Institutional portal - Municipality of Milan

Milan, October 23 2022 - Bottega Veneta will put its sign on the three windows currently occupied by Gucci in the Galleria Vittorio Emanuele II, paying the Municipality of Milan double the fee paid by the current dealer.

The operation, on the proposal of the Councilor for Budget and Heritage Emmanuel Conte, was approved by the Council of Palazzo Marino, which authorized the takeover of the contract requested by Gucci in favor of the luxury leather goods brand belonging to the same Kering group.

The handover is expected by next spring: the Florentine fashion house will move to the opposite side of the main wing of the Gallery and will occupy the 956 square meters that it won in September 2021, with a record offer of 4,5 million of euros per year for the premises vacated during the pandemic by Massimo Dutti. The contract has already been signed and the redevelopment project has begun.

Instead of releasing the current windows (the presence of multiple shops with the same brand is not permitted in the Gallery) Gucci proposed the handover to Bottega Veneta with the takeover of the contract, which according to the rules established by the Administration in 2012 can occur only with a doubling of the concession fee. The annual revenue for Palazzo Marino it will therefore go from the current 575 thousand euros paid by Gucci to one million and 150 thousand euros.

“The provision - explains councilor Conte - demonstrates the importance of the approved regulation. The rules governing the Gallery guarantee a functional mix and protect the historic shops according to objective criteria, but the public tenders on the one hand and the constraints for the takeover on the other allow us to maximize the value of the assets that the Milanese have entrusted to us: it is important today more than ever to finance city services."

Gucci opened its store in the Galleria in 2003. The current contract, signed in 2016, expires in 2034.