While the stock market thought Asia would buffet Gucci, Patrizio Bertelli could see that De Sole and Ford had their ship in splendid trim. Read more about the connection between cars and Gucci Tom Ford Domenico De Sole Marco Bizzarri Alessandro Michele Gucci . If I see a collection, I can tell if it's a good collection.". It unfortunately, however, did not happen. We are a brand! As the money began pouring into Guccis registers, De Sole pumped much of it back into supporting the companys image. It was likely Aldo Gucci who began the story that the family was descended from noble saddlemakers to the medieval courts, when his father and company founder Guccio Gucci actually began his career working at the Savoy Hotel in London before opening a small shop in his native Florence, Italy. This was before we had begun to roll, when we were largely in the planning stages. Gucci Group: Luxe life. Domenico De Sole, former president and CEO of Gucci Group, looks back on the death of Maurizio Gucci in 1995, and his impact on the company. Famously, the tale goes that he was inspired to. At a dinner party she asked her lawyer Cusimo Auletta: What would happen if I decided to teach Maurizio What if I decided to get rid of him? You\'ll receive the next newsletter in your inbox. You have to understand Maurizio wasnt a bad man, just a little crazy. As president and CEO of the Gucci Group, Domenico De Sole LL.M. In the movie, Patrizia calls psychic Pina Auriemma one night after seeing her on television. (Technical note: Gucci is amortizing the nearly $100 million of goodwill created by the Severin Montres acquisition against earnings over 20 years, half the time required by U.S. accounting standards.). Password must be at least 8 characters and contain: As part of your account, youll receive occasional updates and offers from New York, which you can opt out of anytime. By Rob Bear Feb 15, 2013, 3:30pm EST. Domenico De Sole was the former CEO of Gucci Group whose tenure brought the company out of near bankruptcy in the 1990s. In a 2004 interview, on the day he left Gucci for good, De Sole told WWD his expectations for the company were never that grand. He often demanded to see more of the companys financial information. At Rodolfo'surging, De Sole later joined the Gucci company, but he did so only in 1984, 12 years after Maurizio started in the family business. This password will be used to sign into all, Lady Gaga Delivered the Acceptance Speech Shes Been Waiting to Give, The Snubs and Surprises of the 2022 Oscar Nominations. This site is protected by reCAPTCHA and the Google But in real life, per Fordens book, Paolos sportswear collection was met with success. On its $400 million Gucci investment, Investcorp pocketed nearly $2 billion, but it would have made more had it held on. But thats not quite how the bad-faith dealing went down in real life. Maurizio was acquitted of tax evasion after he was charged with forging his fathers signature on the stock certificates that transferred Rodolfos shares of Gucci to him following Rodolfos death in 1983. On LVMHs side, its retailers among them Paris Bon March, and San Francisco-based DFS would get badly needed new products from the hot hand of Tom Ford. He filed for bankruptcy in 1993 and died in London in 1995. De Sole was appointed by Maurinzio Gucci as a legal adviser, president and managing director of the company of Gucci America. Lady Gaga missed out on Best Actress, however, andHouse of Gucci did not rank among the films up for Best Picture, as seems to have been its intention. In the scene, he's biking around Quartiere Copped in Rome when someone drawshis attention by calling out, "Doctor Gucci!" Who could forget the blacked-out room and the roving spotlights following Amber Valletta, Shalom Harlow, Kate Moss and Helena Christensen striding in low-slung velvet trousers, undone satin tops, fur coats and big, bright GG logos? The final hour of House of Gucci covers his fall and his. She was released from prison in October 2016. Next:Why House of Gucci's Reviews Are So Mixed. Domenico De Sole is chairman of Tom Ford International, the menswear brand that now includes beauty, accessories, fragrance and footwear. He is a lawyer by t. I still feel offended.. Domenico De Sole took the stand in U.S. District Court in Manhattan on Wednesday, testifying in front of the fake Rothko that he purchased