You would think this was the richest family alive.
But their success came at a devastating price:
Jail time, family betrayal, and an inside murder plot that shocked the world.
The insane story of how the Gucci family fumbled their $14 BILLION empire:
Guccio Gucci started as a bellhop at London's Savoy Hotel.
There was luxurious luggage everywhere…and he got his first idea.
In 1921, he opened a leather shop in Florence.
His craftsmanship quickly caught the eye of the elite – but success brought out an ugly side in the family.
Guccio's business thrived, even during WWII.
He expanded to Rome bringing his sons into the business.
But as the company grew, so did tensions within the family.
Guccio struggled to delegate – and the friction grew between his ambitious sons.
By the early 1950s, Gucci had become a global brand.
But Guccio's grip on the company was slipping.
His health was failing, and his sons were eager for more control.
Then in 1953, Guccio passed away – leaving a power-struggle that would tear the family apart.
Guccio's three biological sons inherited the business.
At first, they worked well together and expanded Gucci internationally…
The brand became synonymous with luxury and names like Grace Kelly and Jackie Kennedy.
But by the 1970s, the cracks began to show.
Paolo, a third-generation Gucci, wanted to start his own brand.
His father Aldo denied him.
He feared his son’s competition.
But Paolo went ahead in secret, setting off a chain of events that would destroy the family.
The family feud escalated:
• Paolo ratted on his father Aldo
• Aldo was jailed for tax evasion
• Maurizio (another grandson) took control in 1989
But Maurizio's lavish spending put Gucci in massive debt….
Maurizio was forced to sell his shares to investors.
The Gucci name was no longer in family hands.
But the tragedy didn't end there.
In 1995, Maurizio was shot dead outside his office.
And the mastermind behind it all…left the world stunned.
Two years later, his ex-wife Patrizia was arrested for orchestrating his murder.
The Gucci empire had crumbled.
Maurizio had sold his shares for $117 million. The family had ZERO stake left in the company…
Missing out on BILLIONS.
So what went wrong? Here's what we can learn:
1/ Equal doesn't mean fair
Guccio treated all his children as equals but they had unique needs and abilities.
His "one-size-fits-all" led to resentment.
When we’re trying to please everyone – lines get blurred, things become ambiguous…
And it’s a recipe for disaster.
2/ Clear succession is crucial.
In the old days it was clear: the firstborn takes over.
But modern families often leave it ambiguous, leading to power struggles.
Should we go back?
A clear, merit-based succession plan could have prevented the Gucci downfall.
3/ Balance freedom and guidance.
Paolo's desire to start his own brand was stifled, leading to secret rebellion.
And the dominoes toppled once Aldo went to jail.
A balance of freedom to pursue passions with guidance and structure might have kept Paolo in the fold.
With my family, it was a little bit of both.
It was left up to me – and it felt like I could do whatever I wanted…
But it also felt like a duty for me to help protect the capital of this business.
And when people ask me if I’m happy about this, I say:
Looking back, I wish I had more clear direction in my family business.
A little bit more force…
Rather than “Maybe you should do this or that”
There's value in having a set path – even if you explore side projects.
It’s the root of the sense of purpose that so many of us crave.
I share these stories to explore how others navigated the struggles of wealth that I’ve also been through.
If you’re on the same path as me and want to join more people like you on a quest for legitimacy, subscribe to The Heir’s Journal:
heirsjournal.kit.com/subscribe2
Thank you for reading.
For more tweets and stories to help heirs of giants live a life full of purpose, follow @HeirsJournal
And repost this:
And if you’re interested in watching Bloomberg’s full video on the Gucci family, you can watch it here:
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.