Leonardo Del Vecchio, the Italian billionaire and founder of eyewear giant Luxottica—which owns brands like Ray-Ban, Oakley and Sunglass Hut—died on Monday at the age of 87, according to Italian media reports.
Del Vecchio founded Luxottica in the northern Italian town of Agordo in 1961 as a small eyewear workshop which manufactured components for other companies. Luxottica eventually began designing its own glasses as it continued to grow over the next few decades. In 1988 it struck a lucrative licensing agreement with designer Giorgio Armani. Over the next decade the company acquired several major eyewear brands like Vogue Eyewear in 1990, Persol in 1995 and American brand Ray-Ban in 1999.
In 2018, Luxottica merged with French visual health giant Essilor to formDel Vecchio was one of five children born to an impoverished family in Milan in 1935 and his mother became a widow soon after his birth. At the age of 7, Del Vecchio was sent to live in an orphanage by his mother who could no longer afford to support his upbringing.
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