at the Knoedler Gallery in 2004 for $8.3 million.. Related:Every Ridley Scott Movie Ranked From Worst To Best (Including House of Gucci). Rather, the collections are produced as media circuses, designed to bring brand names, supermodels and Bentleyloads of celebrities before the paparazzi and the public. Credit: Gucci Domenico De Sole LL.M. Its nun versus AI in Damon Lindelofs new series. After Rodolfo disinherited Maurizio, the son packed his bags, eventually going to work for Patrizias fathers trucking company. Sentenced to 29 years in prison for orchestrating her ex-husbands murder, she was released in 2016 after serving 18 years. Even at $70 a share Gucci is priced at 23 times its estimated 1998 earnings, reasonable compared to average equity market p/e multiples in Europe and the U.S. De Sole says Gucci is off to a fast start in this years first quarter, and theres plenty of growth left in the 78-. year-old company, which got its start making fancy harnesses for horses. Menu. Upon being offered a pardon from prison on a work-release program in2011, Reggiani told the judge, "I've never worked in my life; I won't start now." WWD and Women's Wear Daily are part of Penske Media Corporation. In the movie, after the party, Patrizia stalks Maurizio, pretending to serendipitously bump into him at his law-school library. lvmh needs Gucci more for the managers than for the brand.. Adam Driver, Jared Leto, Al Pacino and Jeremy Irons also star in the directors second epic drama of the year, following The Last Duel.. Goes Out newsletter, with the week's best events, to help you explore and experience our city. Somewhere in the multiverse of fashion, there is a branch of reality in which Tom Ford and Domenico De Sole never sold Gucci to PPR.They never bought Yves Saint Laurent or Bottega Veneta or Balenciaga; never left Kering; never started their own brand; and never sold that brand to Este Lauder for almost $3 billion. Domenico De Sole, former president and chief executive officer of Gucci Group, recalls the aftermath of Maurizio Gucci's death and his impact on the company. By Samantha Conti March 27,. De Sole remembers the. During his time as Gucci's creative director, the company saw 1,200% growth in sales - nearly $3 billion, according to Forbes. In the third quarter of 2020, the brand reclaimed the top spot in Lysts ranking of the worlds most-searched names. [9], In the 2021 film House of Gucci, directed by Ridley Scott, De Sole was portrayed by actor Jack Huston.[10]. The whole show is in a silly, goofy mood. We had a nice chat, a rational conversation. Tom Ford says Guccis high-margin ready-to-wear apparel, (11% of sales in 1998s first half, up 50% from 1997), has enormous potential. A true autocrat, the 50-year-old Arnault is unlikely to share any real power with De Sole. Despite its stacked cast, dark and glamorous story, and high production value,House of Gucci was snubbed across the board at the 2022 Oscars. In 1993 the company had just lost $22 million, and 1994 wasnt going to be a whole lot better. De Sole remembers the months following the shooting as sad and puzzling for those who knew Maurizio, and for the companys staff. His wife, actress Alessandra Winkelhausen Gucci, died at age 44 in 1954 when their son Maurizio was only 5 years old. In real life, though,De Sole had had the Gucci family as a client for years, helping them through their restructuring. Among his many endeavors since leaving Gucci, Ford directed the Academy Award-nominated feature films A Single Man and Nocturnal Animals. In a recent interview with GQ, he spoke about the House of Gucci movie project. PARIS: In news that shook the fashion world and brought to an end an expansive era in the luxury universe, Tom Ford and Domenico De Sole, the creative and management team behind . Helped by strong ready-to-wear and watch sales, last years first nine-month worldwide revenues rose 3.2% to $741 million; net profit for the period rose 3.5%, to $127 million. Gucci surprised everyone, and scaled rapidly: A few years after Fords breakout, the company piqued the interest of Prada, which took a 9.5 percent stake. 