A new legal dispute threatens to plunge the Del Vecchio family empire into yet another billion-dollar battle. One of the heirs linked to the founder of Ray-Ban challenged in the Luxembourg Court the process that approved an agreement worth around 10 billion euros — approximately R$60 billion — to reorganize the control of the family holding Delfin, the main shareholder of EssilorLuxottica
According to people familiar with the case, Rocco Basilico, son of billionaire Leonardo Del Vecchio’s widow, filed a lawsuit alleging irregularities in the vote that authorized the transfer of stake within the holding company.
The dispute involves the future control of Delfin, a company created by Leonardo Del Vecchio to manage the family’s investments. The holding company owns almost a third of EssilorLuxottica, the largest eyewear company in the world and owner of brands such as Ray-Ban and Oakley, as well as a stake in Italian financial institutions.
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The center of the conflict is Leonardo Maria Del Vecchio’s attempt to expand his influence within the family holding by buying the shares of two brothers, Luca and Paola Del Vecchio. The operation was approved at a meeting held on April 27, but Basilico claims that the vote used incorrect criteria to validate the deal.
According to the objection, the transfer of shares to third parties would require approval of more than 88% of the votes, according to Delfin’s bylaws. However, approval occurred based on a 75% majority.
As Basilico holds 12.5% of the holding’s voting rights, his opposition would be enough to block the operation if the higher quorum were applied. The heir is now asking the Luxembourg Court to annul all decisions taken at the assembly.
In addition to the shareholder dispute, the action also questions changes in the holding company’s dividend policy. According to reports, the new structure provides for a minimum distribution of 80% of annual net profit between 2025 and 2027 after the completion of the operation — a move that could help Leonardo Maria finance the purchase of his brothers’ shares.
If the agreement is maintained, Leonardo Maria Del Vecchio will hold 37.5% of Delfin, becoming the holding’s largest individual shareholder. The dispute adds tension to the succession of the empire built by Leonardo Del Vecchio, who died in 2022 and considered one of Italy’s most influential businessmen.
EssilorLuxottica has become one of the most strategic companies in the wearable technology sector in recent years, especially after partnering with Meta Platforms to develop smart glasses with artificial intelligence.
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