Backingawinner
MelvynMorrisandRiccardoZacconimayhaveeachpocketedaround€400m
following the IPOofKingDigital Entertainment–on thebackof smartphone
gameCandyCrush–but abigger beneficiaryof the techworldhails froma far
more traditional industry.
LeonardoDel Vecchio recentlysawhispersonal fortune jumpmore than
€520m to€14.4bna fewhoursafter hisMilan-basedeyewear powerhouse
Luxotticastruckadeal withGoogle todesign “innovative iconicwearable
devices” for itsGlasswearablecomputers.
Shares inDel Vecchio’ssunglassempiresurgedafter Luxotticaconfirmed
that itsmarqueebrandsRay-BanandOakleywouldhaveaGlasscollection
onshelvesnext year. LuxotticaandGooglewill put together a team to “design,
developanddistributeanewbreedof eyewear forGlass”.
Luxotticacontrolsahugechunkof theglobal eyewearmarket through itsownbrands, and licensingagreementswith the likesofPrada, Chanel
andDolce&Gabbana. According toForbes, Luxotticaproduced75millionglasses in2012,which it sold through itsnetworkofmore than7,000
SunglassHut andLensCraftersstoresaswell as thirdparties. Revenues reached€7.3bn last year.
Del Vecchio,whowassent toanorphanageat theageof seven, hasearned thebulkof his fortune fromLuxottica,whichhe founded in 1961.Now
Italy’ssecond richestman, hecontrols61.35%of thecompany throughaholdingcompany, Delfin,whichalsoholdsstakes inproperty investment
firmFoncièredesRégionsand insurerAssicurazioni Generali.He famouslysaid: “I amproof that youcanmakemoney in Italyandbehonest”.
Another beneficiaryof theGoogledeal is the fashiondesignerGiorgioArmani,whoownsa4.77%stake inLuxottica. Amansounimpressedwith
gadgetry, Armani recentlysponsored theUNICEFTapProject, pledging todonateenoughmoney topay for aday’sworthof safewater for achild in
need for eachpersonwho leaveshisor her smartphonealone for 10minutes.
But toearnhisGooglebonanza, Del Vecchiowill havehisworkcut out for him. In recentweekspeople involved in thecompany’s test schemehave
beenphysicallyattacked inpublicby thoseconcerned that their privacy isbeingviolated.Othershavebeenverballyattacked for looking likea
dweeb. If anyonecanchange thisconception itwill surelybe themanwhodevelopedeye-frames “as themodificationof personality”.
GoogleGlass isa
wearablecomputer
withahead-mounted
optical display
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