A Czech billionaire is stepping into Italy’s most contentious family business feud. Michal Strnad, the 34-year-old owner of defense manufacturer CSG NV, has proposed a €30 billion ($33.4 billion) acquisition of Delfin Sarl, the holding company controlling eyewear giant EssilorLuxottica—producer of Ray-Ban and Oakley. The move directly targets the Del Vecchio family, already locked in a prolonged conflict over leadership, inheritance, and corporate control.
Strnad’s timing reflects a calculated strategy. His wealth expanded after CSG’s 2023 public listing, and he has previously signaled plans to expand beyond defense. His first major private investment was a 14% stake in Pirelli, followed by acquiring Ferrari and Maserati dealerships in the Czech Republic. Now, he seeks a position within one of Italy’s most influential industrial families.
The Del Vecchios remain deeply divided. Delfin, their Luxembourg-based holding company, is equally owned by eight individuals, six siblings of the late Leonardo Del Vecchio, his widow, and her son from a prior marriage. Each holds 12.5% of the firm, which owns about one-third of EssilorLuxottica and serves as the largest shareholder in Italy’s Banca Monte dei Paschi di Siena.
Strnad’s €30 billion offer falls short of Delfin’s estimated €45 billion valuation in public assets, suggesting it may serve as an initial proposal. However, any sale would require unanimous approval from all eight family members, a prospect made nearly impossible by their ongoing disputes.
Leonardo Maria Del Vecchio, who stepped down as EssilorLuxottica’s Chief Strategy Officer in August, framed the matter as a question of national importance. “My father’s life work must remain an asset for Italy,” he said.
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Strnad’s statement, while not mentioning Delfin, offered what could be interpreted as a response. Italy has “valuable assets that deserve to be preserved and further developed over the long term,” he said.
The Del Vecchios have historically rejected outside involvement. Their internal struggles include a collapsed €10 billion buyout attempt by Leonardo Maria earlier this year, which failed due to financing disagreements. The family’s refusal to sell, even to a foreign investor, has kept Delfin’s operations under constant media scrutiny.
Strnad’s approach contrasts with typical corporate raiders. Unlike private equity firms, he has positioned himself as a long-term investor, citing flexibility in non-defense sectors. His previous acquisitions, including the Pirelli stake, indicate a preference for gradual influence rather than hostile takeovers.
The bid’s announcement triggered immediate market reactions. EssilorLuxottica shares rose by over 3% on Friday, continuing recent upward trends as investors responded to the potential for restructuring.