Leonardo Maria Del Vecchio Secures 22B Euro Financing to Buy Out Delfin Heirs
Leonardo Maria Del Vecchio has secured up to 22 billion euros from Citi to buy out heirs in the Delfin holding company. The move comes amid mounting legal battles and a competing 30 billion euro buyout offer.
Four years after the death of Leonardo Del Vecchio, founder of the eyewear empire and one of Italy's wealthiest individuals, his eight heirs are struggling to manage a multi-billion-euro fortune. Leonardo Maria Del Vecchio has secured up to 22 billion euros in financing to buy out most of his family partners in the holding company.
At the center of the dispute is Delfin, the holding entity that centralizes the late billionaire's wealth, including a 32.4% stake in EssilorLuxottica, the parent company of Ray-Ban. Delfin's holdings are valued at approximately 43 billion euros, with ownership evenly divided among his six children, his widow, and her son from a previous marriage.
According to global financial media reports, Leonardo Maria Del Vecchio secured the financing package from Citi of up to 22 billion euros.
However, the consolidation attempt comes as tensions among the heirs have spilled into the legal arena. Last week, Paola Del Vecchio, Luca Del Vecchio, and Rocco Basilico filed a lawsuit in a Luxembourg court seeking to amend Delfin's governance rules and allow board composition changes by a two-thirds majority. Currently, decisions effectively require unanimous consent.
Disagreements among the heirs have already impacted profit distributions. Although Delfin recorded a net profit of 1.5 billion euros in 2025, family members failed to secure the necessary majority to increase dividend payouts beyond a 10% cap.
Leonardo Maria previously attempted a similar move earlier this year, aiming to acquire the stakes of two shareholders in a deal valued at approximately 10 billion euros. That transaction collapsed after supporting banks failed to provide the required guarantees.
Meanwhile, a competing offer has emerged. Czech businessman Michal Strnad has offered to acquire Delfin in its entirety for 30 billion euros, a proposal that came to light as the Del Vecchio family continues to clash over control of the empire.
