Luxottica founder Leonardo Del Vecchio passes away

• Luxottica founder Leonardo Del Vecchio passed away at the age of 87.
• He amassed a fortune of more than €24bn to become Italy’s second-wealthiest individual.
• In April, he sided with Francesco Gaetano Caltagirone in a vicious struggle for control of Generali.

Leonardo Del Vecchio, the creator of eyewear firm Luxottica, has passed away, according to a statement from the business. He was 87.

Del Vecchio, who was born into a very impoverished family, amassed a fortune of more than €24bn to become Italy’s second-wealthiest individual. In addition, he was a key investor in the insurance company Generali and the Italian investment bank Mediobanca.

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The Paris-listed business EssilorLuxottica stated, “The company extends its heartfelt sympathies to the family and the worldwide staff community for this tremendous loss.”

“The board will meet to determine next steps,” it added.

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In April, Del Vecchio sided with Francesco Gaetano Caltagirone in a vicious struggle for control of Generali. Del Vecchio and Caltagirone planned to replace Philippe Donnet as chief executive but were unsuccessful in a vote by the company’s shareholders.