Luxottica founder turned eyeglasses into fashion item
Leonardo Del Vecchio, who founded eyewear empire Luxottica in a trailer and turned an everyday object into a global fashion item, becoming one of Italy’s richest men in the process, died on Monday, the eyeglass company said. He was 87.
“EssilorLuxottica announces with deep sorrow the passing of Chairman Leonardo Del Vecchio,’ said a statement from the company, its name reflecting a deal forged several years ago between Luxottica and Frenchbased lensmaker Essilor.
The statement said EssilorLuxottica’s board would meet to “determine the next steps.”
Luca Zaia, the governor of Veneto, the northeast region where Del Vecchio started his business in 1961 in an Alpine valley town, hailed Del Vecchio as one of the “entrepreneurs of greatest success in all the world.”
Italian media said Del Vecchio died in a Milan hospital, where he was admitted several weeks ago. No cause of death was cited.
From a start in a Milan orphanage, Del Vecchio went on to become one of Italy’s richest industrialists. Globalizing fashion eyeglasses, Luxottica now makes frames for dozens of stellar fashion names, including Armani, Burberry and Chanel.
On Forbes’ list of richest persons, Del Vecchio and his family was ranked last year at No. 60, with assets of $24.5 billion.
Del Vecchio’s father sold vegetables on the streets of Milan but died before he was born. The youngest of four children, when he was in his 20s, he worked as an apprentice making parts for eyeglass frames, then went into business for himself. He moved from Milan to the Dolomite Mountains village of Agordo in 1961, taking advantage of an offer of free land to provide jobs and discourage young people from flocking to cities for work.
What started as a company housed in a trailer steadily grew into a sprawling complex, a 90-minute drive from Venice, employing thousands of people and producing tens of thousands of frames every day.
Del Vecchio found gold by turning the rather mundane necessity of life into “designer frames” for prescription glasses and sunglasses.