EssilorLuxottica backs Del Vecchio as hacking probe escalates

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EssilorLuxottica has expressed its “full support” to chief strategy officer Leonardo Maria Del Vecchio, the late founder’s son, after Milanese prosecutors placed him under investigation as part of a sprawling probe into the alleged trafficking of illegally acquired private information.

“Leonardo Maria is doing a great job in his role at EssilorLuxottica and he has our full support at this difficult time,” the company told the Financial Times.

Prosecutors told a press conference on Saturday that four people had been arrested and dozens, including Del Vecchio, had been placed under investigation. Milanese investigators are probing whether individuals paid a local business intelligence company, Equalize, to allegedly hack state databases — including tax authorities’ — plant Trojan viruses in people’s phones, and fabricate fake information about high-profile individuals to tarnish their reputation.

EssilorLuxottica is not part of the investigation.

The move by investigators comes at a delicate time for EssilorLuxottica, the maker of Oakley and Ray-Ban sunglasses whose valuation reached more than €100bn last week. Facebook owner Meta has also been in discussions with the group over a multibillion-euro investment as the social media platform intensifies its push to develop smart glasses.

The probe has pushed Del Vecchio to consider whether to temporarily step back from his duties as the EssilorLuxottica’s chief strategy officer, according to people close to the situation. Two others said the company was not pressuring him to do so.

Del Vecchio’s lawyer, Maria Emanuela Mascalchi, said in a statement that her client “seems to be a victim [rather than a perpetrator] in light of the initial allegations”.

She added that Del Vecchio was “eagerly awaiting the completion of preliminary investigations to be able to prove he has nothing to do with the events in question and that charges laid against him have no basis”.

Investigators are probing whether two people who worked for Del Vecchio’s family office instructed Equalize, people close to the investigation told the FT. Investigators have evidence of multiple meetings between Del Vecchio’s family office executives and Equalize staff in 2023, the people said.

The prosecutor’s office declined to further comment on the investigation. It said on Saturday that four Equalize employees, including its founder and chief executive, had been arrested as part of the ongoing probe. There are no formal findings of wrongdoing so far.

Calls to Equalize’s office seeking comment were not answered on Sunday.

A spokesperson for the Del Vecchio family office declined to comment.

Del Vecchio is the son of the late Italian billionaire, Leonardo Del Vecchio. After his father’s death in 2022 Leonardo Maria inherited a 12.5 per cent stake, worth about $5bn, in the family’s Luxembourg-based holding company Delfin, along with his mother and six half-siblings.

Alongside its EssilorLuxottica stake, Delfin also owns shares in financial institutions Generali, Mediobanca and UniCredit.

Del Vecchio has recently made investments through his family office in a series of businesses, including in the hospitality and drinks sectors, and has launched a popular luxury restaurant brand in Italy.