ESSILORLUXOTTICA, the French-Italian group that dominates the global eyewear market, reached the final target its founder Leonardo Del Vecchio set before he passed away in 2022: a market value of 100 billion euros (S$142 billion).
Del Vecchio, who over 60 years ago built Luxottica from scratch at his tiny workshop in the Dolomite mountains, and later merged it with French rival Essilor, set the lofty target as he sought to assure that his “factory”, as he called the eyewear maker, would survive him.
The French-Italian company gained about 2 per cent to 221.9 euros in Paris on Tuesday (Oct 22), reaching a market value of 101.5 billion euros.
The company, the world’s biggest manufacturer and retailer of eyeglasses and contact lenses, has added over 40 billion euros in value since Francesco Milleri became chairman after the founder passed away two years ago.
Del Vecchio founded Luxottica in 1961, setting up shop in the village of Agordo along with a dozen workers who crafted parts for eyeglass frames sold on to bigger manufacturers.
EssilorLuxottica today has about 190,000 workers in over 150 countries. The company owns several brands including Ray-Ban and Oakley, and makes frames for luxury houses such as Armani and Prada. The firm is controlled by Del Vecchio’s heirs through the Delfin Sarl holding.
Milleri confirmed in July that Meta Platforms is planning to buy a stake in the firm. The two companies have already been working together for years, and presented their first Ray Ban-Meta smart glasses in 2021.
At the time of his death, Del Vecchio had the second-largest fortune in Italy – after the chocolate-making Ferrero family – with a net worth of US$25.7 billion, according to the Bloomberg Billionaires Index. BLOOMBERG
