Czech Defense Billionaire Offers 30 Billion Euros for Ray-Ban Parent Delfin
Czech defense billionaire Michal Strnad has offered 30 billion euros to acquire Delfin, the Italian holding company controlling Ray-Ban maker EssilorLuxottica, seeking a stable financial haven.
Czech billionaire Michal Strnad has offered 30 billion euros to acquire Delfin, the Italian holding company that controls EssilorLuxottica, the manufacturer of Ray-Ban and Oakley sunglasses. Delfin also holds significant financial assets, including a 17.5 percent stake in Banca Monte dei Paschi di Siena and about 10 percent of insurer Generali, generating over one billion euros annually in dividends.
Strnad, owner of the Czech defense conglomerate Czechoslovak Group (CSG), built his fortune on military manufacturing and supplying ammunition, particularly following the outbreak of the war in Ukraine. CSG acquired Soviet-era shell stockpiles globally, refurbishing and supplying them to Ukraine and NATO nations. In 2024 alone, CSG provided approximately 1.5 million artillery shells to Ukraine, causing company revenues to surge from half a billion euros in 2021 to roughly 6.7 billion euros in 2025.
Following CSG's historic public listing on the Amsterdam Stock Exchange in January, valuing the defense firm at around 25 billion euros, Strnad's personal net worth is estimated at 19.5 billion dollars by Bloomberg. He has already expanded his Italian investments, acquiring ammunition maker Fiocchi, shotgun manufacturer Perazzi, and a 14 percent stake in tire giant Pirelli.
Despite Strnad's acquisition bid, executing the deal presents major hurdles due to Delfin's corporate bylaws, which require an 88 percent majority vote for major decisions among the late Leonardo Del Vecchio's eight heirs, who have experienced ongoing internal disputes since his passing in 2022. Furthermore, the Italian government may exercise veto powers, as Delfin's strategic financial holdings designate it a vital national asset.
