Fashion comprises control over a huge part of our lives. Fashion has provided a way to portray one’s thoughts, culture, and style. Fashion has become a way of living for some people, with that being said many brands have emerged with significant unique ideas and diligence. One such brand is ‘Gucci’. When one hears the name Gucci, what one picture is a lavish fashion house. Gucci has built an empire of luxury clothing and leather goods. With the release of the movie ‘House of Gucci’ this year. The thrill around the name Gucci can be seen tremendously. Some sources say the movie is based on real events the family Gucci went through. The Gucci family has suffered and lost a great deal in building an empire we now know as ‘the Gucci’. Through this article we are going to see Who Owns Gucci.
Gucci is famous for its excellence, greatness, fashionable, and fine standards as per its name stand for. There is a beautiful story behind the logo of the brand which represents the initials of the founder. Gucci serves as one of the oldest Italian Fashion houses making fame. And a resilient manufacturer of top-notch products. From the 1950s, Gucci became a popular name among wealthy travelers, Hollywood stars, and well-heeled shoppers. The current CEO of Gucci is Marco Bizzarri. What is quite weird is that none of the Gucci family is involved with the Gucci brand anymore. No one from the Gucci family has taken over the business.
So, the question is, who is behind the luxury brand Gucci? How did Gucci emerge and receive the stardom it has now? Gucci went through a dark time struggling with ownership and family disputes. Thus, let us get into the matter and unveil what is underneath?
The history of Gucci
The founder of the company is Guccio Gucci, who launched the first Gucci store in Florence, Italy. Gucci first started with the import sale of leather luggage. And later the production of leather goods manufactured by local craftsmen. Then, due to the scarcity of leather in 1935, Gucci introduced other fabrics and products including jute, wood, raffia, and wicker. Later on, Gucci launched its handbags in 1937. As time went Gucci developed its trademark production and spread worldwide. Gucci’s business became the living for the Gucci family, and almost everyone in the family was involved in it. And when the time was 1925, the company’s name and responsibility were inherited by the first son of Guccio Gucci, Aldo. In 1938, Gucci launched more accessories like gloves, belts, wallets, and keychains. And in World War II, for the Italian infantry, Gucci artisans made boots. When Guccio Gucci passed away in 1953, the company got divided among the three sons of Gucci, Aldo, Vasco, and Rodolfo.
The phase of the 1960s was productive for Gucci to make and launch new products & accessories consisting of eyewear, watches, and jewelry. Then in 1983, after the death of Rodolfo, his share of the company passed to his son Maurizio. And Maurizio wasn’t a good successor. Gucci faced trouble with Maurizio at command which has family disputes, tax evasion charges, and sales to foreign investors. After a difficult time, when Tom Ford, an American designer joined Gucci, the company’s reputation was restored.
Before Ford, Dawn Mello as the executive vice president and chief designer has also provided her time and effort in reviving the brand’s name. Then the years that came, from 2004 to 2015 the role of creative designer changed with the significant names of Frida Giannini and Alessandro Michele.
Therefore, overlooking the company’s growth and popularity has been a remarkable daze among other competitors. What became the downfall for the Gucci family was the feud between the family members which ultimately made them lose the company’s ownership. Further, let’s go in-depth to see what happened with the Gucci family?
Who owns the company Gucci?
As mentioned above, when the company was distributed among the three brothers, which changed the dynamic of the brand. In between the 1950s to 1960s stores in New York, London, and Paris were opened. When Maurizio Gucci took control over the share his father Rodolfo inherited. It started a family feud with Aldo Gucci. Both were into a legal battle in the 1980s, for who would become the chairperson of Gucci. And Maurizio won against his uncle.
Taking complete control over the company Maurizio came up with numerous changes, and sold the fashion label to InvestCorp in 1993. In the history of Gucci, the involvement with InvestCorp became the turning point for which the leadership of the Gucci family was shaken and they lost the main command over the company. This sale cut off the ownership of the Gucci family entirely.
Maurizio Gucci has suffered a great deal by selling a part of Gucci to InvestCrop. And his ex-wife was convicted for the attempt on Maurizio, on which the movie House of Gucci is based. Anyway, the company has been struggling to maintain its sales and profit.
In 1999, came the proposition of Kering who also owns Yves Saint Laurent, Balenciaga, and Alexander McQueen. Currently, the French luxury goods corporation of Kering owns the Gucci company which doesn’t include any member from the founding company. We can say, perhaps Aldo Gucci wanted to run the Gucci company after his father as a legacy but the family conflicts grew, and lost all ownership.
In 2014, Gucci experienced a drastic fall. The sales declined tremendously while the other competitors were growing their business. In this period, Marco Bizzarri joined Gucci as the CEO. Alessandra Michele as the creative designer, the duo has placed the brand at the forefront in the fashion industry again. Thereby, the profits and earning of Gucci has been up and rising.
Conclusion
Engraving the name of Gucci in the fashion industry, Guccio Gucci started a remarkable fashion house. The rich passion, creativity, and luxury are reflected by Gucci’s designs. Fashion can be explicitly trendy and tricky for some. The variations of fashions excite many yet difficult to satisfy all. Thus, the main goal of any fashion house is to stand out from the demand and needs of customers. And over the years, Gucci has made it for us. With exclusive style and unique designs are followed by celebrities and high-profile shoppers. Despite having a crisis inside the company for a decade or so, they have maintained the quality and quality of the company.
The purpose of Gucci has remained to flourish and serve their customers with luxurious designs. Under the ownership of any be it Guccio Gucci, Aldo, Maurizio, or Kering. The company may have suffered for a bit for which they had to pull in stores and sell products for a while. However, Gucci made a profit at that time. Now, Gucci is a subsidiary of Kering. In 2018 the largest revenue came in with the company that is, $9.3 billion and $3.63 billion profits.
Frequently asked questions(FAQs)
1. Is Gucci still owned by the Gucci family?
No, the Gucci family has no ownership of Gucci anymore. The reason why they lost the big name and business of Gucci is because of the family dispute. Now, the ownership of Gucci is at the hands of French luxury fashion house Kering. Gucci became a subsidiary of the company Kering in 1999. And has stayed in their hold ever since.
2. What is the tragedy behind the murder of former Gucci owner Maurizio Gucci?
You must’ve heard of the movie House of Gucci, right? This movie is based on the true story of the murder of Maurizio Gucci. It depicts all reasons and circumstances of the murder. Revealing that his ex-wife Patrizia Reggiani to be the convict who planned the murder and assassinated her own husband. Entirely the reason can’t be put through. But the reason for making up this movie is to let the world know what happened with their beloved brand ‘Gucci’.
3. Does the Gucci company have no ties to the founding Gucci family now?
In the running of the company and the business, no one from the Gucci family is involved. Yet after the tragic circumstances with Maurizio Gucci, his daughters have got the share and inherited the brand name. With the name came the wealth of $400 million estates. When Maurizio sold the fashion to InvestCorp in 1993, it was the turning point that ended the ownership of the Gucci family. And in 1999, the French luxury goods corporation Kering took over the lead of the company without any involvement of the founding family.
4. Who is Tom Ford? Is he a billionaire?
Tom Ford is an American fashion designer and filmmaker, who has his own fashion brand now. Ford launched his luxurious brand in 2005 which goes by his own name. Ford has served Gucci and Yves Saint Laurent (YST) as a creative director. Currently, the net worth of Ford is $500 million. Tom Ford is popularly known for turning the face of Gucci and making it a brand worth millions.
