The billionaire founder of Luxottica, an eyeglasses conglomerate Leonardo Del Vecchio that controls billion-dollar brands including Ray-Ban, Oakley, and Sunglass Hut, passed away in Milan’s San Raffaele Hospital.
His cause of death was not disclosed, but his six surviving children would get a portion of his money.
Luxottica is a high-end luxury brand that not only produces eyeglasses for well-known fashion houses like Chanel, Dolce & Gabbana, Bulgari, Armani, and others but also has its own distinctive industry names.
The billionaire, who is also the second-richest person in Italy, runs a business with more than 8,000 outlets and 77,734 people throughout the globe.
His Net worth at the time of death
The tycoon, who was born in poverty in Italy, launched the Luxottica shop in 1961 and immediately began making glasses under its own brand.
When the business came into a license arrangement with Giorgio Armani, it accomplished a significant feat. The agreement launched the business’ success, and it soon began to grow both financially and in terms of prominence within the fashion industry.
The business went on to acquire additional eyewear businesses in the sector, including Persol eyewear in 1999, Vogue eyewear in 1990, Ray-Ban eyeglasses in 1999, and Sunglass Hut in 2001, all under the founder’s direction.
Additionally, the business purchased OPSM, a provider of prescription eyeglasses, in 2003, Pearle Vision, a maker of eyewear, in 2004, Surfeyes in 2006, Cole National in 2004, and Oakley in a deal worth US$2.1 billion in November 2007.
Luxottica and the established brand in prescription eyeglasses, Essilor, amalgamated to create EssilorLuxottica, the largest prescription eyewear manufacturer in the world today.
Along with his eyeglasses company, the billionaire also holds a 10% interest in Mediobanca, an Italian investment bank. The majority of his wealth is made up of all these investments.