business
Del Vecchio Heir Seeks Larger Stake in Family Holding Company Ahead of June 30 Meeting
Leonardo Maria Del Vecchio issued an open letter accusing Delfin of governance failures over his proposed buyout of siblings' stakes. The dispute involves control of a Luxembourg holding company that owns 32.4 percent of EssilorLuxottica.
New York PostAudio version
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Leonardo Maria Del Vecchio publicly challenged the board of family holding company Delfin in an open letter days before a June 30 shareholder meeting, New York Post reported. The 31-year-old son of late Luxottica founder Leonardo Del Vecchio said the issue had stopped being financial and become a matter of governance.
Del Vecchio accused Delfin’s leadership of failing to explain why concerns about his proposed buyout surfaced only after shareholders had already backed key elements of the transaction in April.
He is head of retail Italy at EssilorLuxottica and also serves as chief strategy officer of the company and president of Ray-Ban. His plan calls for purchasing the combined 25 percent stakes held by siblings Luca and Paola Del Vecchio in Delfin. Completion would raise his own stake from 12.5 percent to 37.5 percent.
Delfin holds roughly 32.4 percent of EssilorLuxottica and major positions in UniCredit, Generali and Monte dei Paschi di Siena. Leonardo Del Vecchio died in June 2022 and divided Delfin equally among eight heirs. The transaction remains contingent on securing approximately $11.4 billion in financing from a consortium that includes UniCredit, BNP Paribas and Crédit Agricole.
The Post has sought comment from EssilorLuxottica.
