Leonardo Maria Del Vecchio, one of the heirs to the Ray-Ban empire founded by his late father, is publicly challenging the board of the family holding company Delfin Sàrl in an escalating dispute over a 10 billion euro ($11.5 billion) acquisition deal targeting the stakes of two of his siblings, days before a decisive shareholder meeting scheduled for 30 June.
Public accusations against the board
In an open letter published on the website of the Italian newspaper Quotidiano Nazionale, which he owns, Del Vecchio, 31, accused the Delfin board of failing to provide clear explanations for its shifting position on the proposed deal, which would make him the largest shareholder in the Luxembourg-based investment company. "The issue is no longer financial — it has become a matter of governance," he wrote, questioning why objections to the deal had emerged after shareholders had already voted in favour of its key elements.
The escalation comes amid a broader struggle for control of one of Europe's largest fortunes, and highlights the complexities of the governance structure put in place by his father, Leonardo Del Vecchio, the founder of Luxottica — later transformed into EssilorLuxottica — before his death in 2022. His plan was partly aimed at easing the family divisions that had struggled to reach consensus on major decisions in recent years.
The younger Del Vecchio is seeking to acquire the combined 25% stake held by his siblings Luca and Paola in Delfin, a deal that would raise his holding to 37.5% and make him the dominant shareholder by a wide margin over the remaining heirs, potentially ending years of uncertainty over succession to the family empire.
Completion of the deal hinges on securing a complex 10 billion euro financing package from three major European banks — UniCredit, BNP Paribas, and Crédit Agricole — in what would be one of the largest individual leveraged acquisition financings ever attempted in Europe. Del Vecchio said the lenders had recently requested additional guarantees relating to future dividend distributions, capital stability, and the company's long-term strategy. He described these demands as "legitimate" but criticised the Delfin board's failure to adopt a unified and transparent position in addressing them.
With uncertainty over the financing persisting, Delfin chairman Francesco Milleri is examining an alternative whereby the holding company itself would buy back Luca and Paola's stakes at the previously agreed valuation of approximately 10 billion euros, with those stakes subsequently redistributed among the remaining six heirs, according to La Repubblica. This proposal may be put to shareholders at the 30 June meeting.
The ramifications extend well beyond the family dispute. Delfin holds a significant stake in EssilorLuxottica and has strategic investments in pivotal Italian financial institutions, including Banca Monte dei Paschi di Siena, Assicurazioni Generali, and UniCredit itself. With net assets exceeding 40 billion euros, Delfin is an influential player in the Italian economic landscape and frequently finds itself at the centre of discussions on banking mergers and financial sector consolidation.
Closing his letter, Del Vecchio described the 30 June meeting as concerning not merely earnings, the balance sheet, or the completion of the deal alone, but "something deeper: the nature of Delfin and its future."