GUCCI CONFIRMS SPANISH BUYBACK
MILAN — Gucci Group has purchased its three Spanish franchises, in Madrid, Barcelona and Bilbao, confirming reports in these columns. The company said in a statement the move gives Gucci “100 percent control” of its Spanish retail activity.
“The Spanish market is very strong and has tremendous potential for growth. We expect our new stores to grow rapidly and soon contribute meaningfully to Gucci’s European sales and profits,” said Brian Blake, president and chief executive of the Gucci division. “We look forward to integrating the Spanish operations into Gucci’s network of directly operated stores which, with this transaction, number 146 worldwide.”
Gucci Group’s policy has been to take control of distribution. The company has been systematically buying back franchises and distribution outlets for its Gucci and YSL divisions in a bid to protect the brands as much as possible.