Gucci Group announces timing of Ppr offer

Gucci Group today announced that, following notice to the Netherlands Authority for the Financial Markets, in light of the anticipated publication of the Gucci Group's year end results on April 1, 2004, the documents for the tender offer by for all of the outstanding shares of Gucci Group not owned by Pinault-Printemps-Redoute will be filed with the United States Securities and Exchange Commission, and the availability of the offer documents will be publicly announced in the Netherlands, on April 1, 2004.

The tender offer will be launched at a fixed price of $85.52 per share, as contemplated by the Amended and Restated Strategic Investment Agreement dated September 9, 2001 entered into between Gucci Group and Pinault-Printemps-Redoute. It was originally contemplated that offer documents would be available on March 22, 2004 but it was determined that the Gucci Group shareholders would be better served by having Gucci Group's 2003 year end results simultaneously with the publication of the offer documents.

The delay will not impact the expiration date for the tender offer. The expiration date of the tender offer is expected to be no later than April 29, 2004, with payment by Pinault-Printemps-Redoute to the depositaries to be made by April 30, 2004.