Leonardo Maria Del Vecchio’s €10 Billion Bid to Control Delfin

Since the 2022 death of his father, the billionaire founder of the eyewear empire, the younger Del Vecchio has rapidly transitioned from a corporate strategist to an ambitious dealmaker. Through his private vehicle, LMDV Capital, he has assembled a diverse portfolio ranging from the Acqua Fiuggi mineral water brand to hospitality ventures like the Twiga beach club. His recent shift toward media ownership, including stakes in Il Giornale and Quotidiano Nazionale, signaled a broader appetite for influence beyond the family's traditional manufacturing roots.

The current push to reshape Delfin aims to resolve long-standing friction among the eight heirs who each inherited equal 12.5% stakes. Disagreements over the board’s direction have stifled dividend distributions, leaving the company’s governance in a state of gridlock. By attempting to increase his share to 37.5%, Del Vecchio seeks to break this impasse. However, even with a successful buyout, the complex bylaws governing the Luxembourg-based holding company—which mandate supermajority thresholds for key decisions—will ensure that he remains tethered to the consensus of his siblings. As the only direct heir currently employed at EssilorLuxottica, his bid represents a high-stakes gamble to secure the legacy of the late patriarch while managing a significant new debt burden.