How did a poor and orphaned child become the 2nd richest person in Italy and the 54th richest person in the world? Here is his story:
Born in 1935, Leonardo Del Vecchio grew up poor and fatherless in Milan. Unable to care for her son, his mother sent him to an orphanage when he was seven years old. At the age of 14 he started working as an apprentice at a tool and paint manufacturer in Milan.
In 1961 he opened his own workshop to make eyeglass frames in a small town north of Venice. In the late 1960s Del Vecchio had grown into a full-fledged manufacturer capable of producing a range of frames. The first optical frame collection was introduced in 1971.
After five years selling only to wholesalers, it acquired Turin-based distributor Scarrone, Luxottica's first step towards vertical integration. It has focused on international expansion by establishing subsidiaries in markets such as Germany and the USA. Towards the end of the 1980s, it began to benefit from the increasing interest of fashion designers in accessories.
Luxottica signed a license agreement with Giorgio Armani in 1988. Similar deals with Bulgari, Chanel, Prada, Versace and Donna Karan followed soon after.
THE WORLD'S 54TH RICHEST PERSON
Forbes magazine stated that Del Vecchio's personal wealth is valued at 25 billion euros. (2022)
It has been recorded that Del Vecchio is the 2nd richest person in Italy and the 54th richest person in the world with this wealth.
June 27, 2022: Del Vecchio dies at the age of 87.
Italian billionaire Leonardo Del Vecchio, founder of eyewear giant Luxottica, which owns brands such as Ray-Ban, Oakley and Sunglass Hut, has died at the age of 87.
Italian Prime Minister Mario Draghi, in his message of condolence for the loss of Del Vecchio, drew attention to the fact that Del Vecchio, who he defines as the leading figure in the Italian business world, created one of the largest companies in the country during his work experience, which he started as an apprentice and worker in the Milan Martinitt orphanage.
Is Ray-Ban Italian or American?
Ray-Ban is an eyewear manufacturer based in the United States.
The company was founded in 1936 by Bausch & Lomb.
It was bought by Italian Luxottica in 1999.