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.

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