1. Gucci was founded in 1921 by Guccio Gucci. In 1938, Gucci expanded and a boutique was opened in Rome. Guccio was responsible for designing many of the company's products. In 1947, Gucci introduced the bamboo handle handbag, which is still a company mainstay. During the 1950s, Gucci also developed the trademark striped webbing, which was derived from the saddle girth, and the suede moccasinn with a metal horsebit. A turnaround of the company devised in the late 1980s made Gucci one of the world's most influential fashion housesand a highly profitable business operation. In October 1995 Gucci went public and had its first initial public offering on the AMEXand NYSE for $22 per share. November 1997 also proved to be a successful year as Gucci acquired a watch licensee, Severin-Montres, and renamed it Gucci Timepieces. The firm was named "European Company of the Year 1998" by the European Business Press Federation for its economic and financial performance, strategic vision as well as management quality. Gucci world offices and headquarters are in Florence, Milan, Paris, London, Hong Kong, Japan and New York. PPR headquarters are in Paris.