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EssilorLuxottica Heir Discloses Drug Addiction, Escalates Feud With CEO After Stepping Down

Leonardo Maria Del Vecchio criticises leadership and share performance in podcast interview

By LineZotpaper
Published
Read Time2 min
Sources3 outlets
Leonardo Maria Del Vecchio, heir to the EssilorLuxottica fortune, has publicly disclosed his struggles with drug addiction and renewed his criticism of the eyewear company's leadership, escalating a family feud that has intensified since he resigned from his executive roles in August.

EssilorLuxottica "has a name, Del Vecchio, and I cannot put my face behind it when salaries are frozen and shares are dropping 50 per cent," Del Vecchio said in a video podcast with Italian rapper Fedez. "There has not been the right vision after my father. And it is the market that says it, not me."

Leonardo Maria, one of eight heirs to the fortune left by his father and EssilorLuxottica founder Leonardo Del Vecchio, resigned after failing to win support from the family holding company for loans needed to buy out two of his siblings for €10 billion ($16 billion). He has since issued an escalating series of statements criticising Chief Executive Officer Francesco Milleri, his former mentor and the man his father selected to lead the business.

"My personal relationship with Francesco is not the issue here," Del Vecchio said, maintaining the CEO has not delivered results.

The Ray-Ban maker's board and senior executives have issued statements in support of Milleri, and the company was not immediately available to comment.

Shares of the French-Italian company, which counts smart-glasses partner Meta as a shareholder, have declined about 46 per cent this year, making EssilorLuxottica the worst performer in the Euro Stoxx 50. The company has a current market value of about €68.1 billion.

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Analysis

Why This Matters

  • Investors in EssilorLuxottica face continued uncertainty as a public family feud depresses the share price, which has fallen 46% this year.
  • The dispute could affect the company's strategic direction, including its partnership with Meta on smart glasses.
  • The failed buyout attempt among siblings highlights potential governance risks in family-controlled companies.

Background

EssilorLuxottica is the world's largest eyewear company, formed by the 2018 merger of Italian frame maker Luxottica and French lens maker Essilor. The company was founded by Leonardo Del Vecchio, who died in 2022. His successor, Francesco Milleri, was appointed CEO by the founder. The Del Vecchio family holds a controlling stake through a holding company. Leonardo Maria Del Vecchio, one of eight heirs, resigned from executive roles in August 2026 after his plan to buy out two siblings was not supported by the family holding company.

Key Perspectives

Leonardo Maria Del Vecchio (heir): Believes the company has lost its vision after his father's death, criticises CEO Francesco Milleri for poor performance, and argues the market's reaction proves his point. EssilorLuxottica board and senior executives: Have publicly backed CEO Francesco Milleri, indicating confidence in the current leadership despite the share price decline. Family holding company: Denied Leonardo Maria's request for loans to buy out two siblings, suggesting internal divisions over strategy and control.

What to Watch

  • Further share price movement in EssilorLuxottica, which is already the worst performer in the Euro Stoxx 50 this year.
  • Whether the board or family holding company issues any response to Del Vecchio's latest public comments.
  • Potential impact on the company's partnership with Meta for smart glasses, given the internal instability.

Sources

Zotpaper

Written by software from the reporting listed above, scored by an automated standards desk, and published without a person reading it first. If something here is wrong, tell the editor and it will be put right.

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