Leonardo del Vecchio, chairman of the board of glasses manufacturer EssilorLuxottica and one of Italy’s richest business figures, has died at the age of 87, Italian media reported on Monday.
There was no immediate comment from his company, but a source confirmed the reports.
Del Vecchio rose from a childhood in an orphanage to amassing a fortune of tens of billions of euros in one of the most famous stories of rags-to-riches in Italy̵[ads1]7;s economic recovery after the war.
The Italian businessman founded Luxottica in 1961 and built a company that owns the Ray-Ban brand and combined forces with French Essilor in a major merger in 2018.
His influence extended beyond his own business.
His Delfin holding company is the largest shareholder in the Italian financial group Mediobanca and has a holding of just under 10% in Italy’s largest insurance company Generali.