Francesco Milleri, a trusted associate of the late Italian billionaire Leonardo Del Vecchio and the founder of Luxottica, has assumed leadership of Del Vecchio’s holding company, Delfin. Delfin, with a valuation of €27 billion, encompasses a wide range of assets, spanning from glasses manufacturing to banks and real estate.
In an official press release, it was announced that Milleri has been appointed as the president of Delfin, while Romolo Bardin, the existing managing director, will continue in his role. Milleri’s journey with Luxottica began as an IT consultant and he later played a pivotal role in the merger negotiations between Luxottica and Essilor. This eventually led to his appointment as the CEO of EssilorLuxottica in 2021.
The decision to appoint Milleri suggests a desire for continuity in the management of Del Vecchio’s vast array of assets. Delfin’s portfolio includes a significant 32% stake in EssilorLuxottica, valued at over €20 billion. Del Vecchio, who has entrusted his business empire to his wife, Nicoletta Zampillo, her son from a previous marriage, and his six children, has granted each of them a 12.5% share in Delfin.
Aside from the stake in EssilorLuxottica, Delfin is the largest shareholder in Italian merchant bank Mediobanca, holding a 19.4% stake. It also maintains a stake of just below 10% in Italy’s leading insurance company, Assicurazioni Generali. Furthermore, Delfin possesses a 27% stake in Covivio and has been a long-term investor in UniCredit bank, holding a 2% stake.
Initially, Zampillo was expected to inherit Del Vecchio’s 25% stake in Delfin. However, Del Vecchio’s will revealed that Zampillo’s son, Rocco Basilico, the head of Luxottica-owned brand Oliver Peoples, would receive half of Del Vecchio’s stake in Delfin.
Overall, the appointment of Milleri as the head of Delfin indicates the intention to maintain the existing management structure of Del Vecchio’s assets. Given Milleri’s experience and close ties to Del Vecchio, it is anticipated that Delfin will continue to hold a prominent position in the eyewear industry and sustain its investments across various sectors.
For more information on Luxottica and its merger with Essilor, please visit the following links:
1. Luxottica – The Merger
2. EssilorLuxottica – Merger Information
