Mark Lee Walking Out of Gucci

In major surprise for the fashion industry, Mark Lee has announced that he will quit his position as CEO of Gucci on Dec. 31, 2008, in a remarkable example of a brilliant manager taking time off.

The news was doubly startling, seeing the results Lee had achieved at Gucci, which has enjoyed a remarkable 46 percent surge in global sales collectively in the past three years under his management.

Lee will be replaced by Bottega Veneta President and CEO Patrizio di Marco, effective Jan. 1, while di Marco will be succeeded by Marco Bizzari, CEO at Stella McCartney. All three fashion houses are part of Gucci Group, the world's third largest luxury group, which is controlled by quoted French company PPR.

In a statement, Lee insisted he was stepping down to "pursue other interests and spend more time in New York City," indicating that he was not about to start of new career with other luxury firms.

Lee took over the helm at Gucci four years ago, when he managed to survive the corporate upheaval following PPR’s acquisition of the Italian luxury label, which saw his former superiors CEO Domenico De Sole and Creative Director Tom Ford forced out as the new French owners asserted their authority.

"First of all I wish to thank Mark for the incredible job he has done at Gucci. It has been a pleasure to work with such a professional," Gucci Group President and CEO Robert Polet said in the same statement.

"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. Patrizio and Marco are perfect fits for these positions and I wish them the best of success," added Polet.

The group added that it would soon name Bizzari’s successor at Stella McCartney.

Gucci's performance for the past few years has been remarkable, as consumers have reacted very positively to fashion and accessory products designed by Ford’s ultimate successor Frida Giannini, Lee's choice for the job.

Nonetheless, Gucci has not been spared the recent downturn in the luxury business, posting flat operating income of 285 million euros, or $413 million, in the most recent quarter.

Gucci under Lee grew to become the most profitable brand on the Italian peninsula, with 2007 profits of 647 million euros, or $938 million, on sales of 2.2 billion euros, or $3.19 billion.

Born and raised in San Francisco, Lee began his fashion career at Saks Fifth Avenue in 1984 as a young buyer, later joining Giorgio Armani, before becoming managing director of Jil Sander America. He joined Gucci in 1996 as worldwide director of ready-to-wear.

Lee spent four years based in Paris as president of Yves Saint Laurent, following Gucci Group's takeover of the famed French brand, where he appointed a key Ford assistant Stefano Pilati as designer, a prescient move given the critical acclaim he has enjoyed.

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