EssilorLuxottica Founder’s Son Calls for New Strategy as Share Value Falls
CERNOBBIO, Italy — September 6, 2026: EssilorLuxottica, the global eyewear group behind brands including Ray-Ban and Oakley, is facing calls for a fresh strategic direction after a sharp decline in its stock market value.
Leonardo Maria Del Vecchio, son of the company’s late founder, Leonardo Del Vecchio, said the group needs to enter a new phase as concerns grow around its market valuation and direction. His comments come shortly after he stepped away from management responsibilities at the company while retaining an investment interest through the family holding company Delfin.
Del Vecchio spoke on Sunday on the sidelines of the annual TEHA Ambrosetti conference held near Lake Como. He said he wanted to see a “new chapter” for the eyewear company, which has become the central industrial investment held by his family's investment vehicle.
The remarks highlight the growing importance of EssilorLuxottica within the wider Del Vecchio family's financial interests. Delfin currently holds a 32.4% stake in the eyewear group, giving it a significant influence over one of Europe's largest companies in the optical and eyewear sector.
Family Tensions Add to Strategic Questions
The latest comments follow Del Vecchio's decision in August to leave his management positions at EssilorLuxottica. He stepped down as chairman of the Ray-Ban brand and as chief strategy officer after reported tensions with Chief Executive and Chairman Francesco Milleri.
Although he has left the company's management structure, Del Vecchio has stressed that he remains an active shareholder through Delfin. His departure therefore does not mark an exit from the business or from his family's long-term interest in the company.
The change has attracted attention because of the close relationship between the company's ownership structure and its senior leadership. Milleri also chairs Delfin, adding another layer to the relationship between the holding company and EssilorLuxottica's management.
Del Vecchio's latest comments suggest that the debate is now moving beyond personal disagreements and toward the broader question of how the eyewear group should be positioned for the future.
Sharp Fall in Market Value
One of the biggest concerns raised by Del Vecchio is the company's falling market valuation. He said EssilorLuxottica has lost more than half of its market value in recent months, describing the decline as a matter that requires attention from the company's long-term owners.
The weakness in the share price has come despite the company's continued expansion across traditional eyewear, vision care and newer wearable technologies.
EssilorLuxottica has increasingly invested in smart eyewear, including products developed with technology company Meta. Its traditional portfolio remains anchored by major names such as Ray-Ban, Oakley and Vogue Eyewear.
The company has also been expanding its ambitions beyond conventional glasses and lenses, seeking opportunities in healthcare, connected eyewear and advanced optical technology. Recent company commentary has highlighted investments in AI-enabled glasses and next-generation lens technologies.
Delfin’s Wider Investment Portfolio
The discussion surrounding EssilorLuxottica comes as Delfin manages interests across several major Italian financial institutions.
Apart from its holding in EssilorLuxottica, Delfin owns a 17.5% stake in Banca Monte dei Paschi di Siena. The Italian bank is currently the subject of a takeover bid from Intesa Sanpaolo.
Del Vecchio argued that attention should not become overly concentrated on the family's banking investments or on his relationship with Milleri.
For him, EssilorLuxottica has a different significance because it represents the industrial legacy created by his father.
He described the eyewear company as the family's key industrial investment and said protecting its long-term future should remain a priority.
Focus Shifts to the Future
Del Vecchio's call for a new strategy comes at a significant moment for EssilorLuxottica. The company is trying to balance its established eyewear business with opportunities created by artificial intelligence, connected devices and advanced healthcare services.
Its partnership with Meta has helped push smart glasses further into the mainstream, while EssilorLuxottica has also been developing its own capabilities in optical technology. The company has indicated that future wearable products could play a much larger role in its long-term growth strategy.
At the same time, investors are watching whether the company's ambitious expansion into new technologies can translate into sustainable growth and stronger market confidence.
For Del Vecchio, the immediate priority appears to be protecting the value and independence of the business built by his father.
His departure from management has changed his formal role, but his continuing position as an investor means he remains an important figure in the company's future. His latest comments indicate that the debate over EssilorLuxottica's strategy, leadership and long-term direction is unlikely to disappear soon.
As the group looks to regain investor confidence, the challenge will be to demonstrate how its global eyewear brands, healthcare ambitions and rapidly developing smart-glasses business can come together under a strategy capable of delivering durable growth.
