MILAN — Luxottica founder Leonardo Del Vecchio’s proposed plans for succession were made public this week by Italy’s stock market watchdog, Consob, in response to an ownership query submitted by the Italian eyewear group.
Del Vecchio — who controls Luxembourg-based parent company Delfin Srl, with a majority 67.8 percent shareholding in Luxottica Group SpA — mapped out corporate restructuring plans with a view to bolstering company stability and the rights of his six children, three of whom are minors. Under the current structure, each of Del Vecchio’s children — Claudio (53), Marisa (52), Paola (50), Leonardo Maria (15), Luca (9) and Clemente (7) — has an equal stake, or a 16.38 percent share, in Delfin Srl.
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The succession plans envisage transferring Del Vecchio’s children’s ownership in Delfin Srl from that of direct shareholders to shareholders via a foundation under Netherlands law called Delfin I. Sources say the envisaged transaction would allow the Italian eyewear company founder to protect the inheritance of his three youngest children until they reach the legal age of 18.
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According to Consob, the foundation will maintain stable governance for the listed company in the event of Del Vecchio’s death. The succession blueprint anticipates an initial contribution of 8 million euros, or $11.07 million according to average exchange rates, and the donation of bare ownership in equal parts to his six children.
To this end, the foundation’s investors will remain the same as Delfin Srl’s current investors, replicating the Luxembourg-based parent company’s current ownership structure. As such, Consob said in the event of the planned transaction, it wouldn’t provide grounds for the application of a mandatory bid.