Kering acquired a controlling stake in Gucci in 1999.
The buyer was technically Pinault-Printemps-Redoute, or PPR, the French group that later became Kering. In March 1999, PPR bought about 40% of Gucci Group, helping Gucci resist a takeover by luxury rival LVMH. The deal gave PPR a controlling position in the Gucci group’s strategic direction, even though the ownership structure was later contested and expanded.
The transaction was part of a dramatic corporate struggle. LVMH had built a large stake in Gucci, while Gucci executives Tom Ford and Domenico De Sole sought a partner capable of protecting the company’s independence. PPR’s investment also involved Yves Saint Laurent, linking Gucci’s revival to the creation of a broader luxury portfolio.
A frequent source of confusion is the name Kering: the company was not called Kering in 1999. PPR adopted the Kering name in 2013, so references often describe the 1999 transaction retrospectively as Kering’s acquisition. PPR ultimately reached 99.4% ownership of Gucci in 2004.