FAMILY FEUDS: Gucci's Empire Splits a Seam
Even though the Gucci family's feuds have often resembled a Florentine version of TV's Dynasty, the luxury-accessories company has managed to remain closely held since it was founded by Guccio Gucci in 1904. Alas, no longer. The company announced last week that a 47.8% stake in the corporation has been sold for an estimated $135 million. The buyer: Investcorp, a Bahrain-based investment firm owned by more than 12,000 Arab shareholders, many of whom are prominent financiers and politicians.
Giving up most of their shares in the Gucci company are the sons of Aldo, 83, the sole surviving son of the founder. A nephew of Aldo's, Maurizio Gucci, is still claiming 50% ownership in the firm, but his three cousins are contesting him in Italian court on the ground that he inherited his shares by forging his father's signature.
Most Popular »
- Why Obama Has to Worry About Polls
- Israel vs. Hizballah: Drumbeats of War
- The Pentagon Prepares for a Missile Attack from 'Iran'
- The '00s: Goodbye (at Last) to the Decade from Hell
- Stalemate: How Obama's Iran Outreach Failed
- Will Your Next Car be Made in India?
- Sony's Robot-Cam: Partying Without a Photographer
- Benedict's Pope: Should Pius XII Become a Saint?
- Rehabilitating Joseph Stalin
- In Cleveland, Worker Co-Ops Look to a Spanish Model
- Rehabilitating Joseph Stalin
- New Job for Ex-Soviet Pilots: Arms Trafficking
- Agent Orange Poisons New Generations in Vietnam
- Will Your Next Car be Made in India?
- Dear President Obama: What North Korea Might Say
- Stalemate: How Obama's Iran Outreach Failed
- Slow Times At My 20th High School Reunion
- Why Obama Has to Worry About Polls
- Reconsidering the Miracle on the Hudson
- Benedict's Pope: Should Pius XII Become a Saint?
Top Stories on TIME.com
Quotes of the Day »
RSS