GUCCI’S YEAR-LONG SHOPPING SPREE
MILAN — Gucci Group wasn’t built in a day, but it sure didn’t take management long to fatten up the company’s luxury brand portfolio.
Between November 1999 and today, Gucci has snapped up a variety of brands — most of them accessories — with the nearly $3 billion in cash from its strategic partner and principal shareholder Pinault Printemps Redoute.
Here’s a brief history of Gucci’s luxury spree:
November 1999: Gucci announces plans to purchase Sanofi Beaute, which includes the Yves Saint Laurent brand, from Artemis, Francois Pinault’s holding company. The $1 billion deal is completed by Christmas and grants Gucci ownership of the YSL Beaute and Roger & Gallet beauty brands — in addition to YSL.
November 1999: Gucci buys a 70 percent stake in the Italian accessories house Sergio Rossi for $96 million.
May 2000: Gucci adds the luxury jeweler Boucheron to its stable, purchasing 100 percent of the $85 million company for an undisclosed price.
December 2000: Gucci launches a sneak attack and buys a 51 percent stake in Alexander McQueen’s fashion house for an undisclosed price. Gucci Group chief Domenico De Sole says the move has “absolutely nothing” to do with the company’s courtroom battles with LVMH. McQueen is the chief designer for the LVMH-owned house of Givenchy. His contract there expires in October. LVMH in January cancelled the elaborate couture presentation McQueen had planned. Nothing is definite, but reports are swirling around whether McQueen will present a Givenchy rtw line in March.
December 2000: Gucci buys 85 percent of Bedat & Co., the Geneva-based luxury watch company, for an undisclosed price.
February 2001: Gucci buys a 66.67 percent stake in the Italian accessories company Bottega Veneta via a capital increase of $96.2 million and the purchase of shares from current shareholders for $60.6 million.