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His father, Aldo, had given 10% of his 50% stake in the company to his three sons, allocating 3.3% to each of them. Patrizia had been rich all her life, living in extravagant homes in Milan, San Moritz, and New York City, but it wasn't enough, and she hired a handful of blue-collar workers to do her barbaric . Covering Rammsteins Du Hast in Berlin. De Sole considers this last kind of door especially important in managing the Gucci brand. Using Fordens book as a guide, along with an interview with the films screenwriter Roberto Bentivegna, here well break down what is fact and fiction in House of Gucci. We are not a retailing company, he booms. De Sole took over Gucci at a tricky time for the company: Having run Gucci America for nearly a decade, he returned to his native Italy in the early 90s to become chief operating officer of the parent company and, not long after, the CEO. This email will be used to sign into all New York sites. Grouses De Sole, who thinks Arnault might have had the courtesy to tell him he was interested in Gucci: The guy [Arnault] just asked himself over to dinner without calling first.. It is said that the last spring collection under the direction of Ford and De Sole was a critical and commercial success for Gucci. Memories of Maurizio faded and gave way to Guccis newfound popularity, and surging sales. I think we caught everybody by surprise. Maurizio tried consolidating power with the help of Investcorp, which provided the equity Maurizio lacked by freezing out his uncle Aldo. [4][2], De Sole worked for leading U.S. law firms before becoming a partner at the Washington DC firm Patton, Boggs & Blow, specializing in tax law. By the time Maurizio Gucci was gunned down in the lobby of his Milan office on March 27, 1995, the company he knew and loved was already embarking on a new journey under Domenico De Sole and Tom Ford, and priming for the sort of success that would surpass Maurizios own big ambitions. The real story that inspired Ridley Scott's movie has many twists and turns and some of the things shown did not reflect what truly happened. De Sole took over Gucci at a tricky time for the company: Having run Gucci America for nearly a decade, he returned to his native Italy in the early '90s to become chief operating officer of the . (Arnault may also have promised Bertelli marketing and production collaboration between lvmh and Prada; neither executive will comment.). Read on for excerpts of the interview. Contrasting pattern ensemble of blue striped blouse and geometric print coral pants from Guccis Spring/Summer 1996 collection by Tom Ford. I also didnt know the great job that Tom was going to do. In real life, Alessandrawas also to thank for the reconciliation between Rodolfo and Maurizio, but she wasn't the only daughterborn to Maurizioand Patrizia. Antonella Gugliersi (she/them) is a feature writer for Screen Rant. In 1983, Aldo Gucci, Maurizios uncle, had gotten into serious American tax trouble (Aldo was briefly imprisoned in the U.S.). to-wear shows. In real life, however, Maurizio wasn't riding a bike at the time of his assassination, nor did it happen in Rome. You may occasionally receive promotional content from the Los Angeles Times. According to Fordens book, the two actually met at a health spa in Ischia when Patrizia was there with Maurizio, and the two women became fast friends. Between June 1998 and February 1999, the eagle-eyed Bernard Arnault began to amass Gucci shares, eventually building up a stake of 34.4 percent through a series of transactions, before attempting a takeover, which was eventually foiled. This year will see the upgrading of stores in New York, Verona, San Francisco, Brussels, Paris and of Guccis original store in Milan. Email Bio Follow . Despite the films lampooning, Paolo did help create Guccis signature double-G logo, his longest-lasting and best-known contribution to the brand. We had to make the brand fly!. His lavish spending and lackluster management left the company in a precipitous position when he finally relinquished control. Maurizio Gucci wanted to fire Tom, recalls De Sole, but I said no. But Patrizia began interceding when she wasnt seeing quick enough results. On a scale of laminated-eyebrow drama to Lemon Lady Secrets. While studying for her bachelors in a completely unrelated subject, they started writing about movies and TV shows for an Italian online publication. In 1995, De Soles second year in the saddle, Gucci Group earned a record $83 million, on revenues of $500 million. After the death of Rodolfo in House of