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Gucci chief leaves after sharp downturn in sales
17.09.08
In a fashion industry variant of the standard “family” excuse, Gucci chief Mark Lee is resigning “to spend more time in New York City”.
The boss of the luxury label, who has been based in Milan, will step down at the end of the year after a management shuffle at the key brand after a slump in sales amid the economic downturn. He will be replaced by the head of the firm's Bottega Veneta leather goods house, Patrizio di Marco.
The move will be the talk of the swankier parties at London Fashion Week today. A Gucci Group spokeswoman was at pains to stress Lee's decision to leave was not related to the brand's sluggish performance.
The luxury-goods industry overall has fared surprisingly well during the financial turmoil but Gucci, owned by French firm PPR, has suffered more than rival fashion brands such as LVMH Moët Hennessy Louis Vuitton's flagship Louis Vuitton brand and Britain's Burberry.
PPR's stock has suffered accordingly and is down 49% from its October high.
