As Gucci's brand value plummeted due to brand dilution and family conflicts, private equity firm InvestCorp stepped in to buy a majority stake in the struggling business. LVMH saw the potential and reached a verbal agreement to acquire Gucci for $400 million, but ultimately backed out. InvestCorp then appointed Domenico de Sole as CEO and promoted Tom Ford as the creative director, setting the stage for Gucci's remarkable turnaround.
