LAST UPDATE: 19:58
Leonardo Del Vecchio, the Italian billionaire and president of the optical giant EssilorLuxottica, passed away on Monday, at the age of 87, according to Italian media.
According to the Italian newspaper Corriere della Sera, the Italian tycoon passed away on Monday morning at the San Raffaele hospital in Milan.
The Italian businessman and billionaire founded Luxottica in 1961 as a manufacturer of sunglasses parts on behalf of other companies, before turning to the design and production of its own products. In 1988 he signed a lucrative deal with the famous designer Giorgio Armani.
Over the next decade the company expanded by acquiring several well-known optical brands such as Vogue Eyewear in 1990, Persol in 1995 and the American Ray-Ban in 1999. Two years later it acquired the American optical retailer Sunglasses Hut.
In 2018, Luxottica joined forces with the French optical health company Essilor, forming the largest sunglasses and myopia company in the world, under the name EssilorLuxottica.
Today, the Italian giant’s portfolio includes brands such as Ray-Ban and Oakley, while also manufacturing optics for major fashion houses such as Chanel, Dolce and Gabbana, Bulgari, Armani and several others.
The fortune of Del Vecchio and his family is estimated at $ 24.8 billion, according to Forbes estimates, with the Italian family occupying the 60th place in the ranking of Forbes billionaires.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
