The succession of Leonardo Del Vecchio, who passed away in 2022, continues to generate complex transitions within Delfin, the holding through which the founder of Luxottica had consolidated major financial and industrial holdings. More than three years after his death, the eight heirs were once again summoned to discuss a technical issue related to the ownership of company shares.
The context of the extraordinary meeting
The meeting took place at the request of Rocco Basilico, son of the widow Nicoletta Zampillo and her first husband Paolo Basilico. Basilico holds 12.5% of Delfin, like each of the eight heirs. His request involved the transfer of part of his stake to a Luxembourg holding company he owned, RBH. The proposal led the remaining heirs, in particular Leonardo Maria Del Vecchio, to retrace legal steps dating back to mid-2022, when the founder’s will was opened.
Technical issues regarding share ownership
At the center of the comparison is the nature of the right received by Rocco Basilico after the death of Leonardo Del Vecchio. In the will, Basilico had been assigned the bare ownership and Nicoletta Zampillo the usufruct of the shares. A few days later, the widow renounced the usufruct, and Delfin considered Basilico the full owner from that moment on. According to the reconstruction presented by Leonardo Maria Del Vecchio and his lawyers, Mrs. Zampillo’s renunciation would have concerned the usufruct legacy and not the right itself.
This step, technically distinct, would have retroactive value: it would mean that the widow was never the owner of the right covered by the legacy and, therefore, would not have been able to transfer it. Consequently, Basilico could not be considered the full owner of the shares. The interpretation, if accepted, would imply that the participation remains with the founder’s six children, as part of the ongoing succession.
The topic of transfer and the statutory rules
The heirs also noted that any transfer of shares between living persons requires the approval of the assembly, as required by Delfin’s statute. Basilico’s proposal to transfer part of his stake to a Luxembourg holding company he owns, RBH, did not therefore obtain the necessary consent. The issue of pre-emption also emerged in the debate: if a shareholder sold part of his share, the others would have priority right to purchase.
The refusal by the other heirs to Basilico’s proposal is significant because the market value of the inheritance is around 50 billion euros, including the investments in EssilorLuxottica, the Covivio real estate company and the financial investments in the banks Unicredit, Mps and Generali. According to what emerged during the meeting, Leonardo Maria Del Vecchio’s intervention also aimed to urge the conclusion of the succession, which remained open for various technical and patrimonial aspects.
The position of the heirs and possible developments
Basilico’s request was unanimously rejected by the other heirs. Mrs. Zampillo expressed regret for the situation, recalling that the renunciation of the usufruct was taken at a delicate moment and explaining that she hoped for a shared solution. The eight heirs, the children Claudio, Marisa, Paola, Leonardo Maria, Luca and Clemente, the widow Zampillo and Basilico himself, therefore manage a complex network of shareholdings. Mrs. Zampillo herself hopes that the inheritance dispute will be resolved as soon as possible.
