Del Vecchio urges new EssilorLuxottica strategy after management exit
Key Facts
Leonardo Maria Del Vecchio called on September 6, 2026, at the annual Ambrosetti forum in Cernobbio for EssilorLuxottica to change strategy and begin a new phase. He urged the discussion to refocus on the eyewear company rather than his relationship with Chief Executive Francesco Milleri or Delfin’s banking investments. His intervention was therefore a shareholder proposal about the group’s identity and long-term direction, not an announcement of a product or transaction. Neither Del Vecchio nor EssilorLuxottica announced that the board had adopted a new strategy.
Delfin owns 32.4% of EssilorLuxottica, while Del Vecchio owns 12.5% of the family holding company. His resignations as Ray-Ban president and EssilorLuxottica chief strategy officer took effect on August 31, 2026. He nevertheless said he would remain an active shareholder in the group through Delfin. That distinction matters because he presented his position after leaving management, relying on his ownership connection rather than executive authority within the company.
On August 25, 2026, an EssilorLuxottica spokesperson confirmed Del Vecchio’s departure and thanked him for contributing to the group’s growth. The company had reported Q1 2026 revenue of €7.127 billion, up 10.8% at constant exchange rates and 4.1% at current rates. Professional Solutions and Direct to Consumer both achieved double-digit growth, supported by Ray-Ban and artificial-intelligence glasses. Those results establish the operating baseline preceding his appeal, but they do not settle the disagreement over governance or strategic direction.
Delfin’s 32.4% stake gives Del Vecchio’s comments weight as a shareholder, but an official company disclosure caps any shareholder’s voting rights at 31%. The cap limits the voting power attached to the economic holding, while one shareholder’s call does not by itself become a binding company decision. EssilorLuxottica said in its Q1 2026 update that it planned solid revenue growth and broadly aligned adjusted operating-profit growth at constant exchange rates over the following 5 years. Del Vecchio’s call therefore represents pressure to revisit the direction, not evidence that the company has withdrawn its published outlook.
As of September 6, 2026, the inspected public materials contained no board approval of a strategy change and no new implementation plan. The company’s schedule sets the Q3 2026 revenue release for October 20, 2026 as the next confirmed results event. A formal disclosure from the company or its board would be the evidence needed to treat the proposal as corporate policy. Until such a disclosure appears, Del Vecchio’s remarks alone do not establish an immediate change to operations, management or published financial guidance.