We stay within that territory,” says de Sole, before slipping in another dig at Arnault “We don’t invest in other companies. As McQueen says, ‘Gucci is not a company that buys everything but the kitchen sink’.”The biggest move by Gucci so far was to take over the ailing French fashion house Yves St Laurent The move has had its critics. Some said Gucci only bought YSL because Pinault pushed de Sole into the deal to get a troubled business off PPR’s hands. Others argue that YSL has been so badly managed, even the skills of de Sole and Gucci’s brilliant American designer, Tom Ford, aren’t enough to turn it round.De Sole is dismissive, saying that Pinault is very hands-off with Gucci despite controlling over 40 per cent of the shares. As for YSL, there is a lot of work to be done, but Gucci is getting there “When we arrived at YSL we were faced with 167 licensees.

By the end of 2001 we will have just 10 licensees, which is something that can be managed,” argues de Sole. Crucial licensing deals in shoes, ready-to-wear clothes and watches have been bought back in. Factories have been closed ­ no mean feat in France ­ and all YSL stores are being refurbished.The Gucci trademark of a couture show and high-fashion ready-to-wear is filtering through YSL Its Paris womenswear show this year was well received. The litmus test will be whether sales are transformed during the autumn season.The other worry about Gucci is its apparent aversion to e-commerce.

Last month LVMH bolstered its nascent eLuxury operation when its designer, John Galliano, sold a range of leisurewear exclusively on the site. Meanwhile, the likes of Bulgari and Dunhill have been seen exploiting the chance to sell in places where they don’t have shops.De Sole is not sure e-commerce and high fashion mix. “I hate to say never, but the shopping experience is very important for our customers.” He is concerned about delivery problems or customers being disappointed with the service they get online “With a company like Gucci, I am putting my brand at risk. I cannot screw around.”Meanwhile, LVMH has been trumpeting March’s decision by a Dutch judge to investigate the PPR deal. LVMH claims it was an improper transaction and should be unwound. With the courts looking into the matter, rumours persist that Arnault and Pinault are to kiss and make up, with Jean-Marie Messier, the boss of Vivendi Universal, cast in the role of mediator.However, according to de Sole, Pinault has assured him he has no intention of taking control of Gucci, and Arnault has given an undertaking to the court that he will keep his stake in Gucci below 20 per cent and will not seek a seat on the board.So Gucci’s independence is secure For now.. Scientists and MPs have condemned the creation of the world’s first “genetically modified” human beings.