Phoenix 24
A private inheritance dispute now threatens Europe’s luxury empire.
MILAN, Italy | June 2026
Leonardo Maria Del Vecchio, one of the heirs to the fortune built around Ray-Ban owner EssilorLuxottica, has taken a previously private family dispute into the public arena. The 31-year-old businessman is urging the board of Delfin, the family investment holding, to support his multibillion-euro plan to purchase shares owned by two of his siblings. The proposed transaction could dramatically increase his influence over one of Europe’s largest private fortunes. A decisive shareholder meeting is scheduled for June 30.
At the center of the conflict is the 25 percent stake jointly held by Luca and Paola Del Vecchio in Delfin, the Luxembourg-based company created by their late father, Leonardo Del Vecchio. Leonardo Maria currently owns 12.5 percent of the holding, the same proportion initially assigned to each of the founder’s eight heirs. If he acquires the two stakes, his ownership would rise to 37.5 percent. That would make him the family vehicle’s largest shareholder by a wide margin.
The deal would not mean buying Ray-Ban directly. Delfin owns a major position in EssilorLuxottica, the global eyewear group whose portfolio includes Ray-Ban, Oakley and numerous licensed luxury brands. The holding also has financial interests extending far beyond eyewear. Control over Delfin therefore carries influence across luxury goods, banking, insurance and corporate investment.
Leonardo Maria presented his case in an open letter published by Quotidiano Nazionale, the Italian newspaper he owns. He accused Delfin’s board of failing to explain why its attitude toward the transaction had changed after important parts of the operation had already received support. According to his account, the reorganization was initially presented as a way to create stability inside the family structure. Resistance emerged only after financing negotiations became more demanding.
The proposed acquisition is backed by a financing package worth approximately €10 billion. UniCredit, BNP Paribas and Crédit Agricole are among the institutions involved. It would be one of the largest acquisition loans ever arranged for a private individual in Europe. The extraordinary scale reflects both the value of the shares and the strategic importance of the assets controlled through Delfin.
Banks reportedly requested stronger protections concerning future dividends, capital stability and the holding company’s long-term direction. Such conditions are common when lenders finance an operation dependent on income from major corporate investments. Leonardo Maria said those demands were reasonable but argued that Delfin’s board failed to provide a unified and transparent response. Without that clarity, the financing structure could become more difficult to complete.
The disagreement exposes unresolved questions left by Leonardo Del Vecchio’s death in 2022. The billionaire founder built Luxottica from a small workshop into the world’s dominant eyewear group before overseeing its merger with French lens manufacturer Essilor. His estate was divided among his widow and children, creating a structure intended to distribute ownership broadly. That arrangement preserved family participation but also made future decision-making more complicated.
Leonardo Maria’s proposal would alter the balance by concentrating a much larger share in one heir’s hands. Supporters could argue that a clearer leadership structure would make Delfin more decisive and reduce the risk of paralysis. Critics may see the move as a departure from the more evenly distributed inheritance established after the founder’s death. The dispute is therefore about governance as much as money.
An alternative proposal is also being considered. Delfin chairman Francesco Milleri is reportedly examining a plan under which the holding itself would repurchase Luca and Paola’s stakes at the same valuation. Those shares could then be distributed among the six remaining heirs. This option would prevent Leonardo Maria from becoming the dominant shareholder while keeping ownership spread across the family.
The two proposals represent competing visions for the dynasty’s future. One would consolidate control around a single family member with access to enormous external financing. The other would preserve a more collective model in which the remaining heirs maintain similar positions. Shareholders must decide whether stability is more likely to come from concentrated leadership or balanced ownership.
The outcome has implications extending beyond the Del Vecchio family. Delfin’s net assets are valued at more than €40 billion, making it an influential force within European finance. In addition to EssilorLuxottica, the holding owns significant stakes in Banca Monte dei Paschi di Siena, Assicurazioni Generali and UniCredit. Its decisions can affect debates over banking consolidation and corporate control across Italy.
EssilorLuxottica itself has expanded far beyond traditional luxury eyewear. The group owns more than 150 brands and controls an enormous global manufacturing, distribution and retail network. It has also moved into wearable technology through its partnership with Meta on Ray-Ban smart glasses. Delfin’s future governance could therefore influence investment decisions involving both fashion and emerging consumer technology.
Ray-Ban remains the most visible symbol of the family fortune, but the present conflict concerns the structure behind the brand rather than its products. Leonardo Maria is seeking greater authority over the holding that anchors the dynasty’s wealth. His public letter suggests that he believes the family must make a clear decision before uncertainty weakens its assets. The board, however, must also consider debt, governance and the interests of every heir.
The June 30 meeting is expected to determine whether his financing plan receives institutional support or whether the alternative repurchase structure advances instead. Leonardo Maria has described the vote as a decision about the nature and future of Delfin, not merely dividends or balance sheets. That framing turns the meeting into a test of how the family intends to transfer power to the next generation. It may also define who speaks most forcefully for the Del Vecchio legacy.
Family-controlled empires often appear stable from the outside because their brands remain globally recognizable. Succession reveals the tensions hidden beneath that continuity, especially when inherited ownership is divided among many beneficiaries. The Del Vecchio dispute combines emotional inheritance, corporate strategy and one of Europe’s largest private financing operations. Its resolution will shape far more than the future of a famous sunglasses brand.
Legacy becomes fragile when ownership lacks a shared direction. / El legado se vuelve frágil cuando la propiedad carece de una dirección compartida.