Leonardo Maria Del Vecchio’s EssilorLuxottica Exit Leaves the Real Power Struggle Unresolved

Leonardo Maria Del Vecchio’s resignation is more than a change in EssilorLuxottica’s executive roster. Effective August 31, 2026, the 31-year-old heir will leave his roles as chief strategy officer and Ray-Ban president to pursue new ventures. But he will remain an active shareholder through Delfin, the family holding company that owns 32.4% of EssilorLuxottica. 14

That means the exit removes Del Vecchio from day-to-day management without removing him from the ownership dispute surrounding his late father’s business empire. The immediate effect is a clearer line between professional management and family ownership; the longer-term issue is whether Delfin’s heirs can resolve their struggle over control.

What changed at EssilorLuxottica?

Del Vecchio submitted his resignation to EssilorLuxottica CEO and chairman Francesco Milleri and the board. The company said he was leaving his management responsibilities to focus on new entrepreneurial projects. Reports also described tensions between Del Vecchio and Milleri, including criticism that the group’s leadership had become too distant and impersonal. 1716

Operationally, the departure is not expected to create an immediate crisis. Milleri and the board remain responsible for running EssilorLuxottica, while Del Vecchio’s continuing shareholder position gives him influence through Delfin rather than through an executive office. 36

Why the resignation exposed the Delfin dispute

The resignation came after Del Vecchio’s attempt to consolidate greater control of Delfin stalled. He had proposed buying the combined 25% stakes held by his siblings Luca and Paola for approximately €10 billion. If completed, the transaction would have increased his Delfin holding from 12.5% to 37.5%, making him the family holding company’s largest individual shareholder. 53233

Family members initially backed the proposal in April, but the plan later ran into difficulties securing financing and agreeing on the governance protections that would accompany a concentration of control. 3443

His exit therefore does not resolve the central question: who should shape Delfin’s strategy and exercise influence over the assets held through it? Instead, it makes the separation between the family’s ownership dispute and EssilorLuxottica’s executive leadership more visible.

Del Vecchio is leaving management, not ownership

Delfin’s 32.4% stake makes it EssilorLuxottica’s largest shareholder. Del Vecchio’s 12.5% interest in Delfin means he remains connected to decisions involving the eyewear group even after leaving its offices. Reuters reported that he intended to remain an active shareholder and continue supporting EssilorLuxottica’s independence, long-term growth and stable ownership. 1

This creates a two-level governance structure:

• EssilorLuxottica’s management and board oversee operations, products and execution.
• Delfin’s shareholders and board determine how the family holding company uses its influence as the largest shareholder.

The arrangement can reduce the risk of direct day-to-day interference by a family executive. It does not, however, eliminate the possibility of shareholder pressure, disagreements over board influence or further disputes about Delfin’s future.

The stakes extend beyond Ray-Ban

The dispute matters because Delfin is not simply a vehicle for owning EssilorLuxottica. Reporting identifies additional holdings in Banca Monte dei Paschi di Siena, Assicurazioni Generali and UniCredit, alongside its major eyewear investment. 6932

A prolonged conflict could therefore affect decisions across a broader Italian investment portfolio. The precise consequences depend on whether the heirs reach a new agreement over ownership, governance and the rights attached to their stakes. The available reporting establishes the breadth of Delfin’s holdings, but not that the family dispute has already caused a specific change at each portfolio company.

Why investors are watching the timing

EssilorLuxottica is facing intensifying competitive pressure while it develops growth opportunities such as smart glasses. Analysts cited governance complexity and competition as factors weighing on the shares. 1021

That does not prove the family dispute has delayed a particular product or investment decision. It does mean the conflict arrives at an awkward moment: the company needs sustained strategic focus, while investors are assessing whether ownership tensions could complicate long-term execution.

By late August, EssilorLuxottica shares were down about 40% year to date, according to market reporting. 2021 The decline reflects a broader mix of concerns rather than a single proven cause, with governance uncertainty and competitive pressure among the issues cited by analysts. 21

What the August 28 buyback signals

On August 28, EssilorLuxottica launched a program to repurchase up to five million shares. Based on the share price at the time, the program was valued at more than €800 million. The company presented the buyback as a sign of confidence in its value creation and long-term prospects. 17192729

A buyback can support investor sentiment and reduce the number of shares in circulation if purchases are completed. But it cannot settle the Delfin succession dispute. It does not decide who controls the family holding company, create agreement among the heirs or remove uncertainty about governance. Reporting linked the share-price pressure to both Delfin’s governance complexity and intensifying competition, so the buyback addresses market confidence rather than the underlying family disagreement. 21

The key implication

Del Vecchio’s departure creates a cleaner operational boundary: EssilorLuxottica can be managed by Milleri and the board while Del Vecchio participates as a shareholder through Delfin. That is potentially healthier for daily decision-making, but it also means the family conflict moves more clearly into the ownership and governance arena.

The central question is no longer whether Del Vecchio will hold an executive role at EssilorLuxottica. It is whether Delfin’s heirs can resolve their competing claims over control without distracting the eyewear group from growth, competition and long-term strategy.