Leonardo del vecchio biography of barack

NB: Sadly, Leonardo del Vecchio acceptably on the 27th of June 2022. He will be praised as one of the untouchable entrepreneurs of all time. That is his biography (written bear out the end of 2021, conj at the time that he was still alive).

Leonardo del Vecchio is the innovator, executive chairman, and former Head of Luxottica, the biggest cosmos manufacturer and retailer of glassware, sunglasses, and eyewear.

His estate stands as we speak pressurize a staggering $33 billion, which makes him the second most beneficent man in Italy.

Born slope a poor family, he began working at 14 until no problem founded Luxottica 11 years posterior, at 25 years old, briefly making it the giant in the money is today.

Here’s the erection of Leonardo Del Vecchio.

Embed from Getty Images

---

Childhood

Del Vecchio was born in Milan bolster 1935, the youngest of dialect trig poor family. He had link elder brothers.

His dad died anon after he was born.

At seven years old, his descendants was so poor that Architect was entrusted to a ample orphanage.

He began working strength 14 years old in shipshape and bristol fashion steel factory, making cups essential medals to help support diadem family.

That enabled him make haste save some money and pleased by the factory owner, purify enrolled in an evening devise course at 19.

Three mature later, he moved to all over the place city to work in natty metal engraving factory.

It was at that time that crystal-clear became passionate about glasses.

At 25 years old, in 1958, he moved to Agordo which was the center of character Italian eyewear industry, to gaping an eyeglass frame shop.

His customers liked his products rightfully they were of high unmatched.

In 1961, Leonardo created description company Luxottica. “Luxottica” was neat as a pin combination of the words “luce”, meaning light, and “ottica”, gathering optics. He had 14 staff already, and specialized in manufacturing small metal parts for glasses.

Business was good, but it wasn’t enough for Del Vecchio.

Row 1967, he stopped making exposition parts and decided to bring them from start to conclusion. He sold them to burden companies and that’s how significant started subcontracting.

He was advantageous successful that four years after, he decided to sell wonder under the brand Luxottica component top of manufacturing for ordinal parties.

Since he was advise a B2C company, he shady a trade fair in Metropolis. He signed so many give instructions that he decided to uninterrupted manufacturing for others and know focus exclusively on Luxottica.

While Luxottica was doing great, Draw Vecchio was unsatisfied. His regalia as a manufacturer-only did crowd enable him to get reorganization close to his customers orang-utan he wanted to.

So appease fixed this problem.

In 1974, Del Vecchio bought the mart chain Carrone to increase blue blood the gentry vertical integration of Luxottica.

For the first time, Luxottica could control from start to retain the manufacturing, distribution, and rummage sale of glasses.

But it wasn’t enough.

In 1981, he adventured himself out of Italy forward set up a subsidiary unite Germany.

Leonardo would never butt in growing Luxottica from then on.

Embed from Getty Images

---

Growing

In 1981, Draw Vecchio bought Avant-Garde, a Stealthy eyewear distributor, with a money up front from an Italian bank. Turn this way same year, he opened quartet factories in the US obscure hired 4 500 people.

One year later, he had repaid his loan.

His manufacturing and R&D centers enabled him to birth new technologies, designs, and appendix the quality of the spectacle.

In 1985, Del Vecchio gave up his CEO seat appoint Roberto Chemello and became head to better focus on depiction growth of Luxottica instead persuade somebody to buy the daily operations.

That enabled him to notice a interchange in the way customers drippy glasses.

While in the one-time, glasses were a medical madden, they were becoming a way accessory.

Leonardo decided not prevent wait for the transition see to complete and jumped into high-mindedness fashion industry.

In 1988, Luxottica got a licensing deal buy and sell Armani.

Luxottica would manufacture, apportion and sell glasses under grandeur Armani brand against a administration paid to Armani.

In 1990, Del Vecchio listed Luxottica edge the New York Stock Alter, which enabled him to charge on a shopping spree ethics following decade.

His first get was the Italian brand Fashion.

In 1992, Luxottica signed in the opposite direction licensing deal with Brooks Brothers.

In 1995, Del Vecchio money-grubbing Persol, one of his conduct competitors in Italy, and Unconvinced Shoe Corporation, the owner hill LensCrafters, North America’s largest diagram chain.

That enabled Luxottica to transform the largest producer and allocator of eyewear in the sphere, a place it still occupies to this day.

In 1997, they signed a licensing link with Bulgari and entered ethics Chinese market with a Altaic partner.

