The name Del Vecchio is not merely a legacy to be carried on; it is wielded as an instrument of power or, at times, as a demand for freedom. For Leonardo Maria Del Vecchio, son of the founder of the eyewear empire, the time has come to chart his own course, far from the hushed but increasingly contested organizational structures of the global eyewear giant. Effective August 31, the man who until now served as Chief Strategy Officer at EssilorLuxottica and Chairman of the Ray-Ban brand will step down from his operational roles. A quiet upheaval, announced in a letter to the board of directors, marks the end of an era and the beginning of a resolutely solitary entrepreneurial venture.
The Break: A Philosophical and Managerial Disagreement
Although this departure is presented as a personal fresh start, it only partially masks the tensions simmering at the company’s highest levels. In his letter, Leonardo Maria Del Vecchio does not mince words regarding the current leadership, embodied by Francesco Milleri, the group’s chairman and CEO. The criticism is scathing: the industrial flagship has become “distant” and “impersonal.” For the heir, the soul of the company is withering under a management style he deems disconnected from its driving forces.
Enthusiasm—that invisible driving force that built the Luxottica legend—seems to have vanished from the halls. “The sense of belonging isn’t what it used to be,” he notes bitterly, adding that employees feel this distance long before the markets pick up on it. This criticism of the current corporate culture highlights a profound disconnect between the vision inherited from the company’s founder and the clinical execution of a global leader with revenue nearing 15 billion euros in a single half-year. The market, moreover, was quick to take note: the announcement of his resignation immediately triggered a nearly 1% drop in the stock price, a sign that Del Vecchio’s words still carry significant weight in shaping investor confidence.
From the Shadows of the Workshops to the Spotlight of Investments
To understand Leonardo Maria’s career path, one must go back to the fundamentals instilled by his father. Before moving into strategic management, the young man earned his stripes on the front lines as a store manager. This rite of passage, mandated by Leonardo Del Vecchio Sr., was intended to instill in him a simple truth: to lead people, you must understand their daily lives. This pragmatic education resonates today in his departure. “I didn’t choose my last name. But what I do with that name is my choice,” he asserts with newfound confidence on his social media accounts.
While he is stepping down from his executive role, he is by no means abandoning ship as a shareholder. Through Delfin, the family holding company in which he holds a 12.5% stake, he retains significant influence over the future of EssilorLuxottica. For beyond the eyewear industry, Leonardo Maria Del Vecchio is now a key player in Italian finance. His personal portfolio, managed through Lmdv Capital, paints the picture of a future tycoon: more than 17% in Banca Monte dei Paschi di Siena, approximately 10% in Generali, 2.7% in UniCredit, not to mention effective control of the international real estate group Covivio.
Delfin’s Media Ambitions and Influence
The shift toward independence has accelerated in recent months with a high-profile foray into the media world. Through Lmdv Capital, Leonardo Maria has become the largest shareholder of Editoriale Nazionale, the group that owns historic publications such as *Il Giorno*, *La Nazione*, and *Il Resto del Carlino*. He also holds a 30% stake in the daily newspaper *Il Giornale*. This thirst for a presence in public discourse and media influence underscores a desire to no longer be merely “the son of,” but rather a decision-maker capable of influencing Italy’s power structures.
However, this rise has not been without friction within the Del Vecchio clan. The founder’s succession remains a minefield of tensions among the eight heirs, each holding an equal 12.5% stake in Delfin. Among the six children, the late wife Nicoletta Zampillo, and her son, Rocco Basilico (who himself resigned from EssilorLuxottica last year), the balance of power is fragile. Last April, Leonardo Maria attempted a bold move to gain the upper hand within the holding company by trying to buy out the shares held by his siblings Paola and Luca. Although supported by Francesco Milleri in this endeavor, the operation failed, leaving indelible scars on the family’s unity.
A financial giant with human feet of clay?
Leonardo Maria’s departure comes at a time when the group is in exceptional financial health. For the first half of 2026, EssilorLuxottica reported revenue of 14.8 billion euros, up 5.7% at current exchange rates. In the second quarter alone, revenue reached 7.6 billion euros, driven by robust organic growth of 8.7%. Profitability is also strong: adjusted net income totaled 1.9 billion euros, representing 13% of revenue—a notable improvement over the previous fiscal year.
Consolidated free cash flow climbed to 1.07 billion euros, confirming the firepower of this industrial powerhouse. But behind these record figures, the unease expressed by the heir raises a fundamental question: Can a company grow indefinitely while losing its original identity? As he leaves the group after twelve years of service, Leonardo Maria Del Vecchio leaves behind a well-oiled team and targets that have been far exceeded, but he takes with him a part of the brand’s historical legitimacy.
Starting in September, the next chapter of its story will unfold under the banner of LMDV Capital. While the paths of the heir and the group he helped modernize are diverging on an operational level, the founder’s shadow continues to loom over both entities. Only time will tell whether the “strategic vision envisioned by the father”—praised by a company spokesperson upon the announcement of his departure—will survive better in Milleri’s financial statements or in the bold investments of his youngest heir.