Del Vecchio, owner of Ray-ban, dies at 87

Leonardo Del Vecchio, the Italian entrepreneur who started with a tiny optics workshop in the Dolomite mountains and ended up as the undisputed world leader in eyewear, has died. He was 87.

His death was reported by Italian daily Corriere della Sera on Monday.

Raised in a Milan orphanage, Del Vecchio struck out from the northern city to set up shop in the town of Agordo, in the Alps north of Venice, starting off as a small supplier of frame parts to local eyeglass makers

His company, Essilorluxottica, rode a series of acquisitions to eventually become the world leader in the industry. Globally recognised names Rayban and Oakley were among the scores of eyewear brands Del Vecchio bought on his way to the top. Del Vecchio's net worth was $25.7 billion as of June 1, by the Bloomberg Billionaires Index.

He held a controlling 32 per cent stake in Essilorluxottica, the French-italian eyewear giant that resulted from the 2018 merger of Luxottica with French lens giant Essilor. The firm, which makes frames for Armani and Prada in addition to owning brands like Ray-ban, has over 180,000 employees, operations spanning the globe and a foothold in the luxury and medical technology sectors.

Shy and secretive by nature, Del Vecchio spent decades carefully avoiding the media spotlight.

During a rare conversation with a reporter earlier this year, the tycoon was asked how he built his empire. "I've always strived to be the best at everything I do—that's it," he said. Describing the drive that took him to the top, he said simply, "I could never get enough."