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Sunglass billionaire buoyed by strong results

Leonardo Del Vecchio might be expected to take that extra special summer holiday after his company announced better-than-expected second quarter results.

Luxottica, the world's biggest eyewear group and 70% owned by Del Vecchio (pictured), recorded a 30% year-on-year rise in net profits in the second quarter of the year to €150 million. Analysts were expecting profits of  €145 million.
 
Sales at the Milan-based company rose nearly 14% in the quarter and the company's wholesale division recorded its best-ever performance, with operating margins rising to more than 24% from 22.5% a year ago.

Luxottica, founded in 1961, makes famous sunglass brands such as Ray-Ban and Oakley, as well as the frames for glasses for Chanel and Prada.
 
Del Vecchio, 74 and Italy's second richest man with a fortune worth more than $10 billion, according to Forbes, is gradually handing more control of the company to his son and heir apparent Claudio.
 
Claudio Del Vecchio ran the US business for Luxottica, but is best known for buying and improving the profitability of the iconic American clothing retailer Brooks Brothers, which is now part of the family business empire.

 

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