Gucci’s general counsel Alan Tuttle has quit following the multibillion-pound acquisition of the fashion house by French conglomerate Pinault Printemps Redoute (PPR).
Tuttle’s resignation coincides with a management reshuffle, which has resulted in a number of senior level departures at the Netherlands-listed company. However, it is understood that he will be retaining a consultancy contract with Gucci for at least one year.
The decision to find a replacement for Tuttle will be made by Gucci’s new chief executive. Robert Polet, currently the head of Unilever’s ice cream and frozen foods division, is expected to join Gucci next month.
It therefore remains unclear how Tuttle’s resignation will affect Gucci’s relationship with external advisers. Currently, the firm farms out legal work to De Brauw Blackstone Westbroek and the London office of Skadden Arps Slate Meagher & Flom.
The latter firm [which advised the company alongside De Brauw on the acquisition of PPR] is understood to have had a relationship with Gucci since 1997.
PPR’s bid for the remaining 32 per cent stake in Gucci was completed in late April. The deal gives the French retail group 100 per cent control over Gucci.