De Sole and Ford to leave Gucci Group, blow to PPR
It was announced today that Gucci Group NV’s chief executive officer, Domenico De Sole, and creative director, Tom Ford, will leave the Italian brand they built into the world’s third largest luxury goods maker.
The executives’ decision comes as a huge blow to owner, Pinault-Printemps-Redoute SA. The executives had been in talks with the French holding group for several months as they sought more independence as a condition to renewing their contracts.
Chairman of the Gucci Group’s Supervisory Board, Adrian Bellamy, said: “We owe a huge debt of gratitude to both Domenico and Tom. We regret their decision, but we understand their reasons. Theirs has been the classic partnership in fashion and they will be sorely missed. On behalf of the entire Board, we wish them well.”
Domenico De Sole commented: “I will continue until my departure to devote my energies to our company, whose prospects in our view have never been more promising. I am confident that our successors will build on the strong foundations that we will be leaving to them.”
“It is with great sadness that I contemplate my future without Gucci Group. I am confident that we are leaving behind one of the strongest teams in the industry and I will do my best in my remaining time within the company to ensure the future success of the group”, Tom Ford added.
The executives will remain with the brand until their contracts expire on
