Son of EssilorLuxottica founder calls for new strategy for eyewear group

EssilorLuxottica SA

06/09/2026 15:31

CERNOBBIO, Italy, Sept 6 (Reuters) - Franco-Italian eyewear group EssilorLuxottica ESLX.PA needs a new strategy after losing more than half of its stock market value in recent months, the son of its late founder said on Sunday.
Leonardo Maria Del Vecchio last month stepped down from management roles at the group, whose brands include Ray-Ban, Oakley and Vogue Eyewear, after reported tensions with CEO Francesco Milleri, but remains an investor in the group through family holding company Delfin.
Speaking on the sidelines of the annual TEHA Ambrosetti conference ⁠on the shores of Lake Como, Del Vecchio said he was hoping for "a new chapter" for the group.
Delfin has a 32.4% stake in EssilorLuxottica and also owns stakes in several financial groups in Italy, including 17.5% of Monte dei Paschi BMPS.MI, which is the target of a takeover bid by Intesa Sanpaolo ISP.MI.
Del Vecchio said there was too much focus on his relations with Milleri, who also chairs Delfin, and the current consolidation wave in the Italian banking sector.
"Banks are a financial investment. The industrial investment that must be protected is EssilorLuxottica," Del Vecchio said. "EssilorLuxottica is Delfin's legacy, our father's true investment and enduring legacy, yet it has lost 50% of its market value."
Del Vecchio also said that no one had yet asked Delfin's investors what to do with the stake in Monte dei Paschi and criticised the board of the holding company for alleged opaqueness.

 (Reporting by Giancarlo Navach; Writing by Francesca Landini; Editing by David Holmes)
 ((francesca.landini@thomsonreuters.com; +39 02 66129437; Reuters Messaging: reutersitaly.thomsonreuters@reuters.net/))