Europe’s biggest corporate fortunes often look stable from the outside. Inside the family boardroom, they can be anything but.
Now the heirs of Luxottica founder Leonardo Del Vecchio appear to be edging toward a deal that could settle a long-running succession battle and consolidate power over the holding company behind Ray-Ban maker EssilorLuxottica.
Leonardo Maria Del Vecchio, one of the six children of the late billionaire Leonardo Del Vecchio, says he is nearing an agreement to buy out two of his siblings from the family holding company Delfin.
Delfin, based in Luxembourg, sits at the center of the Del Vecchio fortune. It is the largest shareholder in eyewear giant EssilorLuxottica and holds stakes in companies including insurer Generali and Banca Monte dei Paschi di Siena.
Leonardo Maria told the Financial Times that talks are close to agreeing a price that would allow him to purchase the stakes of siblings Luca and Paola Del Vecchio. If completed, his holding in Delfin would rise to roughly 37.5%, making him the largest shareholder in a company with about €56 billion (about $65 billion) in net assets.
The dispute dates back to 2022, when Leonardo Del Vecchio died and divided Delfin’s ownership among six children and his widow. The arrangement sparked years of disagreements over governance and dividend policy.
Those tensions have had practical consequences. Dividend distributions have been constrained and strategic decisions delayed as the heirs worked through legal disputes.
Leonardo Maria said the transaction would likely be structured as a leveraged buyout supported by banks. The debt would be serviced through dividends from Delfin’s holdings. He pointed to roughly €7 billion in reserves that could support an extraordinary dividend followed by annual payouts of more than €1 billion.
At the same time, other tensions remain. Leonardo Maria has also challenged a transfer by his mother, Nicoletta Zampillo, of half her 25% stake to his half-brother Rocco Basilico.
At first glance, this looks like another billionaire inheritance dispute. In reality, it’s a control battle over one of Europe’s most powerful corporate holding structures.
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Delfin is the strategic nerve center of the Del Vecchio empire. It controls the largest stake in EssilorLuxottica, a company worth more than $100 billion, and holds influential positions in companies across banking and insurance. When governance inside the holding company stalls, the ripple effects reach far beyond the family.
