<SUBMISSION>
<ACCESSION-NUMBER>0001047469-03-002648
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>24
<FILING-DATE>20030127
<EFFECTIVENESS-DATE>20030127
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>GUCCI GROUP NV
<CIK>0001001576
<ASSIGNED-SIC>3100
<IRS-NUMBER>000000000
<FISCAL-YEAR-END>0131
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8
<ACT>33
<FILE-NUMBER>333-102729
<FILM-NUMBER>03525375
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>REMBRANDT TOWER
<STREET2>AMSTELPLEIN 1
<CITY>AMSTERDAM NETHERLANDS
<STATE>P8
<ZIP>HA1096
<PHONE>31204621700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>REMBRANDT TOWER
<STREET2>AMSTELPLEIN 1
<CITY>AMSTERDAM NETHERLANDS
<STATE>P8
<ZIP>3120462170
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>a2096661zs-8.htm
<DESCRIPTION>S-8
<TEXT>
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<FONT SIZE=3 ><A HREF="#02LON2199_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2>As filed with the Securities and Exchange Commission on January 27, 2003 </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, DC 20549  </B></FONT></P>

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<BR>
<P ALIGN="CENTER"><FONT SIZE=5><B>FORM S-8  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>GUCCI GROUP N.V.<BR>  </B></FONT><FONT SIZE=2>(Exact Name of Registrant as specified in its Charter) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>The Netherlands<BR> </B></FONT><FONT SIZE=2>(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Not Applicable<BR> </B></FONT><FONT SIZE=2>(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>Rembrandt tower Amstelplein 1<BR>
HA 1096 Amsterdam<BR>
The Netherlands<BR> </B></FONT><FONT SIZE=2>(Address of Principal Executive Offices)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=3><B>The Gucci Group Incentive Stock Option Plan<SUP>(1)</SUP><BR>  </B></FONT><FONT SIZE=2>(Full Title of the Plans) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Patricia Malone<BR>
President and Chief Executive Officer<BR>
Gucci America,&nbsp;Inc.<BR>
658 Fifth Avenue<BR>
New York, NY 10022<BR>  </B></FONT><FONT SIZE=2>(Name and Address of Agent for Service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>(212)&nbsp;750-5220<BR>  </B></FONT><FONT SIZE=2>(Telephone Number, Including Area Code, of Agent for Service) </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2>Copies
to:<BR></FONT> <FONT SIZE=2><B>Paul Harter, Esq.<BR>
Gibson, Dunn&nbsp;&amp; Crutcher<BR>
Telephone House<BR>
2-4 Temple Avenue<BR>
London EC4Y 0HB, England<BR>
44-20-7071-4212  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B> CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TH WIDTH="29%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Securities to be registered</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to be Registered<SUP>(2)</SUP></B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Offering Price Per Share<SUP>(3)</SUP></B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Aggregate Offering Price<SUP>(3)</SUP></B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Registration Fee</B></FONT><BR></TH>
</TR>
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<TD COLSPAN=9><HR NOSHADE></TD>
</TR>
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<TD WIDTH="29%"><FONT SIZE=2>Common Stock, nominal value EUR&nbsp;1.02 per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>1,250,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$93.24</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=2>$116,550,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>$10,722.60</FONT></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>"The
Gucci Group Incentive Stock Option Plan" collectively refers to the Gucci Group N.V. Incentive Stock Option Plan, the Gucci International N.V. Incentive Stock Option Plan, the
Italian Subsidiaries Incentive Stock Option Plan, the French Subsidiaries Incentive Stock Option Plan, the Swiss Subsidiaries Incentive Stock Option Plan, the United States Subsidiaries Incentive
Stock Option Plan, the Japanese Subsidiaries Incentive Stock Option Plan, the Hong Kong Subsidiaries Incentive Stock Option Plan, the Korean Subsidiaries Incentive Stock Option Plan, the Singapore
Subsidiaries Incentive Stock Option Plan, the Spanish Subsidiaries Incentive Stock Option Plan, the German Subsidiaries Incentive Stock Option Plan, the Luxembourg Subsidiaries Incentive Stock Option
Plan, the English and Welsh Subsidiaries Incentive Stock Option Plan and the Canadian Subsidiaries Incentive Stock Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Common
Stock being registered hereunder consists of an aggregate of 1,250,000 shares relating to options granted or to be granted pursuant to The Gucci Group Incentive Stock Option
Plan. Pursuant to Rule&nbsp;416(c) under the Securities Act of 1933, this Registration Statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee
benefit plans described herein. As a result, this Registration Statement covers such number of additional shares of Common Stock as may become available for issuance pursuant to The Gucci Group
Incentive Stock Option Plan in the event of certain changes in outstanding shares, including reorganizations, recapitalizations, stock splits, stock dividends and reverse stock splits.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Estimated
solely for the purpose of calculating the registration fee. The registration fee has been calculated in accordance with Rule&nbsp;457(c) under the Securities Act of 1933
based upon the price of $93.24 per share, which is the average of the high and low prices reported on the consolidated reporting system on 22 January&nbsp;2003. </FONT></DD></DL>
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<BR></FONT><FONT SIZE=2><B>PART I<BR>  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><A
NAME="bc2199_item_1._plan_information."> </A>
<A NAME="toc_bc2199_2"> </A></FONT> <FONT SIZE=2><B>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Plan Information.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not filed as part of this Registration Statement pursuant to Note to Part&nbsp;I of Form&nbsp;S-8. </FONT></P>


