Who Is The Italian Who Became The Youngest Billionaire at 18th
Clemente Del Vecchio, an 18-year-old Italian, has become the world's youngest billionaire with a fabulous fortune.
Clemente Del Vecchio is the last son of Luxottica founder Leonardo Del Vecchio.
According to Il Gazzettino and Forbes, on the death of his father Leonardo, who died in June 2022, Clemente inherited a net worth of $3.5 billion.
Clemente Del Vecchio is one of six children of the late chairman of EssilorLuxottica, the world's largest eyewear company that owns Sunglass Hut, Ray-Ban, and Oakley, among others.
On his father's death, Clemente Del Vecchio inherited a 12.5% stake in his father's holding company.
Photo Credit: Clemente Del Vecchio / Youtube screenshot
In addition to EssilorLuxottica, he owns shares in Generali, Mediobanca, and UniCredit, and property developer Covivio.
After inheriting his stake in his father's fortune in 2022, Clemente became the world's youngest billionaire.
Luxottica - An Italian Success Story
Luxottica is the Italian success story of an entrepreneur who started from scratch. The youngest of four sons, Leonardo Del Vecchio was born in Milan in 1935. His mother placed him in the Martinitt orphanage at a very young age because she was unable to support the whole family after the death of his father, a fruit and vegetable seller.
At the age of 15, Leonardo began working in a cup and medal factory, whose owner encouraged him to enroll in evening classes at the Brera Museum Academy, where he studied design among other subjects.
In 1958, he opened an eyeglass frame workshop in Agordo, Veneto. Three years later, Luxottica was born, specializing in the production of small parts for glasses.
Owner of Ray-Ban, Oakley, and Sun Glass Hut
The company took off in 1971 when it stopped manufacturing for third parties and dedicated itself exclusively to the production and sale of eyewear. Then, ten years later, Luxottica set out to attack the American market.
Today, the group is an optical giant listed on the Paris stock exchange. With 180,000 employees worldwide, it has a net profit of €1.4 billion and a turnover of €17.8 billion in 2021.
Owner of Ray-Ban, Oakley, and Sun Glass Hut, the giant also produces eyewear for prestigious brands such as Chanel, Prada, and Versace.
Thanks to his group's success, Del Vecchio had the second-largest fortune in Italy, notably with his Luxembourg-based Delfin holding company. The wealth of this father of six children born to three different mothers was estimated in April by Forbes magazine at $27.3 billion.
According to industry experts, Del Vecchio has always had a strong relationship with the factory workers. On the occasion of his 80th birthday, he offered 140,000 Luxottica shares worth €9 million to his Italian employees.
"They are the real architects of our company's success," he said.