Leonardo Maria Del Vecchio, heir to the fortune behind Ray-Ban maker EssilorLuxottica, has proposed buying out his fellow shareholders in Delfin, the Luxembourg-based holding company that controls a major stake in the global eyewear group. The proposal, reportedly valued at approximately €29.6 billion ($33 billion), comes after Czech billionaire Michal Strnad made a €30 billion offer for the family investment company. The competing proposals have intensified a long-running disagreement among the heirs of the late Italian billionaire Leonardo Del Vecchio.
The proposed buyout could reshape ownership of one of Italy’s most influential family investment groups. Delfin owns 32.4% of EssilorLuxottica, the company behind Ray-Ban and other major eyewear brands, along with substantial investments in Italian banks and financial institutions. Leonardo Maria says he has secured financing of up to €22 billion from Citigroup and intends to present his proposal to the other shareholders by November 7. Neither the family holding company nor Citi has publicly confirmed the financing arrangement.
Key Highlights
- Leonardo Maria Del Vecchio has proposed buying out the other seven shareholders of Delfin.
- The proposal has been reported at approximately €29.6 billion ($33 billion).
- Financing of up to €22 billion from Citigroup has reportedly been secured.
- The proposal follows Czech billionaire Michal Strnad’s €30 billion offer for Delfin.
- Delfin owns 32.4% of EssilorLuxottica, the parent company of Ray-Ban.
- The eight family shareholders each own 12.5% of Delfin.
- Leonardo Maria plans to present his proposal to the other shareholders by November 7, 2026.
Who Is Leonardo Maria Del Vecchio?
Leonardo Maria Del Vecchio is one of the heirs of Leonardo Del Vecchio, the Italian entrepreneur who founded Luxottica and built it into one of the world’s largest eyewear businesses.
Luxottica eventually combined with French lens manufacturer Essilor in 2018 to create EssilorLuxottica, a global eyewear and optical products company. Its portfolio includes Ray-Ban, Oakley and several licensed luxury eyewear brands.
Following his father’s death in 2022, Leonardo Maria became one of eight equal shareholders in Delfin. The holding company owns the family’s investment portfolio and remains the largest shareholder in EssilorLuxottica.
Leonardo Maria has become increasingly active in efforts to reshape the family’s ownership structure. He has previously attempted to acquire stakes held by siblings Luca and Paola Del Vecchio and half-brother Rocco Basilico.
Those earlier efforts did not produce a completed transaction. The latest proposal is substantially larger and comes at a time when an outside investor is also seeking control of the family holding company.
What Is the €29.6 Billion Buyout Proposal?
Leonardo Maria outlined his proposal in a letter published by Italian newspaper QN on November 2.
He said he had secured financial backing from a leading international institution and proposed either an immediate acquisition of the other shareholders’ stakes or alternative arrangements that would allow the purchases to take place over time.
According to Bloomberg reporting carried by Moneycontrol, the proposal values Delfin at approximately €29.6 billion. Italian newspaper Corriere della Sera reported that Leonardo Maria was offering €3.7 billion to each of the seven other shareholders.
Reuters separately reported that a person close to Leonardo Maria said Citigroup had secured financing of up to €22 billion for the proposed transaction. The bank and Delfin declined to comment.
The financing would be a central part of the transaction because buying out the other shareholders would require a substantial amount of capital.
Leonardo Maria has said he intends to present the project to the other shareholders by November 7. However, the proposal has not yet been approved, and the reported financing does not mean the acquisition is guaranteed.
Why Is the Czech Billionaire Interested in Delfin?
The family buyout proposal follows an unsolicited €30 billion offer from Czech billionaire Michal Strnad.
Strnad heads Czechoslovak Group (CSG), a defence and industrial group, and has been expanding his investments outside the defence sector.
His proposal, dated October 20, seeks to acquire Delfin in a transaction that could give him control over a significant portfolio of European businesses and financial investments.
According to Reuters and Bloomberg, Strnad has offered to buy the entire holding company but would accept a controlling stake of at least 62.5% if some shareholders wanted to retain their investments.
The offer reportedly values Delfin at a 30% discount to its net asset value. Strnad has described the holding company as a suitable long-term investment.
