François Pinault, chief executive of Gucci, has a new plan to sell Gucci's European retail divisions. In an interview with The Wall Street Journal at Gucci headquarters, Pinault detailed for the first time, his plans to remake his family's company. One of Gucci major issues, Pinault expressed is Gucci has become to localize in Europe, in order to become more global, selling the European retail division is vital. This would free time and resources to focus on a global strategy.
Gucci will reap an estimated $6 billion from the sale of its retail businesses, analysts say. Mr. Pinault wants to use that cash to shop for other apparel and accessories brands to create a new mass-market division of luxury goods.