<P><FONT SIZE=2><A
NAME="bc2199_item_2._registrant_information__ite02621"> </A>
<A NAME="toc_bc2199_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Registrant Information and Employee Plan Annual Information.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not filed as part of this Registration Statement pursuant to Note to Part&nbsp;I of Form&nbsp;S-8. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bc2199_part_ii_information_req__bc202473"> </A>
<A NAME="toc_bc2199_4"> </A>
<BR></FONT><FONT SIZE=2><B>PART II<BR>  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT    <BR>  </B></FONT></P>


<P><FONT SIZE=2><A
NAME="bc2199_item_3._incorporation_of_documents_by_reference."> </A>
<A NAME="toc_bc2199_5"> </A></FONT> <FONT SIZE=2><B>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents of Gucci Group N.V. (the "Company") heretofore filed with the Securities and Exchange Commission (the "Commission") are hereby
incorporated in this Registration Statement by reference: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Company's latest annual report on Form&nbsp;20-F for the fiscal year ended January&nbsp;31, 2002;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>All
other reports filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the registrant document referred to in
(a)&nbsp;above; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
description of the Common Stock set forth under the captions "Description of Capital Stock", "Share Certificates and Transfer" and "Taxation" in the Company's Registration
Statement on Form&nbsp;F-1, filed with the Commission on March&nbsp;12, 1996, File No.&nbsp;333-2238, together with any amendment or report filed with the Commission for
the purpose of updating such description. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports and other documents subsequently filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") prior to the filing of a post-effective amendment which indicates that all securities offered hereunder have been sold or which deregisters all such securities then remaining unsold
shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such reports and documents. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </FONT></P>

<P><FONT SIZE=2><A
NAME="bc2199_item_4._description_of_securities."> </A>
<A NAME="toc_bc2199_6"> </A>
<BR></FONT><FONT SIZE=2><B>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><A
NAME="bc2199_item_5._interests_of_named_experts_and_counsel."> </A>
<A NAME="toc_bc2199_7"> </A>
<BR></FONT><FONT SIZE=2><B>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel.    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2><A
NAME="bc2199_item_6._indemnification_of_directors_and_officers."> </A>
<A NAME="toc_bc2199_8"> </A>
<BR></FONT><FONT SIZE=2><B>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's Articles of Association provide that the Company shall indemnify any member of the Supervisory Board or Management Board and its officers and agents
against all liabilities resulting from (i)&nbsp;any action, suit or proceeding, provided that the actions on the part of such person were made in good faith and in a manner reasonably believed to be
in or not opposed to the best interests of the Company and (ii)&nbsp;any action or proceeding by or in the right of the Company to procure a judgment in its favor, if such person acted in good faith
and in a manner reasonably believed to be in or not opposed to the best interests of the Company. However, no indemnification shall be made if such person is adjudged to be liable for gross negligence
or willful misconduct in the performance of his or her duty to the Company, unless a court determines that such person is fairly and reasonably entitled to indemnification. Such indemnification shall
only be made upon a determination by the Supervisory Board, by independent legal counsel, or by a general meeting of shareholders that indemnification is proper under the circumstances because such
person has satisfied the applicable standard of conduct. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has also purchased insurance policies under which such individuals are insured against liabilities resulting from their conduct when acting in their capacities on behalf of
the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Article&nbsp;34 of the Articles of Association provides that the "adoption by the general meeting of shareholders of the annual accounts&nbsp;.&nbsp;.&nbsp;. shall
fully discharge the managing board and the supervisory board from liability in respect of the exercise of their duties during the financial year concerned, unless a proviso is made by the general
meeting of shareholders and without prejudice to the provisions of sections 2:138 and 2:149, Civil Code." Under Dutch law, this discharge is not absolute and would not be effective as to any matters
not disclosed to the Company's shareholders and is subject to general reasonableness and fairness. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is also made to the form of Underwriting Agreement filed as Exhibit&nbsp;1 to the Company's Registration Statement on Form&nbsp;F-1, File
No.&nbsp;333-2238, filed with the Commission on March&nbsp;12, 1996, for provisions relating to the indemnification of the members of the Supervisory Board and certain officers of the
Company. </FONT></P>


