Wiki Biography
Leonardo del Vecchio, born on 22 May 1935 in Milan, Italy, is acclaimed as the founder and chairman of Luxottica. He is ranked by Forbes magazine as the second richest person and the wealthiest man in Italy in 2015, also being the 40th richest person globally.
Leonardo Del Vecchio Net Worth $20 Billion
Leonardo del Vecchio’s net worth was estimated to be over $20 billion in 2015 by Forbes magazine, with the majority of his wealth generated through his efforts in establishing the Luxottica company.
Leonardo del Vecchio experienced a challenging childhood, as he lost his father prior to his birth and was sent to an orphanage by his mother when he was seven. At the age of 14, he apprenticed as a toolmaker, after which he focused on creating spectacles and later specifically on sunglasses.
His journey towards significant wealth began in 1961 when he founded Luxottica at the age of 25. He chaired the company since then, and it is currently valued at around $10 billion. Luxottica’s growth gained momentum with the commencement of complete eyeglass contract-selling in 1967 and its subsequent independent expansion in the early 70s. Leonardo believed in the necessity of vertical integration for business enhancement, leading to the acquisition of Scarrone, a distribution company, in 1974. Luxottica’s international expansion initiated with its first international subsidiary in Germany in 1981. The company also struck its first of numerous licensing deals with designers with Armani in 1988, contributing to the continuous rise of Leonardo del Vecchio’s net worth.
Luxottica experienced significant growth after being listed on NYSE in 1990, followed by its listing on the Milan Stock Exchange in December 2000, joining the MIB-30 (now S&P/MIB) index in September 2003. These listings facilitated the acquisition of other brands, starting with Italian brand Vogue in 1990. As the largest producer and retailer of sunglasses and prescription glasses globally, Luxottica owns Sunglass Hut, LensCrafters, Ray-Ban, and Oakley. The company operates over 6000 stores worldwide and has 75,000 employees. Additionally, it manufactures glasses for almost every luxury brand globally, including Burberry, Bulgari, Chanel, Coach, DKNY, Dolce & Gabbana, Armani, Prada, Ralph Lauren, Tiffany, and Versace, resulting in the continuous growth of Del Vecchio’s net worth.
Aside from Luxottica, Leonardo Del Vecchio holds stakes in the Italian insurance giant Assicurazioni Generali, the French real estate company Foncière des Régions, and the Italian bank UniCredit.
Regarding his personal life, Leonardo del Vecchio is reserved. He has three children with his first wife, one with his second wife Nicoletta Zampillo, and two with his current wife.
