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Founded in 1923, Gucci thrived for decades on the quality of the subtle leather loafers and pocketbooks its Florentine artisans assembled by hand. There were lines around the block at the stores in New York and Milan. For years the Parisian press demonized Arnault, holding him up as the personification of the brash American-style business tactics that have taken hold in Europe during the 90s. Like Perry Ellis and other smart fashion brand names, Gucci badly watered down its image in the 1980s by licensing some 22,000 products, everything from Gucci key chains to Gucci scotch. . Biamonti, while confirming that he represented L. Ford has seen a man sleeping in a car outside his Paris apartment the last several nights, and he suspects the man is a Kroll operative.

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A nice man, obviously good to his people. In 1995, Maurizio was murdered on a Milan street; after a trial, his ex-wife and two hit men were convicted. In person Arnault comes across as a wry, almost whimsical sort whose thick, graying hair and bushy eyebrows offset a boyish grin and pale blue-green eyes; the eyes are notable for the largest, hardest black pupils I have ever seen. After urgent calls were made to New York, a senior stock-exchange official explained the new-shares loophole in a fax to Godé the next day. There were, he suggested, two likely scenarios. De Sole, in fact, was eagerly looking for ways to escape.

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Underestimated throughout his career, De Sole has undergone a quiet transformation from bewildered, intimidated cadet to assertive field marshal. This means our main source of income to cover bandwidth costs is blocked when you are using our free service. We were caught completely by surprise. He was at the Gucci town house in minutes. The plan, Arnault repeatedly insists, was never to attempt an immediate takeover. Godé asked for two days to examine it.

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We would ask that you whitelist us and allow ads to show. Unable to sell Gucci, Investcorp assigned De Sole the seemingly impossible task of resurrecting the company. For creative direction De Sole turned to the last designer on his payroll, a talented 32-year-old named Tom Ford. With that assurance in hand, the Gucci executives walked out of the meeting stunned at the turn in events. It was in the months immediately afterward, Gucci executives now believe, that Arnault began secretly buying their stock. In the end, however, both Kravis and De Sole realized a buyout made no sense.

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And it begins and ends with the unassuming De Sole, a man whose ready smile and deferential manner suggest those of a diplomat. The meeting, in a downstairs conference room, was predictably short. It was his London assistant, Constance Klein. At first he thought De Sole had pulled off a leveraged buyout. The Morgan banker saw, to his irritation, that De Sole was taking the advice of his law-school pal Bill McGurn, who was now representing Gucci, over the counsel of an investment banker he had just met. Hearing a weekend rumor that Arnault had indeed bought the Prada shares, De Sole had finally telephoned Patrizio Bertelli and, by claiming he knew that the sale had happened, tricked Bertelli into admitting it. Two weeks earlier, Perella told Zaoui, he had paid a regular courtesy call on François Pinault.

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It is a wave that could well inundate the entire fashion and luxury-goods industry, which is thronged with family-run companies such as Versace, Armani, and Prada, as savvy corporate raiders led by Arnault move inexorably forward, like sharks among cute, chattering dolphins. The last thing I need is someone coming into my office giving me advice on what to do. Less than a quarter of Gucci shareholders bothered to vote, however, and the opposition of a large Los Angeles mutualfund company squashed the proposal. To De Sole he seemed to gyrate wildly from airy promises to veiled threats. All day long, as the five black-robed judges preside in their guttural Dutch, the Gucci unionists pass yellow sheets of paper among themselves, trying to follow what is going on. It was the moment he had been awaiting for years.

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