Leonardo-Maria Del Vecchio to take €10bn control of EssilorLuxottica's holding
Source · Luxury Goods desk
— Summary
Leonardo-Maria Del Vecchio, one of the heirs of EssilorLuxottica's late founder, has struck a deal to buy out his brother Luca's and sister Paola's 12.5% stakes in Delfin, the family holding, for a combined €10bn. He will lift his own share to 37.5% and emerge as the controlling shareholder of the vehicle, locking in the governance of the Italo-French optics giant.
Delfin holds 32% of EssilorLuxottica, 10% of insurer Generali and 17% of Italian bank BMPS — strategic stakes Leonardo-Maria will de facto control. Part of the €10bn price will come from personal cash, the rest from a bank loan that UniCredit, BNP Paribas and Crédit Agricole are reportedly ready to underwrite. The deal must be validated at a 27 April extraordinary general meeting and closed by June, just before Delfin's July annual meeting.
The stakes go beyond the succession: EssilorLuxottica is Giorgio Armani's designated candidate to take over his luxury group, and the optics giant's board will be renewed in spring 2027. Separately, EssilorLuxottica reported Q1 revenue of €7.13bn, up 10.8% at constant currencies. Source: Les Echos, 22 April 2026, Olivier Tosseri.
The story in one line. One heir is about to lock down the family holding that controls EssilorLuxottica, Generali and BMPS — and, through it, the fate of Armani.
Key numbers
€10bn — total price to buy Luca’s and Paola’s 12.5% Delfin stakes
37.5% — Leonardo-Maria’s resulting stake in Delfin
32% — Delfin’s stake in EssilorLuxottica; 10% in Generali; 17% in BMPS
€7.13bn — EssilorLuxottica Q1 revenue, +10.8% at constant FX (+4.1% reported)
27 April — Delfin extraordinary general meeting to validate the deal
Spring 2027 — next EssilorLuxottica board renewal
Why it matters
The Del Vecchio succession has paralysed some of Italy’s most strategic shareholdings since the patriarch’s death in 2022. Concentrating 37.5% of Delfin in Leonardo-Maria’s hands ends that limbo and gives him a decisive voice on EssilorLuxottica’s takeover of Armani, on Generali’s governance, and on the future of BMPS. UniCredit, BNP Paribas and Crédit Agricole are underwriting the loan, a sign that European banks are again financing large dynastic consolidations at the top of the luxury cycle.
Takeaway
A single heir is about to pilot a €10bn holding that sits at the intersection of optics, insurance, Italian banking and now Armani. For the luxury sector, this is the end of a succession crisis and the start of a concentrated-governance era at one of its largest shareholder blocks.
Source: Les Echos, 22 April 2026, Olivier Tosseri.