Word: gucci
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Dates: during 2000-2009
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...Bowing Out," you reported on the departure of pre-eminent fashion designer Tom Ford and his business partner from the Gucci Group [Nov. 17]. But if Ford is looking for new challenges, the makers of America's big, dark, ugly, gas-guzzling luxury sport-utility vehicles might offer him an excellent opportunity to branch out. Tom Ford would be the perfect choice to redesign the SUV line for Ford Motor Co. CAROLE WADE Los Angeles
...from acquiring insurers. The two sides have been fighting ever since, and in October, France rejected a $585 million settlement because it didn't give immunity to Pinault - who made a big profit on the deal - or former Crédit Lyonnais CEO Jean Peyrelevade. Pinault, who now owns Gucci, mounted a huge lobbying effort, including face-to-face meetings with President Jacques Chirac. Paris has now made a counter-offer that gives both men immunity; the Los Angeles prosecutor's office will decide this week whether to take the money - or start a spectacular trial of France...
...reason. In just 10 years he and Ford had engineered a miraculous transformation of Gucci--from a dying label with $200 million in revenue into a flourishing, $3 billion luxury conglomerate with subsidiaries that include such brands as Yves Saint Laurent (YSL), Stella McCartney and Alexander McQueen. With his eye for louche glamour and his movie-star image, Ford, 42, redefined luxury, giving it a sexy, provocative edge. For most of the '90s it seemed as if he and De Sole could do no wrong. Ford had an unerring eye for reinterpreting what the public wanted; De Sole's managerial...
...down-market. Designers like Isaac Mizrahi and Todd Oldham have taken refuge--and found success--at Target. And even brands like Ralph Lauren and Calvin Klein are playing catch-up with Banana Republic and J. Crew, introducing new, inexpensive lines. As one industry insider put it, "None of the [Gucci brouhaha] matters because we'll all be wearing Target and Abercrombie & Fitch in two years...
...will take its time finding successors to Ford. It has formed a search committee and probably won't make an announcement before April. Early bets are on Alexander McQueen to design Gucci, and Marc Jacobs for YSL (although his contract with Louis Vuitton may be unbreakable...