Billionaire Del Vecchio says Italian companies have focused too much on dividends

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© Reuters. PHOTOGRAPHY: The name Luxottica is reflected in a pair of sunglasses in this photo illustration taken in Rome on February 4, 2016. REUTERS / Alessandro Bianchi

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MILAN (Reuters) – Billionaire Leonardo Del Vecchio said Italian companies often favor dividends growing, he was quoted as saying by the daily Il Corriere della Sera on Tuesday.

“Today’s dividends often go to the detriment of a company’s dimensional growth,” he said.

Del Vecchio, 86, is the founder of the glasses giant Luxiottica, now EssilorLuxiottica, and the largest investor in the Italian commercial bank Mediobanca (OTC :).

He is the third largest shareholder in Italy’s largest insurer Generali (MI :), where he opposed the candidacy of CEO Philippe Donnet earlier this month to be reappointed to head the company next year.

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