<P><FONT SIZE=2><A
NAME="bc2199_item_7._exemption_from_registration_claimed."> </A>
<A NAME="toc_bc2199_9"> </A>
<BR></FONT><FONT SIZE=2><B>Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </FONT></P>

<P><FONT SIZE=2><A
NAME="bc2199_item_8._exhibits."> </A>
<A NAME="toc_bc2199_10"> </A>
<BR></FONT><FONT SIZE=2><B>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibits to this Registration Statement are listed in the Index to Exhibits on page 7 of this Registration Statement, which Index is incorporated herein by
reference. </FONT></P>

<P><FONT SIZE=2><A
NAME="bc2199_item_9._undertakings."> </A>
<A NAME="toc_bc2199_11"> </A>
<BR></FONT><FONT SIZE=2><B>Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.    <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>to
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement, to include any material information with
respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>that,
for the purpose of determining any liability under the Securities Act of 1933, as amended (the "Securities Act") each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona
fide</I></FONT><FONT SIZE=2> offering; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to
Section&nbsp;13(a) or 15(d) of the Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> offering thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Company pursuant to the
provisions described in Item 6 above, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or
paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<A NAME="toc_be2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements
for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Florence, Italy, on
27&nbsp;January, 2003. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>GUCCI GROUP N.V.</FONT></TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DOMENICO DE SOLE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Domenico De Sole<BR>
Title: President and Chief Executive Officer</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints Domenico De&nbsp;Sole and Robert&nbsp;S. Singer, either of whom may act without the joinder
of the other, as his true and lawful attorneys-in-fact and agents with full power of substitution and resubstitution, for him, and in his name, place and stead, in any and all
capacities to sign any and all further amendments (including post-effective amendments) and supplements to this Registration Statement, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granted unto said attorneys-in-fact and agents, and each of them, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or either of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on
27&nbsp;January, 2003. </FONT></P>

