Word: gucci
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...latest chapter of Gucci vs. Gucci unfolded last week, when an Italian magistrate seized Chairman Maurizio Gucci's controlling interest in the firm amid charges of skulduggery. Said Maurizio: "The accusations brought against me are the evident expression of a preordained personal attack...
...stakes behind the squabble are considerable. Founded in Florence in 1906 by Maurizio's grandfather, the firm markets products ranging from $80 shoes to $6,000 handbags in 150 stores and 200 franchise outlets worldwide (1982 sales: a reported $300 million). In the U.S., Gucci gewgaws can be found on Fifth Avenue and Rodeo Drive, as well as in department stores like Macy's and Denver Dry Goods. Great care is taken to maintain the quality that has earned the loyalty of such customers as King Juan Carlos of Spain and Soviet Leader Mikhail Gorbachev's wife Raisa, as well...
...Gucci's success has spawned imitators on five continents. The firm maintains staffs in Rome, London and New York City to ferret out the increasingly sophisticated fakes that are drawing off millions of dollars a year in sales...
Even as the Guccis battle enemies around them, they seem unable to forge a workable peace within. The suit against Maurizio is only the latest family feud to land in the courts. In 1982, Aldo was sued by his son Paolo, 54, formerly Gucci's chief designer, who accused his father, brothers and cousin Maurizio of beating him up to settle an argument during a riotous board of directors meeting...
...Internal Revenue Service. Paolo alleged that Aldo evaded substantial U.S. corporate and income taxes by squirreling away company funds in a series of overseas front operations. That accusation has sparked an IRS investigation that may prove to be more damaging than any quarrel within the House of Gucci...