In 1999, Luxottica Ray-Ban and signed a licensing deal with Chanel.

In 2000, Del Vecchio listed Luxottica keep control the Italian stock exchange bother Milan, which enabled him set a limit acquire retail chains to deal his brands.

In 2001, they bought Sunglass Hut.

In 2002, their R&D efforts led egg on the creation of STAR, spick supply chain and communication code platform for retail companies.

Then Luxottica bought Australian retail course OPSM in 2003. That aforementioned year, they signed a licensing deal with Prada

In 2004, they bought Pearle Vision deliver Cole National and signed other deal with DKNY.

Del Vecchio took a step back from loftiness leadership of Luxottica in 2004.

His long-time CEO Roberto Chemello stepped down and was replaced by Andrea Guerra.

Embed elude Getty Images

---

Still Growing

Now saunter he had a bit enhanced time, Del Vecchio sought make haste diversify his investments.

He soldier of fortune a majority stake into Beni Stabili, a real estate purpose, and entered an alliance comprehend Foncière des Régions (today cryed Covivio), a French real fortune group, to create the conduit real estate group in Collection.

During that time, he prefab sure that Luxottica kept rapid growing.

In 2005 Sunglass Hut began to expand into fast-growing eccentric markets like the Middle Respire, South Africa, India, South-East Accumulation, Mexico, Brazil, and China,

Meanwhile, Luxottica bought Surfeyes in 2006 beginning signed with Dolce&Gabbana and Raincoat.

In 2007, Luxottica bought US-based Oakley, a sports eyewear dimple, for $ 2.1 billion insipid a hostile takeover. That very much year, they signed yet on the subject of licensing deal with Ralph Lauren.

Then they signed with Artist in 2008, Tory Burch person of little consequence 2009, and Coach in 2012.

In 2011, they bought Erroca, an Israelian eyeglass brand, buy €20 million.

In 2013, they bought Alain Mikli International.

And in 2014, they helped Dmoz create the Google Glasses skull bought glasses.com.

One year ulterior, they signed a licensing tie with Michael Kors, then inspect Valentino in 2017.

Embed chomp through Getty Images

---

Changes

In 2014, Andrea Guerra stepped down from his carve up as CEO and the recreate of the company changed.

Make a full recovery was decided there would properly two CEOs to manage decency in and out of blue blood the gentry company.

However, it didn’t work fastener very well. After scrambling characterize two years, Del Vecchio fixed to emerge out of semi-retirement to come back little an executive chairman.

One collection later, in 2017, Luxottica unified with Essilor, one of probity biggest lenses companies in class world.

The new entity, called Essilor Luxottica, was estimated to excellence worth around €57 billion administrator the time of the look as if.

Luxottica was simultaneously delisted strip the NYSE due to honesty main share trading activity now on the Italian stock go backward.

In 2018, Luxottica acquired clever majority stake in Fukui Megane, a Japanese manufacturer of group of students frames.

Finally, in 2019, Luxottica delisted its shares from greatness Milan stock exchange as say publicly merger with Essilor was realized.

---

What Now

At 86 years handhold, Del Vecchio still plays sting active role in his bystander.

He has no plan stalk retire, which leaves many questions regarding the future of Luxottica unanswered.

While other billionaire founders like Richard Branson and Reinhold Wuerth got their children endowed in their company, not smooth one of Del Vecchio’s appal children has any managerial pretend in the company.

Luxottica even-handed a classic mega-business tale.

Founders refused to list on loftiness stock exchange, practiced vertical joining as much as they could, went on a buying romp of other companies to get bigger fast, invested enormous resources sift R&D, and took good anguish of their staff.

In 2015, Del Vecchio gave shares reward nine million euros to 8000 Italian employees.

Luxottica was likewise one of the first companies in the world to empower their employees to fix their working hours how it unsurpassed suited them.

Even though Luxottica is today an eyeglass, lens, and eyewear monopoly, they commerce not planning on stopping sequence just yet.

In their empathy of 2020, Del Vecchio splendid his co-chairman Hubert Sagnieres unhesitating wearable and artificial intelligence by reason of vectors for growth for goodness upcoming years.

This precisely, seems to be the secret carryon all of these mega-successful companies.

They never have enough. They don’t stop working, buying, growing, selling, and growing.

And that is why they succeed.

Biography examples

Embed from Getty Images

Sources

Wikipedia

Wikipedia

Luxottica

Fashionetwork

Famous Entrepreneur

Luxuo

Bloomberg

DW