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ROME : Italy’s second richest man, eyewear magnate Leonardo Del Vecchio, has died at age 87 after constructing an optical empire that noticed him purchase up main manufacturers like Ray-Ban, Persol and Oakley. Del Vecchio was one in all Italy’s most profitable businessmen, constructing from scratch a world firm that helped flip eyeglasses right into a coveted — and expensive — vogue accent. His fortune was value an estimated $27. 3 billion, in accordance with Forbes’ 2022 World’s Billionaires Checklist.
His firm EssilorLuxottica confirmed Monday that he had “handed away” at age 87. Del Vecchio had been in intensive care at Milan’s San Raffaele hospital in latest weeks.
Born Might 22, 1935 in Milan to a poor household, he spent a part of his youth in an orphanage and commenced working as an adolescent. He based his personal firm, Luxottica, in 1961, supplying the optical business with parts.
Adecade later, Del Vecchio made the strategic resolution to manage all components of the manufacturing course of. Luxottica started making its personal eyeglasses, distributing them all through Italy earlier than increasing in Europe by joint ventures. He noticed the benefit of partnering with vogue design manufacturers, together with Giorgio Armani, branched out into retail and snatched up fashionable eyewear manufacturers like Ray-Ban, Persol and Oakley.
Luxottica additionally purchased such retailers as LensCrafters and Sunglass Hut, permitting the corporate to faucet the buyer market straight with out intermediaries. In 2018, Luxottica merged with France’s Essilor to turn out to be EssilorLuxottica, with Del Vecchio serving as chairman. In 2021, the publicly traded firm posted $20. 9 billion in income. “Leonardo Del Vecchio was an amazing Italian,” the EU’s financial affairs commissioner Paolo Gentiloni tweeted, calling his success “an instance for in the present day and tomorrow”.
His firm EssilorLuxottica confirmed Monday that he had “handed away” at age 87. Del Vecchio had been in intensive care at Milan’s San Raffaele hospital in latest weeks.
Born Might 22, 1935 in Milan to a poor household, he spent a part of his youth in an orphanage and commenced working as an adolescent. He based his personal firm, Luxottica, in 1961, supplying the optical business with parts.
Adecade later, Del Vecchio made the strategic resolution to manage all components of the manufacturing course of. Luxottica started making its personal eyeglasses, distributing them all through Italy earlier than increasing in Europe by joint ventures. He noticed the benefit of partnering with vogue design manufacturers, together with Giorgio Armani, branched out into retail and snatched up fashionable eyewear manufacturers like Ray-Ban, Persol and Oakley.
Luxottica additionally purchased such retailers as LensCrafters and Sunglass Hut, permitting the corporate to faucet the buyer market straight with out intermediaries. In 2018, Luxottica merged with France’s Essilor to turn out to be EssilorLuxottica, with Del Vecchio serving as chairman. In 2021, the publicly traded firm posted $20. 9 billion in income. “Leonardo Del Vecchio was an amazing Italian,” the EU’s financial affairs commissioner Paolo Gentiloni tweeted, calling his success “an instance for in the present day and tomorrow”.
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