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Gucci chief executive steps down

Mark Lee, chief executive and president of Gucci, has stepped down after more than 12 years at the luxury brand.

Lee will be replaced by Patrizio di Marco, who is currently president and chief executive of Bottega Veneta, part of the Gucci Group.

Marco Bizzarri, president and chief executive of Stella McCartney, also part of the Gucci Group, will replace di Marco. The group will announce a replacement for Bizzarri shortly.

In the past four years, Lee has grown the Gucci brand by 46%. He said: "It's been a professionally fulfilling 12 years within Gucci Group and I am particularly proud of the work accomplished with Frida Giannini [Gucci creative director] and the exceptionally talented Gucci team these last four years. I've decided to step down at the end of this year to pursue other interests and spend more time in New York."

Robert Polet, president and chief executive of Gucci Group, said: "I wish to thank Mark for the incredible job he has done at Gucci. I am delighted to be able to announce that our strategy for internal mobility to fill our most important positions from within, has come to reality. Whilst we regret seeing one of our greatest professionals step down we are enabling our best people to continue their career path within Gucci Group."

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