We were all young once, but not all of us are billionaires.
“Luxottica” is an Italian company that dominates virtually every aspect of the global spectacles and eyewear market. Some individuals would classify Luxottica as a monopoly because Leonardo Del Vecchio, the creator of Luxottica, was the primary recipient of these $900 sunglasses for decades.
In 1935, Leonard Del Vecchio was born in Milan, Italy. He was born into such abject poverty that his mother could not sustain him and was compelled to give him to an orphanage. He fled the orphanage in his teenage years and began an apprenticeship as a tool and die maker.
He then transitioned to producing eyeglass replacement parts. In 1961, he founded Luxottica, and in its early years, the company’s most significant discovery was that sunglasses and eyeglasses could be fashionable and sophisticated.
Before Leonardo da Vinci and Luxottica, eyewear was simple and practical, yet the style was irrelevant. When Leonardo Del Vecchio passed away on June 27, 2022, at 87, his net worth of $30 billion made him the wealthiest in Italy.
His second wife, Nicoletta Zampillo, and six offspring from three relationships survived him. His six offspring ranged in age from 18 to 65 when he passed away- Sabina Grossi bore Clemente and Luca, his two youngest offspring.
Sabina was previously a member of the Luxottica Board of Directors and the company’s director of investor relations. His widow, Nicoletta Zampillo, and his six offspring are each worth $4 billion today.
This is how his offspring and surviving wife inherited $4 billion worth of equal shares in his former empire. And Clemente’s $4 billion fortune makes him the world’s youngest billionaire at age 18. The brother of Clemente, who is 21 years old, is the second-youngest billionaire globally.
Imagine telling 18-year-old metal apprentice Leonardo Del Vecchio in the 1950s that he would become the wealthiest person in Italy, with a large fortune that, even after being divided seven times, all of his direct descendants would become billionaires. One of whom would be the world’s earliest billionaire.
Congratulations to Clemente, Luca, and the entire Del Vecchio family, as you may be the only individual who can enter Sunglass Hut without scoffing at the prices. The best part was that Leonardo’s holding company was domiciled in Luxembourg, which does not impose an inheritance tax on non-residents.
Leonardo was physically residing in Monaco at the end of his life, another inheritance-tax-friendly locale, to shield his assets from taxes further. Imagine yourself strolling through a local mall, and as you pass Abercrombie and Auntie Anne’s, you notice a Sunglass Hut in the distance.
You realize that you need new sunglasses for your impending vacation. Imagine all of the sunglasses neatly arranged on the walls, brands such as Ray-Ban, Oakley, Arnette, and Persol present, then anxiety courses through your veins as you flip over the small price tags.
The price tags on designer glasses from labels such as Gucci, Burberry, Bulgari, Coach, Giorgio Armani, Chanel, Prada, Armani, Versace, Michael Kors, and Dolce & Gabbana increase your anxiety. These items have price tags ranging from $400 to $900.
Over the years, it has been alleged that independent brands were coerced into selling themselves to Luxottica under the not-so-veiled threat that If they don’t let them acquire the empire for the price they set, their products will not be sold in the global stores.