Gucci
The internationally-recognized inverted ‘G’ logo designates a family dynasty whose
name was once synonymous with Italian fashion. Guccio Gucci, who learned about style
and aesthetic sophistication in Paris and London, returned to Italy and opened the first
Gucci leather goods shop in Florence in 1920. By the 1940s Gucci shops had sprung up
in most major Italian cities. Guccio, patriarch and artisan, bequeathed his business to his
five sons in 1953. With that passage came international expansion, with stores opening in
New York, Great Britain, France, Hong Kong and Japan. Along with expansion came
diversification into shoes, silk scarves, ties, leather clothing, bamboo-handle handbags
and watches. In the late 1960s the Gucci logo became a status symbol appealing to
celebrities such as Audrey Hepburn and Jackie Onassis.
By the late 1980s, however, the Gucci label had lost some its appeal. The company
itself was caught up in family infighting and lawsuits, and Maurizio, Guccio’s grandson,
was named to head the family empire at the age of forty-seven. Maurizio began
downsizing and focusing on those articles which reflected Gucci’s artisan traditions and
which had been responsible for the company’s success: the famous handbag, suitcases,
shoes and the foulard. Maurizio also closed a number of boutiques. In 1993 he sold the
remainder of his own holdings in the company to Investcorp, an Arab multinational,
which thereby became sole stockholder of the Gucci Group.
On 27 March 1995 tragedy struck as Maurizio, the last heir of the Gucci dynasty, was
shot and killed on his way to work. Two years of investigation led to nothing. Motives
were initially linked to the enemies Maurizio had made in negotiating the sale of the
Gucci label. Finally Maurizio’s ex-wife, Patrizia Reggiani, was charged and convicted of
ordering the murder, together with her fortuneteller friend and a night porter, who were
responsible for hiring the assassin and the getaway driver. While admitting she often
wished her exhusband dead, Patrizia Reggiani continued to deny her involvement in the
murder but the prosecution claimed her resentment over their divorce, Maurizio’s plans
to remarry and a reduction in alimony payments had motivated her to order the killing.
In spite of personal tragedy, the 1990s have seen the Gucci Group bounce back from
the slump of the previous decade. The positive turnaround has been attributed to CEO
Domenico de Sole and creative director Tom Ford, a Texan who is considered
responsible for saving Gucci from bankruptcy. His designs, promoting classic elegance
combined with innovative twists, led to a sudden leap in sales and inspired the name of a
new fragrance, ‘Envy’, in 1996. His more recent designs include a return to the 1970s:
bellbottomed trousers, fringes, and suits with floral colours and the Jackie O’ purse
revived in bright colours such as turquoise, yellow and orange. The 1980s also feature in
his designs for the end of the millennium which celebrate ‘maximalism’ as opposed to
minimalism. Finally, to spite the animal rights group, he advocates a return to furs of all
types in all forms including fur jackets, fur coats and fur vests.
Despite Gucci’s revival, Ford and Domenico de Sole have other worries, mainly the
ongoing battle for financial control of the company. They have triumphed in the latest
round, with a Dutch court ruling in Gucci’s favour in the most recent hostile takeover bid
by LVMH. Ironically, all this might have been avoided had Gucci stuck to its motto:
‘Stay small to remain great’.
Encyclopedia of contemporary italian culture 378