Leonardo Maria Del Vecchio: “A Rivalry Has Been Created Between Milleri and Me, but Essilux Must Be at the Center”

Leonardo Maria Del Vecchio says a rivalry between himself and Francesco Milleri has distracted from the real priority: EssilorLuxottica. “A rivalry has been created between Milleri and me, when Essilux must return to the center,” he told ANSA on the sidelines of the Ambrosetti Forum in Cernobbio.

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I believe this is a new moment, in which the shareholders need to engage in dialogue and return the board to its natural role, which is to implement the strategy of the majority of shareholders.

For Delfin, the Luxembourg holding company of the Del Vecchio family, he described the situation as a new moment requiring dialogue among shareholders. The board, he said, should return to its natural role of putting into practice the strategy supported by the majority of shareholders.

Delfin is also weighing its position in Italy’s banking shake-up. The shareholders must decide whether to accept Intesa Sanpaolo’s offer or support MPS’s twin operation involving Banco BPM and Banca Generali. Del Vecchio said they would assess both the best economic offer and the strongest prospects for the future, while keeping Italy’s national interest in mind.

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Essilux must return to the center, as it is our father’s legacy, Delfin’s true investment, his true legacy, which has lost 50% on the stock market.

But banks are not Delfin’s only concern. Del Vecchio said the most important objective for shareholders was to make EssilorLuxottica stronger again. He referred to the company as his father’s legacy and said its stock had lost 50 percent. The priority, he added, was to protect the business and secure another decade of success.

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Whether it is me and Francesco Milleri or this person and that person is not important. What matters are the 250,000 people who work there.

The identity of the people at the top, he said, mattered less than the 250,000 employees working at the company. He called for a change in strategy and a new phase shared with all shareholders, not only the eight heirs. Del Vecchio also said he had invested part of his wealth in publishing because he regarded it as essential infrastructure for the country’s freedom, with plans to invest in technology and people. He said the first step after the acquisition was to end temporary layoffs and public subsidies.

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Publishing is essential infrastructure for the country’s freedom. I decided to invest part of my wealth in this sector to support the country.