According to media reports, entrepreneur and billionaire Leonardo Del Vecchio died at the age of 87. Del Vecchio founded the fashion company Luxottica in 1961. Own brands include Ray-Ban, Armani, Bulgari, Chanel and Prada.

Leonardo Del Vecchio is dead. The entrepreneur and richest man in Italy died at the age of 87, according to several Italian media reports.

Raised in a Milan orphanage, Del Vecchio left the city in northern Italy to settle in the town of Agordo in the Alps north of Venice. He started out as a small supplier of frame parts for local eyewear manufacturers and rose to become a luxury fashion designer.

At the time of his death, Del Vecchio was reported to have a net worth of $25.7 billion.

More to come.