A public dispute has emerged within the family behind EssilorLuxottica, the global eyewear giant that owns Ray-Ban, highlighting ongoing tensions in the management of the company following the death of its founder, Leonardo Del Vecchio.
Leonardo Maria Del Vecchio, the 31-year-old son of the late billionaire founder, has sharply criticized Francesco Milleri, the chief executive appointed by his father to lead the Paris and Milan-based group. Speaking candidly in a recent podcast interview, Leonardo Maria accused Milleri of losing direction and blamed him for a decline in the company’s share price. “When he was delivering results, I was his biggest supporter,” Leonardo Maria said, but added that the momentum driven by his father had dissipated and called on Milleri to be more concerned about the shares. In his resignation letter as chairman of Ray-Ban and chief strategy officer at EssilorLuxottica in August, Leonardo Maria stated, “This is not the Luxottica I grew up in.”
Milleri responded to the criticism by describing the public disagreements as “useless and unfounded,” dismissing the attacks on his leadership. His position was bolstered when EssilorLuxottica’s shares jumped approximately 15% following better-than-expected results announced on Wednesday. The strong quarterly sales figures helped solidify Milleri’s standing ahead of his anticipated reappointment next year.
The dispute underscores a broader struggle over control and vision among the heirs to the company, which has grown into the world’s largest eyewear manufacturer. The Del Vecchio family, which owns roughly one-third of EssilorLuxottica through the Luxembourg-based holding company Delfin, is embroiled in disagreements over governance, dividends, and investments. Ownership is divided among eight stakeholders: six of Del Vecchio’s children each hold a 12.5% stake, alongside his widow Nicoletta Zampillo and her son from a previous marriage, Rocco Basilico.
This year, Leonardo Maria attempted to increase his shareholding to 37.5% by buying stakes from two siblings, in a €10 billion deal supported by Milleri but opposed by Delfin’s chief executive, Romolo Bardin. The proposal ultimately failed to secure sufficient backing, further straining relations.
Market observers note that while the company has faced share price volatility—initial enthusiasm for smart glasses technology, including a partnership with Meta to develop AI-enabled Ray-Ban devices, waned amid concerns over profitability and competition from Google and Samsung—EssilorLuxottica’s core eyewear business remains robust. Analyst Piral Dadhania of RBC Capital Markets pointed out that despite governance challenges, the business continues to perform well, a view echoed by Morningstar’s Jelena Sokolova, who emphasized the company’s strong demand driven by demographic trends and the enduring appeal of fashionable eyewear.
Sales in the latest quarter rose 9% to €7.49 billion, surpassing analyst expectations. Growth was seen across traditional eyewear and medical technology segments, with smart glasses and wearable device sales increasing by 20%. Milleri and deputy CEO Paul du Saillant highlighted this as evidence of the company’s resilient business model.
Experts believe the ongoing family disagreements are unlikely to unseat Milleri in the near term. Analysts suggest the heirs may need to accept a more limited role focused on benefiting financially from the business, rather than controlling its day-to-day operations. The conflict illustrates the complex challenges inheritance and governance pose for family-founded multinational companies as they navigate succession and evolving markets.