The iconic brand Gucci has been an international success since 1921, making it one of the oldest fashion brands in the world. The company has become synonymous with luxury goods, with people around the world recognizing their signature green and red stripes and their signature “GG” logo. Gucci has been owned by many different people and companies over the past century, but now the brand has a single owner and one of the wealthiest people in the world. Here’s a look at the billionaire behind Gucci and how the brand is now owned.
The History of Gucci Ownership
The iconic Italian fashion house of Gucci was founded by Guccio Gucci in 1921. Gucci started by selling leather goods, including suitcases, handbags, and wallets. Over the course of the next century, the company expanded, becoming one of the most recognizable fashion brands in the world. The company was owned by members of the Gucci family for several generations until it was sold in 1993 to Investcorp.
In 1999, Investcorp sold the majority of the company to French luxury goods group LVMH, a multinational corporation that owns a number of well-known luxury brands including Louis Vuitton, Dior, and Givenchy. In 2001, LVMH sold a majority stake in the company to Investindustrial, an Italian private equity firm.
The Current Owner: François Pinault
In 2004, Investindustrial sold the majority of the company to French billionaire François Pinault. Pinault is the founder and chairman of Kering, a French luxury conglomerate that owns several luxury brands including Alexander McQueen and Balenciaga. As the majority owner of Gucci, Pinault now has complete control of the company and is the sole owner of the brand.
Pinault has been credited with reviving the brand, which had become somewhat stagnant before his arrival. Under his guidance, the brand has been reimagined with a new focus on luxury and quality, and the company has seen a surge in sales and profits.
François Pinault’s Net Worth and Investments
With a current net worth of over $30 billion, François Pinault is one of the wealthiest people in the world. He has grown his fortune by investing in a variety of companies and industries, including luxury goods, retail, media, and other sectors. He is also one of the biggest shareholders in several publicly traded companies including PSA Peugeot Citroen and Airbus.
Pinault has also made some high-profile investments in the tech sector, including a $150 million investment in the online fashion retailer Asos and a reported $50 million in the online payment platform Stripe. He has also invested in Chinese social media companies, such as Weibo and Douyin, as well as the ride-hailing company Lyft.
The Future of Gucci
Under the leadership of François Pinault, the Gucci brand continues to grow and expand. The company has seen strong sales of its products, with total sales reaching $10.7 billion in 2017. The brand is also continuing to innovate, introducing new products and collections.
Pinault has also made several strategic acquisitions, including the purchase of a stake in the Italian fashion house Valentino in 2018. The company also acquired a majority stake in the French luxury jewelry house Boucheron in 2019.
Gucci’s Contributions to the Fashion World
Over the past century, Gucci has been one of the most influential fashion houses in the world. The company has revolutionized the fashion industry, introducing new design and manufacturing techniques that have been adopted by other companies. The brand has also been a pioneer in the use of social media to promote their products and engage with their customers.
Gucci has also become known for their philanthropic efforts, including the Gucci Changemakers program, which provides grants and resources to support and empower disadvantaged communities. The company is also at the forefront of the sustainability movement, launching initiatives such as the Gucci Green Initiative to reduce their environmental impact.
Conclusion
The iconic brand Gucci has been one of the most successful and influential fashion brands in the world for almost a century. It was taken over by French billionaire François Pinault in 2004, who has since revived the brand and taken it to new heights. With Pinault’s current net worth of over $30 billion, he is one of the wealthiest people in the world and the sole owner of the Gucci brand. He has made several strategic investments and acquisitions to ensure the brand’s continued success and growth, while also contributing to the fashion world through philanthropy and sustainability initiatives. As a result, Gucci is sure to remain one of the world’s most popular and influential fashion brands for many years to come.
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