The proposed deal would have increased Del Vecchio’s holding in the entity—the primary shareholder of eyewear giant EssilorLuxottica—to 37.5%. According to the heir, banks recently demanded additional guarantees and a stronger commitment from Delfin, yet the board, currently chaired by EssilorLuxottica CEO Francesco Milleri, has failed to reach a consensus on the matter.

Del Vecchio aired his grievances in a letter published on the website of Quotidiano Nazionale, an outlet he owns. He now intends to confront the board during the upcoming shareholders' meeting on June 30 to demand clarity on why their caution has stalled the process. The impasse highlights deep-seated friction within the family holding company as it navigates a transition of power following the passing of founder Leonardo Del Vecchio.