DALLAS, Nov 4, 2003/ FW/ --- Gucci Group’s dynamic duo, Tom Ford and Domenico De Sole will be stepping down end of April 2004 from the fashion house they molded and shaped into a leading brand.

Tom Ford who is the Creative Director of the Gucci Group and the Gucci and YSL brands and Domenico De Sole, President and CEO of the Gucci Group have “informed the Supervisory Group of the Gucci Group that they do not intend to renew their contracts beyond their currently scheduled expiration date in 2004,” according to a joint announcement released in Amsterdam by the Gucci Group and Pinault-Printemps-Redoute, parent company of Gucci.

They had been unable to agree on new terms, company statements said Tuesday.

"It is with great sadness that I contemplate my future without Gucci Group. For the past 13 years, this company had been my life," said Tom Ford in a company statement.

A Texas native, Tom Ford joined Gucci in 1990 as the company’s Womenswear Designer.

During that time, the company was rocked by a family scandal. Gucci, which was a status symbol brand during the 1960s and 1970s, was considered a tired label during the 1980s and early 1990s. It was also experiencing sagging sales worldwide.

In 1992, Tom Ford was appointed Design Director and two years later, he became the Creative Director.

About the same time, Domenico De Sole who was CEO of Gucci America moved to Italy and became the Group’s Chief Operating Officer. He was appointed Chief Executive Officer in 1995.

With Tom Ford and Domenico De Sole at the helm, Gucci enjoyed a revival not seen anywhere in the fashion world. By focusing on Gucci’s core leather products, investing in advertising and communication, as well as men’s and women’s ready-to-wear, Gucci became a fashion powerhouse starting the mid 1990s.

Gucci became so successful that it became a target of a hostile takeover by rival LVMH in 1999. Pinault's Pinault-Printemps-Redoute, which today owns 67 percent of Gucci, rescued the Group as a so-called "white knight" investor from the clutches of LVMH.

After successfully fending off LVMH’s hostile takeover bid, the Gucci Group completed the acquisition of Yves Saint Laurent, Sanofi Beauté (now YSL Beauté) and Sergio Rossi in 1999.

In 2000, Gucci acquired Boucheron, Alexander McQueen and Bedat & Co. A year later, Bottega Veneta and Stella McCartney became part of the Group.

"Gucci has been one of the great loves of my life and my years with the Company have been an incredible journey," said Domenico De Sole in a company statement.

Born in Rome in 1944, Domenico De Sole immigrated to the U.S. in 1970 where he earned a Masters Degree from Harvard University. Aside from his responsibilities at Gucci, Mr. De Sole also sits at the Board of Bausch & Lomb and Procter & Gamble. He is also a member of the Advisory Board of Harvard Law School.

Both Tom Ford and Domenico De Sole "have confirmed their commitment to remain in their positions until April 30, 2004 in order to ensure the success of the coming collections and a smooth transition," the statement said.

Gucci Group's Supervisory Board has established a Committee chaired by Serge Weinberg, Chairman of the Management Board of Pinault-Printemps-Redoute, and including Adrian Bellamy, Chairman of the Gucci Group Supervisory Board, and François Henri Pinault, Chairman of Artemis, to select successors to Messrs. De Sole and Ford.