Paolo Gucci – The Truth About the Gucci Heir
The family dynasty of Gucci lived a life filled with luxury and drama. Paolo Gucci, the grandson and chief designer for Gucci in the 60’s was right in the middle of it. Here’s what we know about Paolo Gucci’s infamous personal life.
Who Is Paolo Gucci?
Paolo Gucci was the grandson of Guccio Guzzi and son of Aldo Gucci. He ran Gucci’s American operations in the 1960’s.
His father named him vice president and managing director for Gucci Shops Inc. and Gucci Perfume of America.
The famous G logo that is seen world-wide is credited with Paolo’s help in the design.
How Long Was His Stint In Gucci?
Paolo didn’t last long working for their family’s fashion business. He was fired from Gucci twice throughout his whole career.
Within the first year of his vice presidency, he was fired by his uncle Rodolfo for not carrying out his duties in the factory. He didn’t take his role seriously as managing director and vice president.
The second time was when he launched his own business using the Gucci name and failed to tell his father Aldo and uncle Rodolfo. They fired him in September of 1980.
Rocky Relationship is An Understatement
After the two incidents, Paolo and the rest of the Gucci family were constantly on rocky terms. He was said to have spent $8 million to acquire the family name and use it for his business.
In 1986, he also tipped off the IRS about his own father’s tax evasion. Later that year, his father, Aldo was sentenced to one year and one day in prison for the charge.
Four years before that, in 1982 Paolo made assault charges against his two brothers, Roberto and Giorgio, as well as his cousin, Maurizio. Paolo filed a $13 million lawsuit against the three and his father.
Who Was Paolo Gucci Married To?
Paolo Gucci married Yvonne Moschetto and had two daughters with her, Elisabetta and Patrizia. Their marriage dissolved after several years and in 1977, he married his second wife – Jenny Garwood, a British socialite. They had one daughter with her, Gemma Gucci.
After his second marriage, he had an affair with Penny Armstrong who was 19 at the time. She’s now known as the Gucci mistress for having two children outside of marriage with Paolo.
This relationship lasted briefly and Paolo failed to pay back alimony and child support. He spent five weeks in jail in New York for failing to do so. Penny Armstrong claimed he owed $505,600 worth of child support.
His cousin Maurizio and Patricia Reggani also have two daughters – Alessandra and Allegra. They both live in Switzerland along with their partners and children. The pair inherited homes in New York, Saint Moritz and Milan, according to Style Caster.
Business Failures
In the House of Gucci movie, Paolo had an infamous line that explains his business ventures outside of his family. “I don’t need anyone. I’m Paolo, Paolo Gucci, and I’m going to start my own line.”
He had big dreams of selling “lamps, sunglasses, furniture, sleepwear, bedding accessories and fabrics, wall coverings, ladies’ underwear, lingerie, plates and flatware,” according to The Fashion Law.
Though, none of this came to fruition because effort died aborning in 1987. This was the same year he sold his shares in the company for $45 million.
Within 6 years of selling his shares, he filed for bankruptcy in 1993 for exorbitant spending of luxury goods internationally.
How Did Paolo Gucci Die?
In 1995, he passed away from kidney and heart failure in the middle of his divorce proceedings. Although other sources claim he died from chronic hepatitis, his death was due to severe health issues.
Who Owns Gucci Today?
Ever since Guccio Gucci founded the Italian fashion house of Gucci, the leadership and ownership was family owned since 1921.
In 1999, the family owned dynasty was officially turned over to Kering, a luxury goods corporation when Maurizio Gucci sold the fashion label to InvestCorp years prior.
Today it is still one of the most iconic fashion brands because of their rare elements of design, high-quality material choices, and durability that was carried on since the first ever Gucci bag.