Brand Directory: Gucci
Guccio Gucci, son of an Italian trader, founded the House of Gucci in Florence in 1906. Guccio, an extraordinary craftsman, started selling luxury goods in the 1920s. In 1938, Gucci opened a boutique in Rome. It was not until much later in 1997 that they decided to enter watch production.
The Gucci Group got hold of the operating assets of the 'Severin Montres Group' (being the world's leading manufacturers and distributors of watches) and fashioned its first Timepieces. In the late 1990s, they bought several houses to establish their place in the market 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 purchased a controlling 42 per cent stake of the Gucci Group for $3 billion. This provided Gucci with a very strong base in the form of market coverage for its watches. The plan to take control of the whole market got a boost in the year 2000 when it acquired Boucheron International group. Securing license rights to run 'Yves Saint Laurent couture watches. Later in 2003, Kering raised its stake in the Gucci Group to 67.6 per cent, and again in 2004 to 99.4 per cent.