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<TH WIDTH="40%" ALIGN="CENTER"><FONT SIZE=1><B>Signatures</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="58%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DOMENICO DE SOLE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Domenico De Sole</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2>President and Chief Executive Officer (Principal Executive Officer) and Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT S. SINGER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert S. Singer</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ADRIAN D.P. BELLAMY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Adrian D.P. Bellamy</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Chairman of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PATRICIA BARBIZET</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Patricia Barbizet</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>AURELIANO BENEDETTI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Aureliano Benedetti</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RETO F. DOMENICONI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Reto F. Domeniconi</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PATRICE MARTEAU</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Patrice Marteau</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>FRAN&Ccedil;OIS HENRI PINAULT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Fran&ccedil;ois Henri Pinault</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KAREL VUURSTEEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Karel Vuursteen</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>SERGE WEINBERG</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Serge Weinberg</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%" VALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
Member of the Supervisory Board</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bh2199_1_6"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bh2199_signature_of_authorized__bh202362"> </A>
<A NAME="toc_bh2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE OF GUCCI GROUP N.V.    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Gucci Group N.V., has signed this
Registration Statement or amendment thereto in New York, New York on 27&nbsp;January, 2003. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PATRICIA MALONE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Patricia Malone<BR>
President and Chief Executive Officer,<BR>
Gucci America,&nbsp;Inc.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bk2199_1_7"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bk2199_exhibit_index"> </A>
<A NAME="toc_bk2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>Form of Gucci Group N.V. Incentive Stock Option Plan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Gucci International N.V. Incentive Stock Option Plan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Italian Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the French Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the United States Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Swiss Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the English and Welsh Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Hong Kong Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Japanese Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Korean Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Singapore Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Canadian Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the German Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Spanish Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Incentive Stock Option Plan for Employees of the Luxembourg Subsidiaries of Gucci Group N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of General Option Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.17</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Supervisory Board Option Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.18</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Italian Option Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.19</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of French Option Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
4.20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Korean Option Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Opinion of De Brauw Blackstone Westbroek.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of PricewaterhouseCoopers Accountants N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of De Brauw Blackstone Westbroek (included in Exhibit 5).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Power of Attorney which appears on page 5 of this Registration Statement.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="02LON2199_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bc2199_1">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_bc2199_2">Item 1. Plan Information.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_3">Item 2. Registrant Information and Employee Plan Annual Information.</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_bc2199_4">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_bc2199_5">Item 3. Incorporation of Documents by Reference.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_6">Item 4. Description of Securities.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_7">Item 5. Interests of Named Experts and Counsel.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_8">Item 6. Indemnification of Directors and Officers.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_9">Item 7. Exemption from Registration Claimed.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_10">Item 8. Exhibits.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bc2199_11">Item 9. Undertakings.</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_be2199_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg2199_1">POWER OF ATTORNEY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bh2199_1">SIGNATURE OF AUTHORIZED REPRESENTATIVE OF GUCCI GROUP N.V.</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bk2199_1">EXHIBIT INDEX</A></FONT><BR>
