Gucci Group acquires 70% stake in Pigini SRL
The Italian luxury goods giant, Gucci Group NV, has acquired a 70% stake in the Italian shoemaker, Pigini SRL.
Pigini, based in the central Italian region of Le
Gucci has not disclosed financial details of the deal, but said the acquisition was “the final part of a two-year project” to fully establish its shoe operations. In the first half 2003, Gucci footwear generated sales of $105.97 million and was the brand’s third biggest product category after leather goods and ready-to-wear.
The news follows Gucci’s announcement in November that its chief executive officer, Domenico De Sole, and creative director, Tom Ford, will leave the brand. Their successors have not yet been named. (See leatherbiz.com story, ‘De Sole and Ford to leave Gucci Group, blow to PPR’ - 4.11.03).
