Feb 20, 2026
3 min read
Leonardo Maria Del Vecchio and his sister Marisa (who is asking Delfin to intervene) are fighting for the family's share in the Luxembourg trust house, which is worth about 55 billion and owns 32% of EssilorLuxottica.Corruption may reshape the equation as the Grand Duchy court evaluates the extension
In the complex game for the execution of the inheritance of Leonardo Del Vecchio that is linked to the attempts of some heirs to rewrite the management of Delfin, the rights of preemption broke out, with new opposing fronts.
According to Repubblica, Leonardo Maria Del Vecchio, the fourth son of Mr. Luxottica and today the only member of the family who plays an active role in the group – the chief strategy officer of the multinational and the head of the Ray-Ban brand – has informed the other shareholders of the intention to use the ownership rights of 12.5% of the shares of 12.5% of Vecchi Delca and Lucchio Delca.
At a meeting held at the end of October 2025, the couple sought permission to transfer their shares to a separate company, with the intention of getting money from banks. The venture failed to get the necessary approval from five of the eight shareholders, but was given the green light to go ahead.
So the appeal to the judge in Luxembourg, in view of local laws that do not allow permanent restrictions on leaving a joint venture, is to set a reference price to enable the transfer.
According to sources close to Leonardo Maria, the initiative aims to open up the inheritance, which has remained frozen even after some heirs - including Clemente Del Vecchio - accepted the inheritance with storage interests, and the ensuing dispute between family members and other beneficiaries, such as Francesco Miller, chairman and CEO of the Delfin Group.
The game is now played at cost.In market value, the 25% of Delphin that is subject to restructuring could be worth around 14 billion euros: a size that makes it difficult to imagine operations supported by financial clout, given Leonardo Maria has been critical to the banking system and the fact that family office Lmdv Capital has not generated enough cash.
The initiative was accompanied by the attitude of Sister Marisa, who asked Delfini herself to exercise the right of redemption on Lucas and Paola's shares.Therefore, at this point will be in front of the fourth son of the founder of Luxottica, but what should be activated unless the pre-purchase is not executed by a thirty-year-old Milanese entrepreneur.
However, even for the holding, the operation will represent an extraordinary financial obligation: compared to an annual profit of more than one billion, the group has almost 3 billion in debt and an asset value of approximately 55 billion, which makes it difficult to maintain costs in the range of 14 billion.
However, the theoretical value is the subject of possible downward negotiations, both in the assumption that Leonardo Maria buys directly and in the intervention with the holding company.At the same time, Marisa will ask for an extension of the dates to allow Delfin to establish a trade, the company has already requested from the Luxembourg court an extension of at least 90 days regarding the period set for the exercise of pre-distribution and redemption rights.
A delay that, if granted, will delay the price judgment (which will introduce prices that will work for everyone), leaves a very complicated chapter in the transition of the regime created by the founders still open.
According to Ansa reports, which say sources close to the heir, the descendant "has the strong ability to open a post that has been going on for three years and wants to implement his father's wishes."Obviously - add the same sources - if he makes a transaction it will be reduced, according to market practices, compared to the current values of the Luxembourgish title which has investments in EssilorLuxottica, Covivio and shares in Mps, Generali and Unicredit.
The execution of the will is suspended for three years.This is because three heirs, Luca, Paola, and Clemente, inherited the property along with the Count's interests.This made it difficult to pay Miller his multi-million dollar inheritance (1.7 million Elux shares) and put it on the negotiating table to secure management changes at Lux (chairman) and a board with a permanent "no comment" role instead of Delphi (repeat reserved).
