conflit-de/
EssilorLuxottica heir steps down amid family succession clash
The youngest son of the eyewear empire’s founder resigned, citing disagreements over the group’s management and a stalled buy‑out of family stakes.
Leonardo Maria del Vecchio, 31, announced he will vacate every role he holds at the French‑Italian eyewear conglomerate EssilorLuxottica. The move comes after a months‑long power struggle over the family’s Luxembourg‑based holding company, Delfin, and a failed attempt to become its dominant shareholder.
Family feud over Delfin
The son of founder Leonardo del Vecchio had been chief strategy officer and chaired the iconic Ray‑Ban brand, while also overseeing other labels such as Oakley, Persol and Oliver Peoples. In early 2024 he tried to buy out the stakes held by his brother Luca and sister Paola, a deal that would have lifted his holding in Delfin from 12.5 % to 37.5 %.
His Instagram post hinted at the stakes, writing “An inheritance is coming, responsibilities must be assumed.” Yet the proposed transaction met resistance from other heirs and scepticism from Delfin’s board, which feared an over‑concentration of power.
He condemned the management style of chairman Francesco Milleri as “remote” and “impersonal”.
Del Vecchio’s criticism was published in the Milano Finanza newspaper, where he also expressed disappointment with how the group is run under Milleri, a figure appointed by his late father.
Implications for the eyewear group
Analysts at Equita see the departure as a re‑affirmation of the separation between ownership and day‑to‑day management, a balance they deem appropriate given the current governance tensions. They added that a change at the top of EssilorLuxottica would be destabilising, as Milleri has steered the company’s strategy through a period of strong profit growth, €2.3 billion net profit on €28.5 billion revenue last year.
With the heir out, Delfin’s other holdings, stakes in the bank Monte dei Paschi, insurer Generali and real‑estate group Covivio, remain under the existing shareholder structure. The next steps will likely involve a board review to address the succession dispute and reassure investors that the group’s strategic direction stays on course.
For now, EssilorLuxottica continues to market luxury licences from names such as Giorgio Armani, Chanel and Burberry, while the family’s internal dynamics remain under close watch by market participants.
