Brand Directory: Gucci
Guccio Gucci was the son of an Italian trader, who founded the House of Gucci in Florence in 1906. Guccio was an extraordinary craftsman, who started selling his luxury goods in the 1920s. Their first Gucci boutique opened in Rome in 1938, Watch production was not until much later in 1997.
The Gucci Group bought the operating assets of the 'Severin Montres Group' (being the world's leading manufacturers and distributors of watches) and used these parts to fashion its first Timepieces. In the late 1990s, they bought several houses to establish their place in the market in the easiest way possible. First 'Yves Saint Laurent Couture followed by 'Sanofi Beaute' and finally, they claimed a 70% stake in Sergio Rossi.
In May 1999, Pinault-Printemps-Redoute bought a 42 per cent controlling stake of the Gucci Group for $3 billion. This gave Gucci a very strong base in the form of market share for its watches. The plan to take control of the whole market got a boost in the year 2000 when it bought Boucheron International group. At this time they Secured license rights to run 'Yves Saint Laurent couture watches. Kering raised its stake in the Gucci Group to 67.6 per cent in 2003, and again in 2004 to 99.4 per cent.