BIllIons luxuRy MAGAzInE - FASHION u
Under the guardianship of the sons Gucci experienced mass popularity amongst the world most beautiful women with stars such as Elizabeth Taylor , Jackie Kennedy , Grace Kelly and Audrey Hepburn all wearing the brand . Everyone who was anyone wanted to be seen in Gucci and by the mid-1960 ’ s the brand had expanded its product range to include items such as watches , jewellery and eyewear , but while the brands appeal was rising Gucci was in turmoil triggered by an feud among the Gucci family members .
It began with the death of a childless Vasco Gucci in 1974 , the remaining brothers Aldo and Rodolfo split the company equally between themselves with 50-50 each . Aldo gave each of his three sons 3.3 %, leaving him with 40 % while his brother retained 50 %.
Aldo resented the non-work of his brother Rodolfo and so started another company under the Gucci umbrella – the Gucci Accessories business . This business would reach a much wider audience , developing and licensing new products . Initially it was a great success but with the Gucci name slapped on over 22,000 products at every price point from $ 5 - $ 5,000 the brand soon become cheapened and overexposed .
Further troubles followed when the third generation began to take more of an active role in running the family business . Aldo ’ s son , Paolo , had visions of creating his own fashion line , both his father and uncle rebuffed him , enraged Paolo filed a US $ 13.3 million lawsuit accusing his family of assault during a board meeting , he also informed authorities of his father ’ s tax evasion , which eventually led to Aldo landing up in prison , albeit for a year , in 1986 after he pleaded guilty to evading over US $ 7 million in taxes .
The company was a mess which was compounded even further when Rodolfo died in 1983 , his 50 % stake went to his son Maurizio , who teamed up with Paolo to take control of the company , finally they had control of the company .
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