Leonardo Maria Del Vecchio is preparing to acquire an additional 25% of Delfin, the Luxembourg-based family holding that controls EssilorLuxottica, by exercising purchase rights on stakes held by two of his siblings, according to people close to the matter. The intended purchases would come from his brother Luca and his sister Paola, each of whom owns a 12.5% stake.
The ownership of Delfin is currently divided equally among the eight heirs of Leonardo Del Vecchio, the founder of Luxottica who passed away in 2022. That equal split among heirs has been a source of internal disagreement, and shareholders have so far been unable to approve any distribution of a dividend in excess of 10% of net profit or to alter the holding's existing governance arrangements.
The effort to buy the two stakes is being described by the people familiar with the plan as an attempt to end a three-year impasse among the shareholders. Leonardo Maria holds dual roles within the operating group - he serves as Chief Strategy Officer of EssilorLuxottica and is president of the Ray-Ban brand - while Francesco Milleri is both the CEO of EssilorLuxottica and the chairman of Delfin.
Sources indicate any transaction would be executed at a discount relative to the current value of Delfin's assets, consistent with common market practice for block sales of this type. Delfin declined to comment on the reported intentions.
Recent developments include formal correspondence in which Leonardo Maria reportedly informed Delfin and the other shareholders of his intention to exercise his pre-emption rights on the two 12.5% stakes. Market valuations suggest the combined 25% stake is worth roughly 14 billion euros, based on prevailing market estimates.
Attempts by the two siblings to move their holdings into separate entities were reported to have been blocked when they failed to obtain the necessary majority approval at a Delfin shareholders' meeting. Another family member, Marisa, has asked the holding company itself to buy the stakes and has requested additional time for Delfin to organise a potential transaction.
Beyond its majority position in EssilorLuxottica, Delfin also holds investments in a number of other listed companies, including real estate group Covivio, Banca Monte dei Paschi, insurer Generali and bank UniCredit.
Investment research note contained in original reporting
Market-focused AI research tools referenced in the original reporting evaluate companies such as EssilorLuxottica (ticker ESLX) across a broad set of financial metrics. Those tools have highlighted past winners including Super Micro Computer (reported +185%) and AppLovin (reported +157%) as examples of their screening output. The research product described in the source material positions itself as an automated idea generator that assesses fundamentals, momentum and valuation.
Summary of current position
The proposed purchase would concentrate a larger block of Delfin shares in the hands of Leonardo Maria Del Vecchio and aims to resolve shareholder deadlock that has limited dividend distributions and prevented governance changes. The deal, if it proceeds, would likely be struck at a discount to asset values and follows unsuccessful attempts by the selling siblings to reorganise their holdings.