Del Vecchio heirs clash over Ray-Ban empire control
A new development in the dispute over the Ray-Ban business empire has emerged, as Leonardo Maria Del Vecchio’s bid to purchase his half-brother Rocco Basilico’s stake in holding company Delfin was rejected, according to Bloomberg, which cited sources familiar with the negotiations.
Equal Shares, Constrained Control
Leonardo Del Vecchio, who passed away in 2022, divided his stake in Delfin into eight equal portions. His six children, his widow, and her son from a prior marriage each received a 12.5% share.
Despite the equal division of equity, control was not immediately transferred to the heirs. The founder of Luxottica established a governance structure that places major decisions in the hands of an independent board of directors, whose members serve fixed terms.
Changing the board composition requires unanimous agreement among all eight shareholders. Ongoing disputes between the heirs have allowed management to maintain significant autonomy and continue executing its long-term investment strategy.
Francesco Milleri, a longtime associate of the late founder and current CEO of EssilorLuxottica, serves as Delfin’s chief executive officer. Romolo Bardin, another trusted collaborator of Del Vecchio, holds the position of CEO at the holding company.
Legal Moves to Shift Governance Rules
Three shareholders — Paola Del Vecchio, Luca Del Vecchio, and Rocco Basilico — have taken legal action in a Luxembourg court. They are seeking to amend the articles of association to replace the unanimity requirement for board changes with a two-thirds majority.
Under the current equal-equity structure, this would demand agreement among six of the eight shareholders. Another unresolved issue concerns profit distribution. Delfin reported earnings of €1.5 billion for 2025, but the heirs have not been able to secure the supermajority needed to lift the 10% dividend payout cap.
In June, they secured the appointment of two board observers who attend meetings and discussions without voting rights. Concurrently, restrictions preventing the transfer of stakes to separate corporate entities were removed. Two shareholders have already made use of this option, and three more are planning similar steps.
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Buyout Attempts and Strained Relationships
Leonardo Maria Del Vecchio has made repeated efforts to consolidate influence within Delfin. Before approaching Basilico, he proposed purchasing the combined 25% stakes of Luca and Paola for €10 billion. The deal fell through after the board declined to back the financing, straining his relationship with Francesco Milleri.
Leonardo Maria departed EssilorLuxottica during 2026 and has since publicly criticized the group’s leadership. However, in a recent interview with radio station RTL 102.5, he called for an end to the family conflict, stating that he had directed his legal team to withdraw all lawsuits filed against his siblings.
Earlier in October, Basilico sold a small portion of his equity to the youngest heir, Clemente Del Vecchio, for €800,000. Despite these gestures, the broader standoff remains unresolved.
Broader Implications for Business Interests
The dispute extends beyond personal family matters due to Delfin’s influence in EssilorLuxottica and the Italian financial sector. Bernstein highlighted in a research note last month that Delfin’s governance issues have begun spilling over into EssilorLuxottica. Analysts warned that the conflicts could distract management at a delicate time for the group’s equity valuation.
According to banking sources cited by Reuters, internal divisions also influenced Delfin’s stance on the takeover proposal launched by Intesa Sanpaolo for Monte dei Paschi di Siena. Those sources indicated that MPS’s defensive strategy was deemed excessively complex and high-risk to endorse without a unified front among Delfin’s shareholders. The report placed the bank’s shareholder vote on Thursday, anticipating the defense plan would fail following the withdrawal of the holding company’s backing.
Looking ahead, Delfin is reportedly considering the purchase of equity stakes from select shareholders. Meanwhile, ongoing court proceedings in Luxembourg may ultimately reshape the company’s future decision-making framework.
Spokespersons for Rocco Basilico, Leonardo Maria Del Vecchio, and Delfin declined to comment to Bloomberg regarding the €3.5 billion offer.
