Leonardo Del Vecchio, who based eyewear empire Luxottica in a trailer and turned an on a regular basis object into a worldwide vogue merchandise, changing into one among Italy’s richest males within the course of, died on Monday (June 27), the eyeglass firm mentioned. He was 87.
“EssilorLuxottica proclaims with deep sorrow the passing of Chairman Leonardo Del Vecchio,” mentioned a press release from the corporate, its title reflecting a deal solid a number of years in the past between Luxottica and French-based lensmaker Essilor.
The assertion mentioned EssilorLuxottica’s board would meet to “decide the following steps”.
Luca Zaia, the governor of Veneto, the northeast area the place Del Vecchio began his enterprise in 1961 in an Alpine valley city, hailed Del Vecchio as one of many “entrepreneurs of best success in all of the world”.
Italian media mentioned Del Vecchio died in a Milan hospital, the place he was admitted a number of weeks in the past. No reason behind demise was cited.
From a begin in a Milan orphanage, Del Vecchio went on to develop into one among Italy’s richest industrialists. Globalising vogue eyeglasses, Luxottica now makes frames for dozens of stellar vogue names, together with Armani, Burberry and Chanel.
On Forbes‘ listing of richest individuals, Del Vecchio and his household was ranked final 12 months at No. 60, with property of US$24.5bil (RM107.8bil).
Del Vecchio’s father bought greens on the streets of Milan however died earlier than he was born. The youngest of 4 youngsters, when he was in his 20s, he labored as an apprentice making elements for eyeglass frames, then went into enterprise for himself.
He moved from Milan to the Dolomite Mountains village of Agordo in 1961, benefiting from a suggestion of free land to supply jobs and discourage younger individuals from flocking to cities for work.
What began as an organization housed in a trailer steadily grew right into a sprawling advanced, a 90-minute drive from Venice, using 1000’s of individuals and producing tens of 1000’s of frames each day.
Del Vecchio discovered gold by turning the quite mundane necessity of life into “designer frames” for prescription glasses and sun shades. The Luxottica’s company web site lists 33 prime manufacturers, together with Valentino, Prada, Michael Kors, Coach and Brooks Brothers.
Two strikes as he expanded his enterprise have been broadly thought of key.
One technique noticed him put money into the retail sector, opening Luxottica shops. The different technique led him to acquisitions, notably that of the US firm Ray-Ban, in 1999, a model which beneath the corporate’s advertising and marketing strategy gained cachet.
Del Vecchio’s empire expanded with a deal, introduced in 2018, with France’s Essilor.
That accord created an enormous entity with greater than 140,000 staff in 150 nations. But Del Vecchio took care to maintain his household monetary car, the holding firm Delfin.
Ray-Ban sun shades are pictured on the market in in Manhattan, each manufacturers owned by EssilorLuxottica. Photo: Reuters
In its newest configuration, Del Vecchio held 25% of its capital. Under Delfin’s umbrella are appreciable stakes in banking and insurance coverage firms as nicely.
Unlike a few of Italy’s flashier industrialists, like tv magnate Silvio Berlusconi and Fiat’s Gianni Agnelli, Del Vecchio stored a low-profile, to the purpose that Italian media dubbed him “Mr Nobody”.
Corriere Della Sera day by day quoted him as saying of his early mentors within the commerce: “They left me with a number of necessary classes – self-discipline, methodology and competence.”
Del Vecchio preached simplicity.
“For years my lunch was based mostly on boiled cabbage. Its scent jogs my memory of the good effort, the dream that I needed to do one thing that was mine, even when small, however the place I may put to make use of my concepts and my skills,″ the Milan day by day quoted him as saying.
He remained untouched by the corruption scandals that rocked Italian enterprise and political energy spheres within the early Nineteen Nineties.
“I do not like paying taxes, however I like sleeping at evening,” Del Vecchio instructed The Associated Press in an interview at firm headquarters in 1995.
Premier Mario Draghi, an economist who had headed the European Central Bank, issued a tribute from Germany, the place he was taking part within the G-7 summit.
“For greater than 60 years a protagonist of Italian entrepreneurship, Del Vecchio created one of many largest firms of the nation, beginning out from humble origins,” Draghi mentioned in a written assertion.
The industrialist “introduced the group of Agordo and the whole nation to the middle of the world of innovation”, the Italian premier mentioned.
Del Vecchio married 3 times, together with two occasions along with his second spouse, Nicoletta Zampillo.
He had six youngsters: son Claudio and two daughters from his first marriage to Luciana Nervo; a son, Leonardo Maria from his marriage to Zampillo; and two sons, Luca and Clemente, with Sabina Grossi, a former investor within the group, La Repubblica newspaper mentioned. – AP
