Leonardo Del Vecchio’s story is quite different from the typical biographies of major entrepreneurs. He was born on May 22, 1935, in Milan to a family of very modest means. His father, a vegetable vendor, died before his son was born. His mother raised several children on her own, so Leonardo spent a significant part of his childhood in an orphanage.
Del Vecchio gained his first professional experience in Milan. He began working as an apprentice at a company that manufactured tools and dies. Working with metal gave him practical skills that would later prove useful in a completely different field.
Gradually, the entrepreneur turned his attention to the production of eyeglass components. This line of work proved to be much more promising than could have been anticipated in the early stages of his career.
Leonardo Del Vecchio was married three times and had six children. Among them are Claudio Del Vecchio and Leonardo Maria Del Vecchio. He remarried his second wife in 2010.
However, in the entrepreneur’s public history, much more attention is paid to his professional career. It was precisely his transition from working as an apprentice in Milan to founding an international company that made him one of the prominent figures in Italian business in the second half of the 20th century and the early 21st century.
The Move to Agardo and the Founding of Luxottica
In 1961, Leonardo Del Vecchio moved to Agardo, located in the province of Belluno. This region already had ties to the Italian eyewear industry, so the choice of location was a practical one.
There, he founded Luxottica. Initially, Del Vecchio worked alongside his partners Francesco Da Corte and Vittorio Toscani. The company manufactured eyewear components, gradually expanding its product range and production capabilities.
Over time, the entrepreneur decided to change the direction of the business. By 1969, he had become the sole owner of Luxottica. The company began producing frames under its own brand, using metal and acetate. Another important change was the decision to move away from contract manufacturing.
Starting in 1971, Luxottica shifted its focus from manufacturing individual components for other companies to the production and distribution of finished frames. This decision marked a significant turning point in the company’s history.
The Transition from Manufacturing to International Business
The next step was to develop its own distribution network. In 1974, Luxottica acquired Scarrone, a company specializing in product distribution.
This was followed by international expansion. In 1981, the company opened its first overseas subsidiary in Germany. A few years later, Luxottica began collaborating with well-known fashion brands. In 1988, a licensing agreement was signed with Giorgio Armani.
Thus, the business model itself gradually changed. The company was no longer limited to manufacturing frames. It was building its own international network and expanding its presence across several segments of the eyewear industry at once.
Going Public and Expanding the Portfolio
A major milestone was Luxottica’s initial public offering on the New York Stock Exchange in 1990. Later, in December 2000, the company’s shares were also listed on the Milan Stock Exchange. Going public expanded Luxottica’s opportunities for further growth and the acquisition of new companies. Over the following years, the group steadily strengthened its market presence.
In 1990, the Italian brand Vogue was added to its portfolio. In 1995, Luxottica acquired Persol and the American US Shoe Corporation, which was affiliated with the LensCrafters chain. In 1999, it acquired Ray-Ban, and in 2001, Sunglass Hut.
Thus, the company’s development proceeded along two parallel tracks. On the one hand, production expanded. On the other, its own retail infrastructure grew, enabling products to reach customers directly.
The Legacy of Leonardo Del Vecchio
The story of Leonardo Del Vecchio is fascinating above all for the sheer scale of his journey. He began as a craftsman in Milan, acquired skills in metalworking, and gradually applied them to the production of eyeglass components. Several decades later, Luxottica—the company he founded—had become an international group with its own brands, manufacturing facilities, and retail chains.
The most significant stages of this development were linked to a gradual transformation of the business structure: the shift to ready-made frames, the establishment of a distribution network, the expansion into international markets, the acquisition of well-known brands, and the growth of the retail division.
At the time of his death, Del Vecchio’s fortune was estimated at approximately $24.1 billion. He was considered the second-richest person in Italy and ranked 54th on the global list of the world’s wealthiest individuals.