Leonardo Maria Del Vecchio Challenges EssilorLuxottica Strategy

Leonardo Maria Del Vecchio has publicly demanded a strategic overhaul at EssilorLuxottica, criticizing the leadership of chairman Francesco Milleri following a 50% decline in the company's share price [4]. The call for a new management phase, issued at the Ambrosetti Forum in Cernobbio, signals a deepening rift within Delfin, the holding company that controls the eyewear giant [4].

Governance and strategy disputes

Del Vecchio, an heir to the late founder Leonardo Del Vecchio, explicitly questioned the concentration of power within the holding company, suggesting that if decisions remain centralized under Milleri, the firm should be renamed "Milfin" rather than Delfin [4]. He emphasized that the future of the company’s leadership will be determined by a majority vote of Delfin’s shareholders, who are expected to evaluate managers based on historical performance results [4].

Beyond the leadership dispute, Del Vecchio has formally requested that Delfin’s auditors investigate alleged critical issues regarding the management of the holding company’s board [4]. He characterized the past four years of activity by other board members as insufficient, arguing that they have failed to fulfill their roles as custodians of the family’s investment [4]. The dispute centers on the legacy of EssilorLuxottica, which Del Vecchio described as the primary investment of the holding company and the true legacy of his father [4].

Broader market and corporate shifts

The tension at EssilorLuxottica coincides with a period of broader corporate and regulatory scrutiny. In France, the government recently received a senatorial report highlighting the instability and weight of mandatory corporate levies, which has become a focal point for market analysts assessing the domestic business environment [1]. Meanwhile, in the technology sector, the U.S. government has suspended the operations of Fable 5 and Mythos 5, citing national security concerns [2]. These developments occur alongside the expansion of autonomous transit, with Tesla’s driverless taxis now operating in Austin, Texas, without steering wheels, pedals, or human operators [1].

What to watch

• Shareholder Vote: Monitor upcoming Delfin shareholder meetings for potential formal motions regarding the replacement or retention of Francesco Milleri [4].
• Audit Findings: Watch for the results of the requested investigation into Delfin’s board management, which could trigger further governance changes [4].
• EssilorLuxottica Performance: Track the company’s share price recovery efforts against the 50% decline cited by Del Vecchio to see if current management can satisfy shareholder demands for a "new phase" of success [4].

The conflict highlights a critical juncture for one of Europe’s largest industrial holdings, as the heirs of its founder move to assert greater control over the company’s strategic direction. Whether the current management can survive the push for a leadership transition remains the central question for the firm's investors.