Finance
Son of EssilorLuxottica founder plans to buy siblings' Delfin stake, source says
Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: February 19, 2026
Tags:corporate governance
Quick Summary
Leonardo Maria Del Vecchio plans to buy a 25% Delfin stake from two siblings to break a governance stalemate. Priced at a discount, the move could end a three-year dispute at EssilorLuxottica’s controlling holding.
EssilorLuxottica Founder’s Son Aims to Buy Siblings’ Stake in Delfin Holding
Stake Purchase to End Delfin Governance Stalemate
MILAN, Feb 19 (Reuters) - Leonardo Maria Del Vecchio is planning to buy from two of his siblings an additional 25% stake in the family holding company that controls EssilorLuxottica, in an effort to resolve an estate dispute, a source close to the son of the late founder told Reuters, confirming an Italian newspaper report.
Delfin Ownership Structure
The ownership of Luxembourg-based family holding Delfin is split equally among the eight heirs of Ray-Ban eyewear maker Luxottica's founder Leonardo Del Vecchio, who died in 2022.
Dividend Cap and Disagreements
Disagreements among shareholders have prevented the distribution of a dividend above 10% of net profit or any change to the current governance structure. EssilorLuxottica CEO Francesco Milleri also serves as Delfin’s chairman.
With this move, Leonardo Maria - who is EssilorLuxottica's Chief Strategy Officer and president of the Ray-Ban brand - aims to break a three‑year stalemate, the source said. Any potential deal would be priced at a discount to the current value of Delfin's assets, in line with market practice, the source added.
Company Response
Delfin declined to comment.
Pre‑emption Right and Next Steps
Italian daily La Repubblica reported earlier on Thursday that Leonardo Maria Del Vecchio had written to Delfin and to the other shareholders expressing his intention to exercise his pre-emption right on the stakes – each worth 12.5% – owned by his brother Luca and sister Paola. Based on market valuations, the combined stake would be worth around 14 billion euros, the newspaper said.
La Repubblica reported the two siblings had already attempted to transfer their shares into separate entities, but failed to secure the required majority at a Delfin shareholders’ meeting. It also said Marisa had asked for the holding itself to acquire the stakes and requested more time for Delfin to organise a possible transaction.
Delfin’s Wider Investments
Aside from being the biggest shareholder in EssilorLuxottica, Delfin holds stakes in Covivio, Banca Monte dei Paschi, Generali and UniCredit.
(Reporting by Elisa Anzolin;Editing by Elaine Hardcastle)
Key Takeaways
- •Leonardo Maria Del Vecchio plans to buy an additional 25% of Delfin from siblings Luca and Paola to resolve an estate dispute.
- •Delfin is equally owned by eight heirs of founder Leonardo Del Vecchio; disagreements have limited dividends and blocked governance changes.
- •Any transaction would be priced at a discount to Delfin’s asset value, consistent with market practice.
- •La Repubblica reported he invoked pre-emption rights; the combined stake could be worth around €14 billion based on market valuations.
- •EssilorLuxottica CEO Francesco Milleri chairs Delfin; Delfin also holds stakes in Covivio, MPS, Generali and UniCredit.
Frequently Asked Questions about Son of EssilorLuxottica founder plans to buy siblings' Delfin stake, source says
1What is the main topic?
Leonardo Maria Del Vecchio plans to buy a 25% stake in Delfin from two siblings to resolve an estate and governance dispute affecting EssilorLuxottica’s holding.
2Which heirs are involved and how is Delfin owned?
Delfin is split equally among eight heirs of founder Leonardo Del Vecchio. The targeted stakes are the 12.5% holdings of his siblings Luca and Paola.
3Why does the deal matter for EssilorLuxottica?
Delfin controls EssilorLuxottica. Resolving the dispute could lift limits on dividends and unblock governance changes, potentially reducing uncertainty for investors.
