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GUCCI BUYS DOWN UNDER: In its ongoing effort to tighten control over production and distribution, Gucci Group has acquired full control of its Australian subsidiary, Gucci Australia Pty Ltd.
The firm said in a statement Tuesday that it has purchased the 35 percent stake in the subsidiary held by its joint-venture partner, F.J. Benjamin Holdings Ltd., adding that Gucci Australia would now operate as a fully owned subsidiary of the Gucci division.
"Taking full control of the Australian joint venture reaffirms our commitment to our brands and to the Australian market, where we see significant potential for further development," said Domenico De Sole, chairman and chief executive officer of Gucci. "Gucci already has an established position in Sydney and Melbourne, and we plan to open a new store in Queensland's Gold Coast by the end of the...