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What is Leonardo Del Vecchio’s Net Worth?
Leonardo Del Vecchio was an Italian billionaire businessman who had a net worth of $30 billion on the time of his dying in June 2022. Leonardo Del Vecchio is finest often known as the founder and chairman of Luxottica, the most important producer and retailer of glasses and frames on the planet. The firm has greater than 9,000 retail shops around the globe using over 77,000 individuals. At the time of his dying, Del Vecchio was the richest person in Italy, and one of many 70 richest individuals on the planet.
Leonardo Del Vecchio died on June 27, 2022 on the age of 87. He was survived by a spouse and 6 kids from three relationships, aged 18 – 65.
Early Life and Career Beginnings
Leonardo Del Vecchio was born on May 22, 1935 in Milan, Italy to a poor family from Barletta, Southern Italy. When he was simply 5 months outdated, his father handed away. At the age of seven, he was despatched to an orphanage as a result of his widowed mom was unable to help him and his 4 siblings. Del Vecchio began his profession on the age of 14, working as an apprentice to a software and die maker in Milan. He subsequently selected to make use of his metalworking abilities to create eyeglass elements. Del Vecchio went to the Brera Academy of Art, and earned a level in engraving in 1958. In 1961, he relocated to the city of Agordo within the Province of Belluno, which is the middle of the eyewear trade in Italy. There, he based the corporate Luxottica with monetary backing from two early prospects.
Luxottica History
Del Vecchio started promoting spectacle frames beneath the Luxottica title in 1967. After reaching vital success, he determined to vertically combine, and purchased the distribution firm Scarrone in 1974. Later, within the early 80s, Luxottica established its first worldwide subsidiary, which was in Germany. By the tip of the last decade, the corporate had additional expanded internationally, and struck its first of quite a few licensing offers with the designer model Armani. Luxottica subsequently went public in New York in 1990 and in Milan in 2000. With the cash raised from its inventory itemizing, the corporate bought a lot of manufacturers together with Vogue Eyewear, Persol, Ray-Ban, and Sunglass Hut, Inc. It went on to spice up its retail presence by buying OPSM, Pearle Vision, and Cole National within the early 2000s. A serious acquisition got here in 2007, when Luxottica purchased Oakley for $2.1 billion. The model was dropped from the corporate’s shops after it disputed costs, inflicting it to be hostilely taken over by Luxottica.
A brand new organizational construction for Luxottica was introduced in 2014, that includes two co-CEOs who break up their focus between market improvement and company features. This was adopted by a interval of fast turnover, as Andrea Guerra was changed as CEO by Enrico Cavatorta, who then stepped down 40 days after his personal appointment. A 3rd CEO was misplaced in 2016 when Adil Mehboob-Khan left the corporate a yr after succeeding Cavatorta. In 2017, Luxottica agreed on a merger with French-based ophthalmic firm Essilor International. The subsequent yr noticed the founding of the brand new holding firm EssilorLuxottica, which has a mixed market capitalization of round €57 billion.
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Luxottica Brands and Retail Locations
Luxottica gives each sun shades and prescription frames, and is concerned in each manufacturing and distribution. Its home manufacturers embody Alain Mikli, Persol, Ray-Ban, Steroflex, Oliver Peoples, and Costa Del Mar. Additionally, it creates eyewear beneath license for such designer labels as Giorgio Armani, Chanel, Coach, Miu Miu, Prada, Ralph Lauren, Tory Burch, and Versace. Luxottica maintains over 9,000 retail areas around the globe, in locations together with Canada, China, Australia, South Africa, the United Arab Emirates, and the United Kingdom. Its manufacturers are offered in shops akin to LensCrafters, Pearle Vision, OPSM, Spectacle Hut, Laubman & Pank, and Econópticas. Additionally, Luxottica owns EyeMed Vision Care, one of many largest imaginative and prescient advantages firms within the United States.
Monopoly Controversies
Over the years, Luxottica has obtained substantial criticism for the exorbitant price of its brand-name glasses. Moreover, attributable to its in depth portfolio of manufacturers, retailers, optical departments, and insurance coverage teams, it has been accused of gross company consolidation and working a monopoly on the trade. Following the merger with Essilor, the corporate claimed possession of practically 30% of the worldwide market share. Luxottica was additionally criticized for manipulating the market, akin to when it dropped its competitor Oakley from its listing, after which took Oakley over when its firm inventory plummeted.
Del Vecchio maintains a majority possession of Luxottica with a 61.9% share. His different shareholdings embody 28% of French actual property funding firm Covivio; 10% of Italian funding financial institution Mediobanca; and three.17% of Assicurazioni Generali, the biggest insurance coverage firm in Italy.
Personal Life
Del Vecchio has six kids: three from his first spouse, one from his second, and two from his third. His children are Claudio, Marisa, Paola, Leonardo, Luca, and Clemente. Claudio can also be a businessman, and owned the clothes retailer Brooks Brothers. Special trusts have been created to guard the monetary pursuits of all six offspring.
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