Gucci is an Italian luxury brand that has been around since 1921. Over the years, the brand has become synonymous with high fashion and luxury.
Despite being a global brand, many people are still curious about the company’s ownership and whether the Gucci family is still involved. In this article, we will take a closer look at the history of Gucci and its relationship with the Gucci family.
The History of Gucci
Gucci was founded by Guccio Gucci in Florence, Italy, in 1921. The company started as a small leather goods store that sold high-quality luggage items to wealthy travelers. Over time, the brand grew in popularity and began to expand its product line to include clothing and accessories.
During the 1970s, Gucci became one of the most recognized fashion brands in the world. However, during this time, there was also a power struggle within the company between members of the Gucci family. This led to a decline in sales and profits for the brand.
The Sale of Gucci
In 1993, Maurizio Gucci, who was then CEO of Gucci, sold his shares in the company to Investcorp for $170 million. This move effectively ended the involvement of the Gucci family in the company.
After Investcorp took over, they brought in Tom Ford as creative director and Domenico De Sole as CEO to revamp and rebrand the company. Under their leadership, Gucci became one of the most successful luxury brands in fashion history.
The Current Status of Gucci
Today, Gucci is owned by French luxury group Kering and has no direct involvement from members of the Gucci family. However, some members have spoken out about their feelings towards how their family name has been used by Kering.
In 2019, Patricia Gucci, granddaughter of Guccio Gucci, released a memoir titled “In the Name of Gucci” where she discussed her family’s legacy and the brand’s evolution. She also expressed her disappointment with how Kering has used the Gucci name for profit.
Conclusion
In conclusion, while the Gucci family is no longer directly involved in the management of the company, their legacy lives on through the brand’s name and history. Despite ongoing criticism from some members of the family, Gucci remains one of the most successful luxury brands in fashion history.