One of the most well-known luxury fashion labels in the world is Gucci. The Italian brand, which is well-known for its iconic designs, premium materials, and flawless craftsmanship, has come to represent elegance and sophistication. Who now controls Gucci, though? And who has owned the company historically?
Guccio Gucci established the Gucci company in Florence, Italy in 1921. The company immediately became well-known for its premium leather products, particularly its purses. Despite its success, the brand ran into financial problems in the 1970s as a result of bad business decisions and interpersonal conflicts. The trademark was transferred to Bahrain-based investment firm Investcorp in 1983.
Gucci has experienced multiple ownership changes over the years. The French luxury firm PPR (now Kering), which also owns high-end fashion labels including Saint Laurent, Balenciaga, and Bottega Veneta, purchased it in 1993. Gucci enjoyed a renaissance and developed into one of the most lucrative fashion businesses in the world under the direction of Tom Ford, who held the position of creative director from 1994 to 2004.
Gucci is still owned by Kering, who bought the company in 2004 for $7.2 billion. Alessandro Michele, the brand’s current creative director, has given Gucci’s designs a new, cutting-edge perspective. Michele is credited with bringing the brand back to life and making it appealing to a younger demographic.
How about the Gucci family, though? Do any Guccis still exist? Even though the Gucci family no longer owns the company, some of its members still work there. Alessandro Gucci, the company’s brand ambassador and consultant, is Guccio Gucci’s great-grandson.
Let’s talk about if Gucci is more affordable in Italy last. Luxury products are frequently less expensive in their nation of origin than they are abroad due to lower taxes and import fees, but this isn’t always the case. The cost of Gucci varies depending on the location and the particular item. However, it is commonly acknowledged that consumers can save money by purchasing Gucci goods in Italy.
Finally, the French luxury conglomerate Kering today owns Gucci, which is run by creative director Alessandro Michele. Even though the Gucci family no longer owns the company, some of its members still work there. In terms of the definition of the word “Gucci,” it is merely Guccio Gucci’s surname, who founded the company.