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<TYPE>EX-4.1
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<DESCRIPTION>EX-4.1
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<FONT SIZE=3 ><A HREF="#02LON2199_2">QuickLinks</A></FONT>
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NAME="page_ca2199_1_8"> </A> </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ca2199_exhibit_4.1"> </A>
<A NAME="toc_ca2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.1    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca2199_gucci_group_n.v._amended_and_r__guc02520"> </A>
<A NAME="toc_ca2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>GUCCI GROUP N.V.<BR>  <BR>    AMENDED AND RESTATED<BR>  INCENTIVE STOCK OPTION PLAN    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amended and Restated Gucci Group N.V. Incentive Stock Option Plan (the "Plan") is established as of December&nbsp;17, 2002 by Gucci Group N.V., a company
organized under the laws of the Netherlands (the "Company"). This Plan replaces in its entirety the Amended and Restated Gucci Group N.V. Incentive Stock Option Plan dated September&nbsp;19, 2001.
The Plan is established for two principal purposes as set forth below. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>a.</B></FONT></DT><DD><FONT SIZE=2><B>To Facilitate the Issuance of Shares by the Exercise of Options Granted Pursuant to Incentive Stock Option Plans of Subsidiaries of the
Company.</B></FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company holds indirectly all of the issued share capital of multiple operating companies and the Company is also the holding
company for other operating subsidiaries (together, the "Subsidiaries"); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company desires to increase the value of its shareholdings in the Subsidiaries; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company completed its initial public offering on October&nbsp;27, 1995, and a second public offering on April&nbsp;3,
1996, and the common shares are traded on the New York Stock Exchange and on the Official Market of the Amsterdam Stock Exchange; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company is aware that the Subsidiaries desire to adopt incentive stock option plans ("Subsidiary ISO Plans"); and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company is aware that, pursuant to the Subsidiary ISO Plans, the subsidiaries desire to grant to their employees, directors
and consultants (provided that such consultants are not Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options (as hereinafter defined) are
granted) (the "ISO Optionees") options ("Options") or stock appreciation rights ("SARs") for such number of the Company's shares ("Shares") as may be determined by the Supervisory Board of the Company
from time to time, in order to attract, retain and motivate the ISO Optionees by providing for or increasing their proprietary interest in the Company; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company acknowledges that by providing for or increasing the ISO Optionees' proprietary interest in the Company, the ISO
Optionees should be encouraged to increase the value of such interest by providing quality services to the Subsidiaries, and, consequently, the value of the Company's interest in the Subsidiaries
would increase; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company has acknowledged and agreed to the terms of the Subsidiary ISO Plans heretofore approved and adopted, and would agree
to substantially similar terms for other operating subsidiaries' incentive stock option agreements; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company has also resolved to reserve for issuance of such number of Shares as may be determined by the Supervisory Board of
the Company from time to time, to facilitate the issuance of its Shares to the ISO Optionees pursuant to the exercise of Options under the terms of the Subsidiary ISO Plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Now, therefore</B></FONT><FONT SIZE=2>, in order to increase the value of its shareholdings in the Subsidiaries, the Company has adopted this Plan, which includes
the Subsidiary ISO Plans, in order to facilitate the issuance of its Shares directly to the ISO Optionees pursuant to their exercise of Options and SARs under the Subsidiary ISO Plans.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="2",CHK=126753,FOLIO='8',FILE='DISK018:[02LON9.02LON2199]CA2199A.;9',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ca2199_1_9"> </A></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>b.</B></FONT></DT><DD><FONT SIZE=2><B>Authorization to Grant Options to Acquire Shares to the Supervisory Directors of the Company.</B></FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, the Company desires to attract, retain and motivate its members of the Supervisory Board of the Company and employees who are not
also employees of a subsidiary of the Company ("the NV ISO Optionees") by providing for or increasing their proprietary interest in the Company; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Whereas</B></FONT><FONT SIZE=2>, pursuant to this Plan, the Company is authorized to grant to the NV ISO Optionees Options and SARs for such number of Shares as
may be determined by the Supervisory Board of the Company from time to time, (less the number of Shares that may be subject to Options or SARs granted under the Subsidiary ISO Plans). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Now, therefore</B></FONT><FONT SIZE=2>, the Company has established this Plan to grant to the NV ISO Optionees Options and SARs for such number of Shares as may
be determined by the Supervisory Board of the Company from time to time (less the number of Shares that may be subject to Options or SARs granted under the Subsidiary ISO Plans). This Plan provides
for the grant of Options that qualify as incentive stock options ("Incentive Stock Options") under Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as
well as Options that do not so qualify ("Non-Qualified Options"), and for the grant of SARs. </FONT></P>


