Nov 24 (Reuters) - Luxottica ChairmanLeonardo Del Vecchio has raised his stake in Delfin, a holdingcompany through which he controls the world's largest spectaclesmaker, paving the way for his wife to inherit a stake commandinga major say in Luxottica's future.
Del Vecchio upped his stake in Luxembourg-based Delfin to 25percent from 1.72 percent by subscribing to a 162 million euro($200 million) share issue, a spokeswoman for Delfin said,adding: "It makes inheritance plans easier".
The chairman has 100 percent of Delfin's voting rights butthe new ownership structure would make it easier for his wifeNicoletta Zampillo to claim 25 percent of Delfin after hisdeath, in line with Italy's inheritance laws.
Delfin controls 61.4 percent of Luxottica.
The move also reflects the tangled recent history of thecompany and its complex family ownership.
Del Vecchio, 79, has returned to play a more prominent roleat the maker of Ray Ban sunglasses after the departures of twochief executives in as many months following disagreements withthe family patriarch, who founded Luxottica in 1961.
Del Vecchio and his family's role in the company have beenat the centre of media attention following the exit ofLuxottica's long-time CEO Andrea Guerra in September.
Guerra, who had fallen out with Del Vecchio, was replaced byChief Financial Officer Enrico Cavatorta, but he too steppeddown after only six weeks.
In a letter to employees last month, Del Vecchio denied thatthe changes at Luxottica had anything to do with his "numerousand complex" family.
The latest share purchase also means the six children whomDel Vecchio has fathered from three relationships will see theirstakes in Delfin falling to 12.5 percent each, from 16.4 percentpreviously. (1 US dollar = 0.8046 euro) (Reporting by Sabina Suzzi and Valentina Za, Editing by DavidHolmes)
Del Vecchio upped his stake in Luxembourg-based Delfin to 25percent from 1.72 percent by subscribing to a 162 million euro($200 million) share issue, a spokeswoman for Delfin said,adding: "It makes inheritance plans easier".
The chairman has 100 percent of Delfin's voting rights butthe new ownership structure would make it easier for his wifeNicoletta Zampillo to claim 25 percent of Delfin after hisdeath, in line with Italy's inheritance laws.
Delfin controls 61.4 percent of Luxottica.
The move also reflects the tangled recent history of thecompany and its complex family ownership.
Del Vecchio, 79, has returned to play a more prominent roleat the maker of Ray Ban sunglasses after the departures of twochief executives in as many months following disagreements withthe family patriarch, who founded Luxottica in 1961.
Del Vecchio and his family's role in the company have beenat the centre of media attention following the exit ofLuxottica's long-time CEO Andrea Guerra in September.
Guerra, who had fallen out with Del Vecchio, was replaced byChief Financial Officer Enrico Cavatorta, but he too steppeddown after only six weeks.
In a letter to employees last month, Del Vecchio denied thatthe changes at Luxottica had anything to do with his "numerousand complex" family.
The latest share purchase also means the six children whomDel Vecchio has fathered from three relationships will see theirstakes in Delfin falling to 12.5 percent each, from 16.4 percentpreviously. (1 US dollar = 0.8046 euro) (Reporting by Sabina Suzzi and Valentina Za, Editing by DavidHolmes)
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