Wednsday’s Wealthy Wisdom

Leonardo Del Vecchio’s story is a remarkable tale of rags to riches, illustrating the power of determination and vision in the business world. Born on May 22, 1935, in Milan, Italy, Del Vecchio faced a challenging childhood. His father, a street vendor, died before he was born, and his mother, unable to care for her five children, sent Leonardo to live in an orphanage.

Del Vecchio began his career as an apprentice to a tool and die maker in Milan. However, his interest in eyewear led him to pivot his metalworking skills towards making spectacle parts. This decision was the cornerstone of what would become a global empire in the eyewear industry. In 1961, he moved to Agordo in the province of Belluno, an area known as the home of most of the Italian eyewear industry, and founded Luxottica s.a.s., a limited partnership.

His business acumen led to the rapid growth of Luxottica. In 1967, Del Vecchio began selling complete spectacle frames under the Luxottica brand, and by 1971, he had entered the contract manufacturing business. His strategic acquisitions over the years played a pivotal role in the expansion of Luxottica. Notable milestones include acquiring Scarrone, a distribution company, in 1974, the first international subsidiary in Germany in 1981, and a licensing deal with designer Giorgio Armani in 1988. The company went public in New York in 1990 and in Milan in December 2000.

Luxottica’s acquisition spree included Italian brand Vogue in 1990, Persol and US Shoe Corporation (LensCrafters) in 1995, Ray-Ban in 1999, and Sunglass Hut, Inc. in 2001. The company also acquired OPSM in 2003, Pearle Vision in 2004, Surfeyes in 2006, Cole National in 2004, and Oakley in a $2.1 billion deal in November 2007.

Del Vecchio’s influence extended beyond Luxottica, as he owned a 10% stake in Italian investment bank Mediobanca. His personal life saw him marrying three times and fathering six children. He was known for his philanthropy and contributions to the eyewear industry.

At the time of his death on June 27, 2022, due to pneumonia, Del Vecchio was one of the richest individuals globally, with a net worth estimated at US$24.1 billion. His legacy lives on through Luxottica, the world’s largest producer and retailer of glasses and frames, and his influence in shaping the luxury eyewear market.

Del Vecchio’s life story is not just a tale of financial success but also a narrative of overcoming personal adversity and making a significant impact in an industry that touches the lives of millions around the world.

For more detailed insights into Leonardo Del Vecchio’s life and career, you can refer to sources like his Wikipedia page and Market Realist.