<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of Shares that may be subject to Options or SARs granted under the Subsidiary ISO Plans or this Plan shall not, in the aggregate, exceed that
number of Shares as is determined by the Supervisory Board of the Company from time to time, subject to adjustment under Section&nbsp;12 hereof. Accordingly, the Company hereby reserves for issuance
that number of Shares as is determined by the Supervisory Board of the Company from time to time, to be issued pursuant to the exercise of Options under the Subsidiary ISO Plans and this Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
shall be the responsibility of the Committee (as hereinafter defined) to establish procedures to ensure that the total number of Options and SARs granted under the Subsidiary ISO
Plans and this Plan do not exceed the grant of rights for that number of Shares as is determined by the Supervisory Board of the Company from time to time. In no event shall an Option or SAR be
granted pursuant to the Subsidiary ISO Plans or this Plan without the consent of the Committee. The execution of a stock option agreement by a Committee representative shall be conclusive evidence of
the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shares that may be subject to Options granted under the Subsidiary ISO Plans or under this Plan may be authorized and unissued Shares or Shares reacquired by the Company, or any
subsidiary of the Company, and held as treasury stock. Shares that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any
SARs that expire, terminate or are cancelled shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares
theretofore subject to the Option or portion thereof shall not be available for further use under the Plan.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="2",CHK=76659,FOLIO='9',FILE='DISK018:[02LON9.02LON2199]CA2199A.;9',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ca2199_1_10"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
hereinafter defined) and the Company and may be subject to other agreements as the Supervisory Board of the Company (the "Board") or the Committee may deem appropriate. In addition, all Shares
issuable or transferable under Options or SARs granted pursuant to the Subsidiary ISO Plans may be subject to a stock option agreement between a Participant under those plans and the respective
subsidiary and may be subject to other agreements as the Committee under those plans may deem appropriate. Pursuant to both the Subsidiary ISO Plans and this Plan, a copy of the stock option agreement
and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be
executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by a committee (the "Committee") consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of
the Code, appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Board and all references herein to the Committee shall
refer to the Board. The Board shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all Committee members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt,
amend and rescind any rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements, and other instruments evidencing Options and SARs granted under the Plan
and (b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the NV ISO Optionees. Notwithstanding the foregoing, any dispute arising under any stock option agreement shall be resolved pursuant to the dispute resolution mechanism set forth in
such stock option agreement or other agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of this Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. The Company shall not grant Options to any one person such that the total number of Shares subject to Options granted to such person pursuant to the Plan and the Subsidiary ISO Plans
in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon which Options and SARs are granted shall be evidenced by the written stock option
agreement executed by the Company and the Participant to whom such Options or SARs are granted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against all costs or expenses (including counsel fees) or liability (including any
sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the articles of association of the Company.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="2",CHK=93656,FOLIO='10',FILE='DISK018:[02LON9.02LON2199]CA2199A.;9',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ca2199_1_11"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for direct grants of Options or SARs hereunder ("NV ISO Optionees"), not including participants in the Subsidiary ISO Plans, shall
be those managing directors of the Company, members of the Supervisory Board of the Company and employees of the Company (who are not also employees of a subsidiary of the Company) who are members of
its management committee or are officers, senior executives, senior managers or managers of the Company and those Consultants of the Company (provided that such Consultants are not Dutch residents and
that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under the Plan
("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions shall be determined by the Supervisory Board of the Company or the Committee. No Option shall be granted for a term of more than ten
years. Options may, in the discretion of the Committee, be granted with associated SARs or be amended so as to provide for associated SARs. The Agreements may contain such other terms, provisions and
conditions as may be determined by the Committee as long as such terms, conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be
eligible to qualify and be treated as Incentive Stock Options and, correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of Options Granted Under Subsidiary ISO Plans.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the terms of the Subsidiary ISO Plans, ISO Optionees thereunder may be instructed (a)&nbsp;to transfer the entire exercise price of an Option
directly to the Company or the entire exercise price directly to the subsidiary, or (b)&nbsp;to transfer a portion of the exercise price directly to the Company and the remainder directly to the
subsidiary. In the event that Shares held by the Company in treasury are made available in connection with the exercise of any option, the Company shall receive the full exercise price of such
options. In the event that the ISO Optionee transfers the entire exercise price to the subsidiary, the subsidiary shall forward all or a portion of such exercise price to the Company on behalf of the
ISO Optionee, and such portion shall in no event be less than the nominal value of the Shares subject to the exercise of the Option. An NV ISO Optionee shall exercise his or her Option in accordance
with the terms of his or her stock option agreement. Upon receipt by the Company of the appropriate portion of the exercise price attributable to a particular Option, the Company shall issue or
transfer the Shares attributable to the exercise of the Option directly to the particular ISO Optionee or NV ISO Optionee. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options Granted under NV ISO Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be as determined by the Committee and may be adjusted in accordance with Section&nbsp;12
of this Plan and shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share exercise price of an Option shall in no event be less than the per share nominal value
of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check, or by wire
transfer at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option
agreement so provides or the Committee so permits, and if the Company is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option.
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="2",CHK=103084,FOLIO='11',FILE='DISK018:[02LON9.02LON2199]CA2199A.;9',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ca2199_1_12"> </A></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Company or to the relevant subsidiary the amount of sale or loan proceeds required to pay the exercise price. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention to satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by an NV ISO Optionee during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be determined at the time the
Incentive Stock Option is granted. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to any NV ISO Optionee which may or may not be associated with Options.
Upon exercise of an SAR, the Participant shall be entitled to receive payment of an amount equal to the excess of the fair market value, as defined by the Committee, of the underlying Shares on the
date of exercise over the SAR's exercise price. Such payment may be made in additional Shares valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in
cash, as the Committee may designate. The Committee may require that any SAR shall be subject to the condition that the Committee may at any time in its absolute discretion not allow the exercise of
such SAR. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise price
applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005 unless otherwise determined by the Committee.
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<A NAME="page_ca2199_1_13"> </A></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Amendment and Termination of this Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate that portion of this Plan relating to the grant of Options or SARs to members of the Supervisory Board,
members of the Management Board, employees or consultants and that portion of the Plan that relates to any Options or SARs not then granted pursuant to the Subsidiary ISO Plans. The Committee may
amend the Plan or any stock option agreement entered into with respect to any Option or SAR granted hereunder to the extent necessary for any Option or SAR granted under the Plan to comply with
applicable tax or securities laws. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. No amendment, suspension or termination of the Plan or of any
stock option agreement issued hereunder shall, without the written consent of the affected holder of such Option or SAR, materially and adversely alter or impair any rights or obligations in any
Option or SAR theretofore granted to such holder under the Plan. </FONT></P>


