Today, we express our sorrow and send our deepest condolences to longtime IACC member EssilorLuxottica on the loss of company Chairman Leonardo Del Vecchio. A visionary and leading figure in Italian entrepreneurship, Del Vecchio founded Luxottica in 1961 and grew it from a small workshop that made frame parts to a global eyewear empire, producing glasses for luxury brands like Ray-Ban, Armani, Bulgari, Chanel and Brooks Brothers, and selling them through company-owned retail chains like Pearle Vision, Lenscrafters and Sunglass Hut.

In 1990, Mr. Del Vecchio listed Luxottica on the New York Stock Exchange providing the company with ample access to capital for acquisitions and expansion over the next several years, and by 2017, he had orchestrated one of the most successful mega-mergers in the history of enterprise—a deal which brought Luxottica together with French lens maker Essilor, making LuxotticaEssilor the largest single player in the global eyewear market.

“The creation of a global success [like LuxotticaEssilor] usually has four defining characteristics: an innovative product, a competitive price, team spirit and humility. Leonardo Del Vecchio was a clear example of this magic formula at work. We should all hold his legacy dear and share it with future generations of entrepreneurs in honor of his memory,” commented IACC President Alberto Milani.