as expected
AMSTERDAM, Netherlands (Reuters) -- The chief executive and top designer of Italian fashion house Gucci announced their resignation on Tuesday after failing to secure management autonomy as France's PPR prepares to take full control in six months.
Gucci said Domenico De Sole and creative director Tom Ford would leave the luxury group next year after failing to reach an agreement over their contracts with Pinault-Printemps-Redoute.
De Sole and Ford, famed for dragging Gucci back from the brink of bankruptcy and building it into the world's number-three luxury group, had said they would only stay on beyond 2004 if Pinault-Printemps-Redoute gave them full autonomy.
Gucci said the two men would stay until April 30, 2004.
"This decision follows several months of negotiations in anticipation of the expiration of their contracts and Pinault-Printemps-Redoute (PPR) previously announced a tender offer for the outstanding shares of Gucci Group at a price of $85.52 per share to be completed in April 2004,'' Gucci said.
The independent members of the supervisory board have agreed to continue to serve on the board until that date.
The supervisory board has established a committee chaired by Serge Weinberg, Chairman of the Management Board of Pinault-Printemps-Redoute, and including Adrian Bellamy and Francois Henri Pinault, to select successors.
PPR already owns two-thirds of Gucci.