Who owns Gucci now? Inside luxurious brand's massive changes over the years
Gucci is a synonym for a luxurious and fashionable lifestyle. For several years, Gucci has been one of the most famous brands in the world and has been associated with some of the biggest names in the world. However, the journey has not been as smooth as everything would have believed it to be. The brand went through a lot of difficult situations like bankruptcy and even a murder – which is the inspiration behind Ridley Scott’s latest movie ‘House of Gucci’.
The aforementioned issues have been some of the reasons why Gucci endured a lot of suffering. However, in recent years, Gucci has once again become an exclusive brand for the rich and affluent people. The turnaround has happened because of the new management and a new owner. So, who owns Gucci now? And why did the Gucci family sell the brand to another organization?
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Let’s dig in and take a look at how the Gucci family gave away a big portion of their brand to someone else.
History of Gucci and how did it become so big
The brand’s first-ever showroom opened in Florence, Italy, in 1921. Even though the brand did not become an instant hit, Guccio Gucci, founder of the brand, did not lose heart and continued his hard work. Gucci and his wife Aida had three sons, Aldo, Vasco, and Rodolfo.
For many years, the Gucci family sold their products in Italy, but they knew that it was time to go big now. In 1953, Aldo Gucci opened the first American store in the Savoy Plaza Hotel on East 58th Street in New York. However, a tragedy struck the Gucci family as Guccio died just 15 days after the opening of the New York showroom. In 1961, Gucci showrooms were opened in London and Palm Beach. This is the year when Jacqueline Kennedy, former First Lady of the United States, was seen with a Gucci bag, and later the bag was renamed, Jackie.
In 1966, the brand made a Flora print scarf was designed for Princess Grace of Monaco. The design turned out to be a massive hit for the brand and made Gucci even more famous. On the other hand, Gucci launched its first fragrance in 1975 and instantly became one of the most strong products from the brand. The leadership changed in 1982 and was passed to Rodolfo Gucci. Meanwhile, the company was given to run to Maurizio Gucci.
As soon as Maurizio came on board, he took some decisions to reinvent the brand. In 1989, an asset management company named Investcorp purchased 50 percent of Gucci shares from the family. During the 90s, the brand faced a lot of difficulties in selling its products due to the difficult retail market. So Maurizio transferred his shares to Investcorp, ending the family’s involvement in the firm.
1995 turned out to be disastrous for Gucci as Maurizio Gucci was gunned down by a hitman in front of his office in Milan. The year he died, the brand went public in New York and Amsterdam stock exchanges and it was a massive success for the company as the luxury brand was once again revived. The designer Tom Ford was the man behind the brand’s revival.
After a lot of amazing years in sales, the company’s management kept on changing at regular intervals. But it was in 2014 that Gucci got new management and a new creative director that took the company to a whole new level.
Who owns Gucci now?
2014 turned out to be another slow year for Gucci, the sales went down while its competitors were thriving. After seeing the numbers, Patrizio Di Marco stepped down as the CEO while Giannini exited the company after being the creative director for so many years.
Di Marco was succeeded by Marco Bizzarri, a former Bottega Veneta CEO and previously head of Kering’s luxury couture and leather goods division, in January 2015. Bizzarri took the decision of promoting Alessandra Michele as the creative director of the brand. The new styles presented by Michele changed the company and it was once again at the fashion forefront. Since then, Gucci has been garnering a lot of profits every year and the revenue has also been going up.
This year, the brand completes its 100th year in the industry and Gucci celebrated the occasion by revisiting a number of Gucci signature designs. The team of Bizzarri and Michele has been doing wonders for the brand and seems it’s not in the mood to stop.
Let’s see how ‘House of Gucci’ manages to create curiosity among people to go and buy clothes from the brand.
‘House of Gucci’ will be hitting theatres on Wednesday, November 24.