EssilorLuxottica Heir Launches Public Attack on Management Amid Succession Battle

Succession Battle and Management Dispute at EssilorLuxottica

The succession battle at eyewear giant EssilorLuxottica has taken a sharp turn following a revealing interview by one of the heirs. Leonardo Maria Del Vecchio criticized the management of the company founded by his late father, Leonardo Del Vecchio, who passed away in 2022.

The founding father left the family holding company, Delfin, divided equally among his eight heirs: six children, his widow, and her son from a previous marriage. Earlier this year, Leonardo Maria attempted to buy out the shares of two of his five siblings in Delfin to become the primary shareholder. However, he faced strong resistance from management, led by CEO Francesco Milleri, who holds 32% of the company and blocked a 10 million euro loan intended to finance the deal.

Following this friction, Del Vecchio resigned from all his managerial roles within the company and launched a public attack against Milleri and the board of directors. During a Monday appearance on a podcast hosted by Italian rapper Fedez, the 31-year-old Del Vecchio revealed intimate details of his past, including his battle with drugs and the claim that he has slept with more than 2,000 women.

Criticism of His Late Father and Family Legacy

In the same interview, Del Vecchio targeted his late father, the founder of the Ray-Ban brand, claiming he provided his children with everything except love.

"I certainly love the yachts and the money, but when you are thrown out of the house at 18 because your parents don't like your girlfriend, it's hard," he said. "My father gave me his legacy and the money, but not the love."

The value of the holdings owned by the family firm Delfin dropped to around 40 billion euros at the end of the year, down from 50 billion euros. Delfin holds controlling stakes in several major Italian financial institutions, including Monte dei Passi and insurance giant Generali. Consequently, Del Vecchio issued a veiled threat toward Milleri.

"If he doesn't deliver results, if the company drops by 50% in one year, the company still bears the Del Vecchio name, and I won't just stand by and watch," he warned. Del Vecchio is considered a celebrity in Italy and was recently photographed alongside supermodel Naomi Campbell. Meanwhile, he remains under investigation following a car accident in Miami last year, with allegations that he fled the scene and paid a former bodyguard to take the blame. Addressing the issue, Del Vecchio claimed he has "no idea" what is happening with the investigation, adding, "I still have a valid driver's license."