Gucci Group last week said shoe brand Sergio Rossi's founder has left the company, a decision the two parties agreed upon when Gucci took full control of Sergio Rossi last year. Italian Sergio Rossi founded the company in 1950s. The Gucci Group took an initial 70% stake in 1999 and then increased it to 100% last year.

Gucci Group Chief Executive Robert Polet has set a deadline of 2007 for unprofitable brands like Sergio Rossi and fashion label Stella McCartney to breakeven. "The Sergio Rossi brand has all the required assets to achieve its targets," Sergio Rossi chief executive Isabelle Guichot said in a statement.