2003-11-27 22:30:48
Gucci buys control of Pigini as part of footwear strategy
Gucci Group NV said Wednesday (November 26) that it has acquired a 70% stake in Italian shoemaker Pigini SRL. Based in Recanati in Italy`s Marche region, Pigini has been making shoes for the company`s Gucci brand for about 20 years.
The Gucci spokesman said the acquisition was "the final part of a two-year project" to fully establish the company`s shoe operations.
A Gucci spokesman said Wednesday that Pigini principally will supply women`s shoes for the Gucci brand. The product offering will range from Gucci`s highest-end luxury segment to sportswear, he added.
In the first half of the company`s current fiscal year, ended July 31, sales of Gucci brand shoes generated �89.9m in revenue, up 0.3% from the same period a year earlier. That represented 13% of total Gucci brand revenue in the half.
The Gucci spokesman said the acquisition was "the final part of a two-year project" to fully establish the company`s shoe operations.
A Gucci spokesman said Wednesday that Pigini principally will supply women`s shoes for the Gucci brand. The product offering will range from Gucci`s highest-end luxury segment to sportswear, he added.
In the first half of the company`s current fiscal year, ended July 31, sales of Gucci brand shoes generated �89.9m in revenue, up 0.3% from the same period a year earlier. That represented 13% of total Gucci brand revenue in the half.
