EssilorLuxottica Heir Signals Thaw Inside Delfin as Wearables Push Accelerates

Del Vecchio says Delfin shareholders are talking again as EssilorLuxottica unveils Meta glasses and the stock slides 46% year-to-date.

Leonardo Maria Del Vecchio is detecting the first signs of a genuine dialogue among the shareholders of Delfin, the family holding that anchors EssilorLuxottica — a shift he says has restored trust after roughly four years of gridlock. Speaking on the sidelines of an event hosted by his foundation in Agordo, he argued that the conditions for a fresh start are now in place.

His own exit from the eyewear group's board about a month ago — a stretch during which the stock has shed 9.6% — was, in his telling, the catalyst that cleared the air between the holding's owners. A further gathering of Delfin's shareholders is expected before October, with significant decisions on the agenda.

Del Vecchio also drew a line around the role of management. Francesco Milleri, he stressed, is first and foremost chief executive of EssilorLuxottica, and that is where his energies belong. Even so, the market is currently pricing in a lack of clarity over the group's future strategic direction.

On reports of contacts between Delfin's board and shareholders regarding the holding's banking exposure, Del Vecchio stayed guarded, saying he was not aware of any direct talks on the matter. Delfin, he added, must pick whichever option delivers the greatest flexibility and value creation. He intends to complete the transfer of his stake in the holding into the vehicle Lmdv Fin by the end of the year, a process he said all shareholders are now working through.

A Product Offensive on Two Fronts

While ownership questions simmer, the company is pressing ahead with its technology overhaul. Alongside Meta Platforms, EssilorLuxottica unveiled a slate of connected eyewear this week, including a purely audio-based model and the third generation of Ray-Ban Meta. The hearing-focused Nuance Audio Plus was also introduced, aimed at people with hearing needs; it promises improved acoustics, longer battery life and a wider choice of frames. Sales begin on 30 September in Canada, with a recommended retail price starting at $1,149.

The Meta collaboration is broadening in parallel. The Ray-Ban Meta Gen 3 and the camera-free Ray-Ban Meta Audio were both shown off, backed by additional designs and cheaper options. The third generation starts at $449, while the audio-only variant is slated to launch on 13 October from $349.

Federico Battiston, EssilorLuxottica's chief digital officer, made the case that customers above all want first-rate glasses, and that innovation sometimes lies in simplification. The push into hearing and AI features inside conventional frames is designed to reach audiences who steer clear of traditional medical devices or who want digital assistance woven into daily life.

Distribution is expanding too. According to media reports, sales of the AI glasses will be extended to ten more countries, among them Poland, Portugal, Israel and South Africa, plus several Asian markets including Indonesia, Thailand, Malaysia, New Zealand, the Philippines and Hong Kong. By year-end, the model range is expected to top 100 frame variants.

Analysts Split as the Stock Stays Under Pressure

The equity has had a bruising run. It closed yesterday at EUR 145.45, putting the year-to-date decline at 46%, and it slipped a further 2.9% on Thursday to the same EUR 145.45 level. Market capitalisation stands at EUR 66.29 billion.

Opinion on the outlook is divided. On Tuesday, RBC Capital Markets cut its price target to EUR 190 from EUR 230 while keeping an "Outperform" rating, pointing to the prospect of normalised revenue growth in the third quarter. Jefferies, on the same day, reaffirmed a "Buy" rating with a EUR 250 target following expert discussions with Paris-based ophthalmologist Aurore Muselier-Mathieu.

More cautious forecasts see revenue of EUR 35.9 billion and profit of EUR 3.5 billion by 2029. Whether the group hits those growth targets will hinge not only on acceptance of new product categories but also on stable leadership on the ownership side.