Gucci takes full control of Australian business
Gucci says it has bought out its partner in Gucci Australia, giving the French luxury goods group full control over the company.
The remaining 35% of shares were bought from joint venture partner and luxury goods retailer F J Benjamin Holdings for an undisclosed sum
President and chief executive officer of the Gucci Group, Domenico De Sole said: "Gucci already has an established position in Sydney and Melbourne and we plan to open a new store in Queensland's Gold Coast by the end of the year. Taking full control of the Australian joint venture reaffirms our commitment to our brands and to the Australian market where we see significant potential for further development."
Meanwhile, F J Benjamin has reported that it intends to merge with the Singapore-based sporting goods distributor Royal Clicks Ltd (RCL).
