Leonardo Del Vecchio
Italian billionaire and businessman (1935–2022)
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Key Takeaways
- Leonardo Del Vecchio (22 May 1935 – 27 June 2022) was an Italian billionaire businessman, the founder and chairman of Luxottica, the world's largest producer and retailer of glasses and frames, with 77,734 employees and over 8,000 stores.
- 1 billion, the second richest person in Italy, and 54th in the world.
- His father was a street vendor of vegetables who died before his birth and his mother already had four other children; he grew up in an orphanage.
- In 1961, he moved to Agordo in the province of Belluno, which is home to most of the Italian eyewear industry.
- , a limited partnership.
Leonardo Del Vecchio (22 May 1935 – 27 June 2022) was an Italian billionaire businessman, the founder and chairman of Luxottica, the world's largest producer and retailer of glasses and frames, with 77,734 employees and over 8,000 stores. At the time of his death, his net worth was estimated at US$24.1 billion, the second richest person in Italy, and 54th in the world.
Life and career
Leonardo Del Vecchio was born on 22 May 1935 in Milan, Italy to an impoverished family from Barletta, Southern Italy. His father was a street vendor of vegetables who died before his birth and his mother already had four other children; he grew up in an orphanage. He began his career as an apprentice to a tool and die maker in Milan, but decided to turn his metalworking skills to make spectacle parts. In 1961, he moved to Agordo in the province of Belluno, which is home to most of the Italian eyewear industry. The new company was Luxottica s.a.s., a limited partnership. His partners were Francesco Da Cortà (1922-1981) and Vittorio Toscani (1927-1966) from Cadore region.
In 1969, he remained sole owner of Luxottica and started selling parts to assemble spectacle frames and injection moulded acetate frames under the Luxottica brand, before 1969 he used Metalflex brand, the company of his partners. By 1971 he exited the contract manufacturing business to focus solely on the manufacture and distribution of finished eyeglass frames, adding metal frames and acetate frames from sheet.
In 1974, he acquired Scarrone, a distribution company. In 1981, the company set up its first international subsidiary in Germany. A licensing deal with the designer Giorgio Armani was settled in 1988.
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