The Italian fashion brand Gucci is currently owned by Kering, a French-based multinational corporation that specializes in luxury goods. Kering is the parent company of Balenciaga, Bottega Veneta, and others, and its founder and Chief Executive Officer is François Pinault.
Classy fashion has been one of the most luxurious businesses so far, and Kering is one of its pioneers. Gucci was initially founded by Guccio Gucci, a worldwide-known brand that first pitched its tent in the fashion industry before its ownership was transferred to Kering.
Before it ventured into production, it primarily started with the sale of luxurious, quality travel bags and accessories. Since it was established, it has had only one focus and that is ‘QUALITY.’ It has maintained the quality standard that was at the baseline of its creation. Despite having gone through creeks and rivers, the brand still commands luxury in today’s fashion industry.
Who Owns Gucci Brand Now?
The current owner of Gucci is Kering. Kering is a timber-trading company that owns about eighteen multiple fashion brands, including Balenciaga, Bottega Veneta, Alexander McQueen, Creed, Yves Saint Laurent, Puma, Qeelin, Pomellato, Brioni, Boucheron, and more.
Kering was founded in 1962 as Pinault S.A. (Société Anonyme) by François-Henri Pinault and was listed on the Paris Stock Exchange in 1988, and this listing boosted its adoption. In 1994, it became a retail conglomerate and adopted a new name, Pinault-Printemps Redoute (PPR). It further adopted its luxury group Kering name in 2013 following its acquisition of many luxury product companies.
Who Is The Current CEO of Gucci?
The current CEO of Gucci is Marco Bizzarri, who currently chairs the different executive offices of the Gucci company. He was appointed Chief Executive Officer in December 2014 following the retirement of Patrizio di Marco. Patrizio di Marco succeeded Mark Lee, who assumed office in 2004 in the stead of Domenico De Sole, the man who has reformed Gucci since 1994.
Meanwhile, Marco Bizzarri has had a wealth of experience serving in significant positions at other fashion brands. He was once the CEO of Bottega Veneta and also headed Kering’s luxury couture and leather goods division. So far, he has recorded various improvements in his former positions before assuming his current seat.
A Summary of Gucci’s CEOs
It is worth noting that the office of the CEO was exclusively for the Gucci family members until 1993 when their remaining capital was completely ousted from the company. Here is a rundown of the CEOs of the brand to date.
|Year||Name of CEO|
|Gucci’s CEO from 2014 to date||Marco Bizzarri|
|Gucci’s CEO from 2008-2014||Patrizio di Marco|
|Gucci’s CEO from 2004-2014||Mark Lee|
|Gucci’s CEO from 1994-2004||Domenico De Sole|
How Much is Gucci Worth Now?
Gucci is worth over $18.1 billion at the moment. From the inception of the brand to date, it has received a tremendous increase in its proceeds. In 2018, the brand experienced a meteoric rise in sales of its products, as it broadened its target market to younger individuals. This was achieved through their collaboration with celebrities who have a large fan base, like Lady Gaga, Rihanna, and more.
From 2018 to date, they have recorded a massive increase in their net worth. Since they have broadened their target market, more sales are sure to come in the future.
Who Is Guccio Gucci?
Guccio Gucci is an Italian businessman and fashion designer who is renowned for being the founder of the now multi-billion-dollar fashion brand Gucci. He was born Guccio Giovanbattista Giacinto Dario Maria Gucci on March 26, 1881, to Gabriello Gucci.
At the root of the luxurious fashion house was a man who left his home in Florence and relocated to London in search of greener pastures. The businessman settled in London in 1897 and got an opportunity to work at the high-end Savoy Hotel where he worked as a bellhop. As a bellhop, he got the chance to load and unload the luggage of wealthy clients, who were lodged in the hotel. From this experience, he learned the fashion sense of the wealthy, their taste in quality fabrics, and their preferred traveling conditions.
The businessman went ahead to work for the Compagnie des Wagons-Lit, an European rail company that specialized in upscale travel and leisure. His four years of experience with this company improved his understanding of luxurious travel and lifestyle. To cap his experiences, he worked for the maker of fine luggage, Franzi, after World War 1.
Having gained these experiences, he opened his first retail shop in 1921 in Florence, where he sold imported leather luggage with the business tag Azienda Individuale Guccio Gucci. He later built a small workshop and hired local craftsmen to make his own leather products, which marked the beginning of the Gucci house of fashion and all that came with it. He died on January 2, 1953, in Milan at the age of 72, leaving the fashion brand to his sons.
The Movement Of Leadership Within The Gucci Family
Prior to Guccio Gucci’s death, he distributed the company’s shares to his three sons, Aldo, Vasco, and Rodolfo, after World War II. However, family tensions surfaced when Aldo’s son, Giorgio Gucci, launched Gucci Boutique in 1969 without the other family member’s consent. However, the business was later reabsorbed by the family in 1972.
To address these conflicts, Gucci became a publicly traded company, Guccio Gucci SpA, in 1982. In 1983, Rodolfo passed away, leaving his son, Maurizio, with a majority stake. Legal battles ensued between Maurizio and Aldo, as they fought for the ownership of the brand. However, Maurizio later took ownership of the brand since Aldo faced legal issues and was sentenced to one year in prison for tax evasion, with only 16% left of his own share.
Maurizio took over the business, and under his management, the artwork of the Gucci Galleria was liquidated. He was later accused of extravagant spending of the family business money, using a huge amount to refurbish the company’s office in Florence, Milan. Maurizio later sold 47.8% of the company’s shares to Bahrain-based business investment company Investcorp in 1988, withholding about 50%. Investcorp later bought the remaining 50% he withheld in 1993.
Tragedy struck again in 1995 when Maurizio was fatally shot in the lobby of the brand’s Milan office. His ex-wife, Patrizia Reggiani, was convicted of hiring the hitman and sentenced to 16 years in prison. This, however, marked the end of the Gucci family’s connection to the brand.
Does Gucci Family Own Gucci?
No! The Gucci family does not have any share in the Gucci brand anymore, as Maurizio sold it all to Investcorp. He sold 47.8% of Gucci shares in 1988 and 50% in 1993 to Investcorp.
Who Is The Largest Shareholder of Gucci At The Moment?
Currently, the largest shareholder in the brand is the Pinault family. The Pinault family holds up to 99% of the company shares in Kering, which is currently the parent company of Gucci.