<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of NV ISO Optionees. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Cancellation of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Company, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any part of the
amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Company or its counsel determines may arise with
respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant may (a)&nbsp;request the
Company to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number of previously issued Shares, to satisfy
the withholding obligation. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="53%" ALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Domenico De Sole<BR></FONT> <FONT SIZE=2><I>Managing Director</I></FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>
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</FONT></P>

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<BR>
<P><br><A NAME="02LON2199_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ca2199_1">Exhibit 4.1</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ca2199_2">GUCCI GROUP N.V. AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN</A></FONT><BR>

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<DESCRIPTION>EX-4.2
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="cg2199_exhibit_4.2"> </A>
<A NAME="toc_cg2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.2    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg2199_gucci_international_n.v._amend__guc02843"> </A>
<A NAME="toc_cg2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>GUCCI INTERNATIONAL N.V.<BR>  <BR>    AMENDED AND RESTATED<BR>  INCENTIVE STOCK OPTION PLAN    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Gucci International N.V. Amended and Restated Incentive Stock Option Plan (the "Plan") is established by Gucci International, N.V., a company established
under the laws of the Netherlands (the "Company"). This Plan replaces in its entirety the Gucci International N.V. Incentive Stock Option Plan dated May&nbsp;9, 2000. The Plan is designed to enable
the Company to attract, retain and motivate members of the management, employees, consultants (provided that such consultants are not Dutch residents and that such grant is in compliance with the laws
of the jurisdiction in which the Options (as hereinafter defined) are granted) and certain other officers and directors of the Company by providing for or increasing their proprietary interest in the
Company's indirect shareholder, Gucci Group N.V., a Netherlands company ("NV"). The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock
Options") under Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to
acquire common shares of NV, (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed that number as is determined by the
Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued Shares
or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number of
Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such Subsidiaries which are similar to this Plan. In no event
shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Amended and Restated Gucci Group N.V. Incentive Stock Option Plan
(the "Committee"). The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Company and may be subject to other agreements as the Board of Directors of the Company (the "Board") or the Committee may deem appropriate. A copy of the stock option
agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as practicable after, the time of grant, and, notwithstanding Section&nbsp;4,
may be executed by any one member of the Committee or a representative of the Committee.
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<A NAME="page_cg2199_1_15"> </A></FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. The Company shall not grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Company and the Participant to whom such Options or SARs are granted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against all costs or expenses (including counsel fees) or liability (including any
sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Company. </FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Company, those employees of the Company who are members of
its management committee or are officers, senior executives, senior managers or managers of the Company and those consultants of the Company (provided that such consultants are not Dutch residents and
that such grant is in compliance with the laws of the jurisdiction in which the Options are granted) that the Committee may from time to time designate to participate under the Plan ("Participants")
through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="3",CHK=953760,FOLIO='15',FILE='DISK018:[02LON9.02LON2199]CG2199A.;6',USER='PHARDIM',CD='24-JAN-2003;10:25' -->
<A NAME="page_cg2199_1_16"> </A></FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of more than ten years unless
otherwise determined by the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to provide for associated SARs. The stock option agreements or
other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms, conditions and provisions are not inconsistent with the Plan. The
Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and, correspondingly, those Options not intended to be eligible to qualify
and be treated as Incentive Stock Options. </FONT></P>


<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee (as such amount may be
adjusted in accordance with Section&nbsp;11 of this Plan) (the "Exercise Price") and shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price of
an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Company is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the stock then
subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Company or
(b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Company. In the event that shares held by NV in treasury are made available in connection with
the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire exercise price to the Company
pursuant to the instructions of the Committee, the Company shall forward all or a portion of such exercise price to NV on behalf of the Participant, and such portion shall in no event be less than the
nominal value of the Shares subject to such exercise price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Company or to NV the amount of sale or loan proceeds required to pay the exercise price. </FONT></P>


<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="3",CHK=668758,FOLIO='16',FILE='DISK018:[02LON9.02LON2199]CG2199A.;6',USER='PHARDIM',CD='24-JAN-2003;10:25' -->
<A NAME="page_cg2199_1_17"> </A></FONT></P>


