Leonardo Del Vecchio Net Worth $19.6 billion
Leonardo Del Vecchio salary $50,000,000
Leonardo Del Vecchio Net Worth: How rich is Leonardo Del Vecchio? & How much money is Leonardo Del Vecchio worth? Time to find out!
Leonardo Del Vecchio is an Italian businessman and his current net worth is $19.6 billion.
Born in Milan, Italy, he comes from an impoverished family, with his mother giving him up to an orphanage and his father dying five months before his birth.
He started his career as an apprentice to a tool and die maker in Milan. However, he decided to turn his metalworking skills in something more, to make spectacle parts.
After he moved to Agordo in the province of Belluno, the home to most of the Italian eyewear industry, he started selling complete eyeglass frames.
Under the Luxottica brand, a limited partnership, which proved successful enough, he continued to sell complete eyeglass frames.
How did Leonardo Del Vecchio get famous?
At Luxottica he entered the contract manufacturing business and later on, he bought Scarrone. The reason why he bought Scarrone, a distribution company, is that he considered the need for vertical integration.
A while after, the company set up its first international subsidiary, in Germany, the first one in a short period of international expansion.
In 1988, the company set up its first of many licensing deals with Armani.
Because the company listed in New York in 1990 and in Milan a year later, their ability to acquire other brands increased. The started by acquiring the Italian brand Vogue, Presol, and US Shoe Corporation, Ray Ban, and Sunglass Hut.
They went looking for more retail companies, acquiring Sydney-based OPSM in 2003, Pearle Vision in 2004, Surfeyes in 2006, and Cole National in 2004.
Also in 2007, the company acquired Oakley in a US$2.1 billion deal.
How does Leonardo Del Vecchio make money?
Because he owns a 61.4% stake in Luxottica Group, as well as the holding company Delfin, he makes a lot of money.
In addition, Del Vecchio is the founder of Luxottica and has credit of 100% of Delfin. Luxottica is the world’s largest eyewear retailer and had revenue of $9.6 billion in 2016.
According to Forbes magazine, he is the second richest man in Italy with a net worth of $19.9 billion, making him the 74th richest person in the world.