However, the proposal faces a major obstacle: Delfin’s ownership and governance arrangements require substantial shareholder agreement for important changes.
Leonardo Maria has publicly indicated that he does not want his father’s business legacy to pass into foreign ownership. His buyout proposal could therefore provide an alternative to Strnad’s approach while consolidating ownership within the family.
What Does Delfin Own?
Delfin is more than the holding company behind Ray-Ban. It controls a diversified portfolio of investments across eyewear, banking and insurance.
Its most important asset is its 32.4% stake in EssilorLuxottica, giving the family holding company considerable influence over the world’s largest eyewear manufacturer.
| Company | Delfin’s approximate stake | Business |
|---|---|---|
| EssilorLuxottica | 32.4% | Eyewear and optical products |
| Banca Monte dei Paschi di Siena | 17.5% | Banking |
| Assicurazioni Generali | 10.1% | Insurance |
| UniCredit | 2.8% | Banking |
Source: Reuters reporting. Stakes are approximate and may change with market transactions.
Delfin’s publicly disclosed listed investments were valued at approximately €43 billion based on market prices reported around October 30, 2026. Bloomberg calculations cited in subsequent reporting put the value at approximately €45 billion as of October 30–31.
This portfolio explains why control of Delfin is attracting interest beyond the eyewear industry. A buyer would gain exposure to major European financial institutions alongside EssilorLuxottica.
Family Disagreements Have Complicated Delfin’s Governance
The ownership structure established after Leonardo Del Vecchio’s death is a major reason the holding company has struggled to reach agreement on important decisions.
Delfin is divided equally among eight shareholders. Each holds a 12.5% stake, including the founder’s six children, his widow Nicoletta Zampillo and her son from an earlier marriage.
The company’s governance rules require consensus or high voting thresholds for major decisions. These restrictions were intended to preserve family control, but disagreements among shareholders have made decision-making more difficult.
Leonardo Maria has criticised Delfin chairman Francesco Milleri, who also serves as chairman and chief executive of EssilorLuxottica. He has questioned the management of the family’s investments and argued that the holding company’s governance needs reform.
Other shareholders have also challenged aspects of the governance structure. Three shareholders have sought legal changes to the requirement for unanimous approval of certain board decisions.
The dispute has extended into questions about dividends, investment strategy and the management of the family’s financial assets.
Why the Proposed Buyout Matters for EssilorLuxottica
The outcome could influence the ownership structure and governance of EssilorLuxottica.
Delfin’s 32.4% stake makes it the largest shareholder in the eyewear company. A change in control of Delfin could therefore alter the balance of influence over one of the world’s most recognisable consumer brands.
However, buying the holding company would not automatically mean taking direct ownership of Ray-Ban or other EssilorLuxottica brands. Those businesses remain part of the listed eyewear group.
The transaction could also affect Delfin’s approach to its financial investments in Italy. Its stakes in Generali, Monte dei Paschi and UniCredit place it among the significant shareholders in the country’s financial sector.
A successful family buyout could potentially simplify ownership and reduce internal disagreements. But the scale of the financing required could also leave Leonardo Maria with substantial debt obligations.
The Bigger Picture
The contest for Delfin illustrates how family succession can reshape large business groups long after a founder’s death. Leonardo Del Vecchio built an international eyewear empire, but the equal division of his holding company among eight heirs has created competing interests over control, dividends and investment strategy.
The arrival of an outside bidder has added urgency to the disagreement. Strnad’s €30 billion proposal and Leonardo Maria’s reported €29.6 billion buyout plan offer different paths for the future of the holding company. The outcome could influence not only EssilorLuxottica but also several important Italian financial institutions.
Looking Ahead
The November 7 deadline will be an important milestone because Leonardo Maria is expected to present his detailed proposal to the other shareholders. The family will need to consider the transaction’s valuation, financing arrangements, governance structure and whether the proposed acquisition can secure the required approvals. The reported €22 billion financing commitment will also need to translate into a workable funding structure.
For now, neither proposal has resulted in a change of ownership. The decision rests on Delfin’s shareholders and its governance requirements. Whether the family chooses an internal buyout, accepts an outside offer or pursues another arrangement will determine the future control of one of Europe’s most valuable family investment portfolios.
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