Leonardo Del Vecchio
Encyclopedia
Leonardo Del Vecchio is the founder and chairman of Luxottica
, a $3 billion (sales) designer and manufacturer of high-quality eyeglass frames. The firm owns the Sunglass Hut and Lenscrafters chains with a total of over 6000 stores. According to Forbes
magazine, he is the second richest man in Italy (after Michele Ferrero) with a net worth of US$11 billion dollars, making him 71st in the world rankings as of March 2011.
in the province of Belluno
, which is home to most of the Italian eyewear industry. The new company was Luxottica s.a.s., a limited partnership. In 1967 he started selling complete eyeglass frames under the Luxottica brand, which proved successful enough that by 1971 he ended the contract manufacturing business.
Convinced of the need for vertical integration, in 1974 he acquired Scarrone, a distribution company. In 1981 the company set up its first international subsidiary, in Germany, the first in a rapid period of international expansion. The first of many licensing deals with a designer was struck with Armani, in 1988.
The company listed in New York in 1990, and in Milan in December 2000, joining the MIB-30 (now S&P/MIB) index in September 2003. The listing enhanced the company’s ability to acquire other brands, starting with Italian brand Vogue in 1990, Persol
and US Shoe Corporation (LensCrafters
) in 1995, Ray-Ban in 1999 and Sunglass Hut, Inc. in 2001. They went looking for more retail companies, acquiring Sydney-based OPSM
in 2003, Pearle Vision in 2004, Surfeyes in 2006, and Cole National in 2004. Most recently, they acquired Oakley
in a US$2.1bn deal in November 2007.
Luxottica
Luxottica Group S.p.A. is the world's largest eyewear company. Its best known brands include Ray-Ban, Persol and Oakley, Inc.. It also makes sunglasses and prescription frames for a multitude of designer brands such as Chanel and Prada, whose designs and trademarks are used under license...
, a $3 billion (sales) designer and manufacturer of high-quality eyeglass frames. The firm owns the Sunglass Hut and Lenscrafters chains with a total of over 6000 stores. According to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine, he is the second richest man in Italy (after Michele Ferrero) with a net worth of US$11 billion dollars, making him 71st in the world rankings as of March 2011.
Biography
He was born in Milan, Italy in 1935 as a child of an impoverished family. His father died five months prior to his birth. He was given to an orphanage by his mother due to the reason that his mother was unable to support him financially. He began his career as the apprentice to a tool and dye maker in Milan, but decided to turn his metalworking skills to make spectacle parts. So in 1961 he moved to AgordoAgordo
Agordo is a town and comune sited in the Province of Belluno, in the Veneto region in Italy. It is located about 100 km north of Venice and about 20 km northwest of Belluno....
in the province of Belluno
Province of Belluno
TheThe Province of Belluno is a province in the Veneto region of Italy. Its capital is the city of Belluno.It has an area of 3,678 km², and a total population of 214,026 .-Geography:...
, which is home to most of the Italian eyewear industry. The new company was Luxottica s.a.s., a limited partnership. In 1967 he started selling complete eyeglass frames under the Luxottica brand, which proved successful enough that by 1971 he ended the contract manufacturing business.
Convinced of the need for vertical integration, in 1974 he acquired Scarrone, a distribution company. In 1981 the company set up its first international subsidiary, in Germany, the first in a rapid period of international expansion. The first of many licensing deals with a designer was struck with Armani, in 1988.
The company listed in New York in 1990, and in Milan in December 2000, joining the MIB-30 (now S&P/MIB) index in September 2003. The listing enhanced the company’s ability to acquire other brands, starting with Italian brand Vogue in 1990, Persol
Persol
Persol is an Italian eyewear company specializing in sunglasses. The name is derived from "per il sole," which, in Italian, means "for the sun." Formed in 1917 by Giuseppe Ratti, Persol originally catered to pilots and sports drivers. Presently, the company is famous for its durable sports sunglasses...
and US Shoe Corporation (LensCrafters
LensCrafters
LensCrafters is an international retailer of prescription eyewear, and prescription sunglasses, and the largest optical chain in the United States, with about 90 stores in California alone. It was founded in 1983 in the U.S. and has subsequently expanded to over 850 stores in Canada, the United...
) in 1995, Ray-Ban in 1999 and Sunglass Hut, Inc. in 2001. They went looking for more retail companies, acquiring Sydney-based OPSM
OPSM
OPSM is the largest retailer of eye glasses in Australia and New Zealand, with locations in Hong Kong, Singapore, and Malaysia as well. The company was founded in Sydney in 1932, and publicly listed in 1953. Italian eyewear giant Luxottica acquired a controlling interest in 2003...
in 2003, Pearle Vision in 2004, Surfeyes in 2006, and Cole National in 2004. Most recently, they acquired Oakley
Oakley, Inc.
Oakley, Inc., based in Foothill Ranch, California, makes sport equipment including sunglasses, sports visors, and ski goggles, as well as watches, clothing, bags, backpacks, shoes, prescription glasses, football and hockey eyewear, Golf gear and other accessories...
in a US$2.1bn deal in November 2007.
External links
- Moneikos Photos of Leonardo del Vecchio's new megayacht