- Distant cousin of Delfina Rattazzi and of Italian actor Pietro Sermonti.
- Susanna Agnelli was his grandfather Giovanni Agnelli's sister.
- Son of Alain Elkann and Margherita Agnelli (born in Lausanne, Switzerland on October 26th, 1955). His maternal grandfather was the longtime head of the Fiat automobile company Giovanni Agnelli.
- Vanity Fair magazine listed him in its Best Dressed Hall of Fame of 2009. He had already been nominated in previous years.
- His parents married in 1975 but divorced in 1981. Both of them remarried. His mother married Serge de Pahlen with whom she had 5 children who are Lapo's younger half-siblings: Pietro, Sofia, Anna, Maria and Tatiana de Pahlen.
- He got his degree from the European Business School in London.
- He was born in the US, then moved to the UK, Brazil, France and Italy.
- His maternal grandparents were the Italian socialite Marella Agnelli (born Donna Marella Caracciolo di Castagneto, on May 4th, 1927) and the industrialist Giovanni Agnelli (12 march 1921 - 24 January 2003). His paternal grandparents were French Jewish industrialist Jean-Paul Elkann (1921 - 1996) and Carla Ovazza.
- Younger brother of John Elkann (born in New York City on April 1st, 1976). Older brother of Ginevra Elkann (born in London on September 24th, 1979).
- In 2007 he co-founded Italia Independent, a clothing firm.
- He has worked for Henry Kissinger.
- Nephew of Edoardo Agnelli.
- As of 2015, he has a total of six nephews and nieces. Three from his sister Ginevra's marriage to Giovanni Gaetani dell'Aquila d'Aragona: Giacomo (b. 2009), Pietro (b. 2012) and Marella (b. 2014). Three from his brother John's marriage to Lavinia Borromeo: Leone (b. 2006), Oceano (b. 2007) and Vita (b. 2012).
- Arrested for falsely claiming he was kidnapped. Elkann reportedly made up the story after spending two days with a transgender escort and running out of cash, according to the New York Daily News. He contacted his family and told them that he was being held against his will by the escort for $10,000. Shares of his sunglasses company, Italia Independent, fell after the news of his arrest broke. [November 26, 2016].
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