Retail group Pinault-Printemps-Redoute (PPR) has announced plans to refocus its wholly owned Gucci brand primarily on leather goods and shoes.
The company, which recently completed its takeover of Gucci, said the luxury goods maker derived most of its earnings from the two product categories.
"We have to pursue Gucci's development in products at the heart of its range, in leather goods and shoes which are the heart of Gucci's identity and which provide 70 per cent of its turnover," PPR chairman Serge Weinberg said.
Weinberg is currently acting CEO of Gucci, with newcomer Robert Polet to take up the role on July 1.