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Gucci is one of the most prestigious and leading suppliers of personal luxury goods in the world. A
An overview of the recent history of Gucci and the emergence of Gucci Timepieces.
Gucci is one of the most prestigious and leading suppliers of personal luxury goods in the world. Although being around for many years, surprisingly its timepieces have only been around for less than 10 years. Despite being around for so short of a time, its credibility has allowed it to build into one of the leading watch and time suppliers already. In 1994, Gucci Group NV was incorporated. Also in 1994 Tom Ford was appointed as Creative Director of Gucci's entire product range. Then, in 1995 a move was made that would help reinvent Gucci for the next several years. In 1995, Domenico De Sole was appointed as President and CEO of Gucci Group NV. With the collaboration of De Sole and Ford, the Gucci Group NV was positively received by the market and the people within. Not only nationwide, but worldwide Gucci was gradually taking over the fashion and luxury goods world. If it weren't enough that they were doing it through their handbags, shoes, jewelry and all other leather accessories, they had to do more. In November of 1997, Gucci Timepieces was created as it acquired the operating assets of the Severin Montres Group. The Severin Montres Group was one of the world's largest manufacturers and distributors for watches, giving Gucci just what it needed to get started in the watch industry. In 1999, the Gucci Group NV acquired rights to a prestigious perfume and cosmetics company that would only help boast their timepiece line. With the company selling outrageous numbers, it only got stronger with the new millennium. The growth of the Gucci Group NV continued in 2000 with the acquisition of Boucheron International S.A. Boucheron was a vital piece to Gucci's timepiece collection because they had an established a long heritage as one of the world's most exclusive jewelry, watch and perfume brands. Not only that, but also in 2000 the Gucci Group NV acquired rights to Cartier International for Yves Saint Laurent Couture watches and jewelry. With all of the acquisitions, Gucci was generating an overwhelming response from the public and sells were out the roof. In 2000, Gucci generated nearly $1.5 billion in revenues. Its timepieces and wristwatches collection, which keeping in mind had only been around for 3 years, generated approximately $240 million in revenues alone. It is apparent that Gucci is only becoming stronger with time and is continuously looking for new ways to increase its revenue. Gucci Timepieces has only been around for just under 10 years, yet it is already having a crucial part to the overall success of the company. Copyright (c) 2007 Patrick Bedford