Struggle for Gucci Ends

A two-year legal battle for ownership of Gucci ended with LVMH Moet Hennessy Louis Vuitton agreeing to let retailer Pinault-Printemps-Redoute (PPR) take control of the Italian fashion house.

Under terms of the settlement, PPR will buy LVMH’s shares for just over $800 million, raising its stake in Gucci from 42% to 53.2%. PPR will offer to buy out other shareholders later and hopes to own about 70% of the style icon when the three-stage deal is completed in 2004.