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government-trade

Gucci Pledges to Invest in Ceramics Firm

The business plan to re-launch Richard Ginori includes preserving 230 employees.

MILAN — Gucci plans to invest between 10 million and 15 million euros, or $13 million to $19.6 million at current exchange, in order to re-launch Richard Ginori 1735 SpA, which had declared bankrupt in January.

Gucci described its plans for the historic tableware and ceramics firm during a meeting with trade unions Monday at the headquarters of Confindustria Firenze, the city’s industry association.

The Florentine fashion house, which last month made an offer of 13 million euros, or $17 million at current exchange, to buy Richard Ginori, pledged to keep 230 employees out of a total of 308 and invest in order to restructure the production, reposition the brand and step up research and development.

Trade unions are currently evaluating Gucci’s business plan, which has to be approved by May 22, date of the closing.