Gucci, lawyer Domenico de Sole (Jack Huston) can be seen talking with Maurizio and Patrizia about the inheritance. Following the private screening of "The House of Gucci," Domenico De Sole was kind enough to join the SCAD community by participating in a Q+A session. Domenico, a native of Italy, is the former CEO of the Gucci Group; in 2005, he co-founded and today continues to serve as chairman of Tom Ford International and is the CEO of Sotheby's. The couple's daughters work in the fashion and beauty industries like father, like daughters, it seems. Both Rodolfo and Aldo consider the younger Guccis designs which favor pastels on browns, among other bold combinations to be crass, cheap, and aesthetically displeasing. Movies. Arnaults French rival Franois Pinault rode in as Guccis white knight, and brought the company into what was then PPR, and is now known as Kering. Gucci's production volume increased 277% and it was a huge success for Gucci. While Maurizio may have had the vision, he didnt have a grip on Guccis finances. It was Maurizio, with backing from his then-minority shareholder Investcorp, who hired Dawn Mello, formerly president of Bergdorf Goodman, to revitalize the brand as its creative director. He added that Maurizio was frustrated because the company was doing poorly., Maurizio had a very good strategic view of the company, and I give him credit for his vision to reposition the brand, said De Sole, who got to know the Gucci scion when he was working for the U.S. arm of the business. It never crossed my mind that she could have killed him, said De Sole. He has previously served as a director of Gap Inc., Telecom Italia, Bausch & Lomb, Delta Airlines, Newell Brands and Procter & Gamble. From very little in 1994, Guccis communications expenditures advertising, mostly, and some public relations rose to $28 million in 1995, to $61 million in 1996, to $69 million in 1997 and exceeded $80 million last year. '72, former CEO of Gucci, endowed a chair for a scholar focused on business law. But many felt Ferrs sin lay in an unwillingness to kow-tow to Arnault. And Patrizia continued calling herself a Gucci. House of Gucci Left Out Allegra Gucci The reasons behind these snubs aren't exactly clear, though it could be thatHouse of Gucci's length held it back a little. Nemir Kirdar decided it was time to take some of his investors marbles off the table. Pacino crumples, imbuing the scene with all the acute hurt felt by Aldo. Bertelli is the husband of designer Miuccia Prada and chief executive of her familys Milan-. That, plus other purchases, puts LVMHs Gucci position at 26.7%. In 1993 Guccio Gucci SpA, whose supple loafers adorned some of the worlds wealthiest feet and whose distinctive handbags were draped over many a pampered shoulder, lost over $22 million on revenues of $230 million. Last month Bernard Arnault, chairman of Frances mighty lvmh luxury goods group, deftly acquired 26.7% of Gucci Groups 59.4 million publicly traded shares for lvmh, pushing Guccis market value to over $4 billion. In 1987, Italian financial police came to apprehend Maurizio after Paolo accused him of illegal business dealings. But that's really just the tip of the iceberg. T&C's Fireside Chat: Domenico De Sole. According to Mello, "Maurizio always wanted everything to be round and brown, and Tom wanted to make it square and black." Though Maurizio Gucci wanted to fire Ford, Domenico De Sole insisted that he remain. HISTORY 1970s: an internal crisis wracked the firm 1980s: block venture and lawsuits flew back and forth . Gucci Group NV e Pinault-Printemps-Redoute hanno annunciato che Domenico De Sole, Presidente e Amministratore Delegato di Gucci Group, e Tom Ford, Direttore Creativo di Gucci Group e dei marchi Gucci e Yves Saint Laurent, hanno informato il Supervisory Board di Gucci Group che non intendono estendere i loro contratti oltre la prevista scadenza After a brief internship at TPI, she decided she wanted to pursue journalism and graduated with a degree in International Journalism from Brunel University. It was Maurizios father Rodolfo who eventually persuaded De Sole to leave Patton, Boggs & Blow, and work for the family firm. As Gucci began to disintegrate in early 1994, Investcorp bought the other half, bid ciao to Maurizio Gucci and a stroke of genius born of desperation . 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