<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee. </FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan.
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="3",CHK=33800,FOLIO='17',FILE='DISK018:[02LON9.02LON2199]CG2199A.;6',USER='PHARDIM',CD='24-JAN-2003;10:25' -->
<A NAME="page_cg2199_1_18"> </A></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>


<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Company, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any part of the
amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Company or its counsel determines may arise with
respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant may (a)&nbsp;request the
Company to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number of previously issued Shares to satisfy
the withholding obligation.
<!-- ZEQ.=5,SEQ=5,EFW="2096661",CP="GUCCI GROUP N.V.",DN="3",CHK=70341,FOLIO='18',FILE='DISK018:[02LON9.02LON2199]CG2199A.;6',USER='PHARDIM',CD='24-JAN-2003;10:25' -->
</FONT></P>

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<FONT SIZE=2><A HREF="#toc_cg2199_1">Exhibit 4.2</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_cg2199_2">GUCCI INTERNATIONAL N.V. AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN</A></FONT><BR>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="cj2199_exhibit_4.3"> </A>
<A NAME="toc_cj2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.3    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cj2199_incentive_stock_option_plan_fo__inc03533"> </A>
<A NAME="toc_cj2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE ITALIAN SUBSIDIARIES<BR>  OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for Employees of the Italian Subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of the Netherlands ("NV"), and each of its direct and indirect subsidiaries organized under the laws of Italy (the "Subsidiaries" and each one, a "Subsidiary"), for the
benefit of the employees of the Subsidiaries. The Plan restates, consolidates and entirely replaces the Guccio Gucci S.p.A. Amended and Restated Incentive Stock Option Plan, the Luxury Goods Italia
S.p.A Amended and Restated Incentive Stock Option Plan, the Gucci Logistica S.p.A. Amended and Restated Incentive Stock Option Plan, the Sergio Rossi S.p.A. Amended and Restated Incentive Stock Option
Plan and the Bottega Veneta S.r.l. Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held in treasury. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number of
Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no event
shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee"). The
execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="4",CHK=614468,FOLIO='19',FILE='DISK018:[02LON9.02LON2199]CJ2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_cj2199_1_20"> </A></FONT></P>


<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="4",CHK=645086,FOLIO='20',FILE='DISK018:[02LON9.02LON2199]CJ2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_cj2199_1_21"> </A></FONT></P>


<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>


<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"), provided, however, that the Participant shall have the right and option, but not the obligation, to exercise Options at a price
up to the minimum acquisition price required by the Italian tax law in order to comply with provisions of Art. 48(2)gbis of D.P.R. dated 22&nbsp;December 1986, No.&nbsp;917 (as such amount may be
adjusted in accordance with Section&nbsp;11 of this Plan) if such price is higher than the Exercise Price. The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the
foregoing, the per Share Exercise Price of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price.
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<A NAME="page_cj2199_1_22"> </A></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>


<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.

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<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation.
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<P><br><A NAME="02LON2199_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_cj2199_1">Exhibit 4.3</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_cj2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE ITALIAN SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<TYPE>EX-4.4
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<DESCRIPTION>EX-4.4
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="cl2199_exhibit_4.4"> </A>
<A NAME="toc_cl2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.4    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cl2199_amended_and_restated_incentive__ame04295"> </A>
<A NAME="toc_cl2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>AMENDED AND RESTATED<BR>  INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE FRENCH SUBSIDIARIES OF GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amended and Restated Incentive Stock Option Plan for Employees of the French Subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group
N.V., a company organized under the laws of the Netherlands ("NV"), for the benefit of employees of its French subsidiaries (within the meaning of Article&nbsp;L.225-280 I. of the French
Code of Commerce) to clarify, re-state, and consolidate the terms of the Yves Saint Laurent S.A. Incentive Stock Option Plan dated December&nbsp;13, 1999, the YSL Beaut&eacute;
S.A. Amended and Restated Incentive Stock Option Plan dated December&nbsp;13, 1999, the Luxury Goods France S.A. Amended and Restated Incentive Stock Option Plan dated May&nbsp;9, 2000, and the
Boucheron International S.A. Incentive Stock Option Plan dated August&nbsp;1, 2000, which are hereby replaced in their entirety by the amended and restated terms hereof. The Plan is designed to
enable the French subsidiaries of NV to attract, retain and motivate their employees, and certain other of their officers and directors, by providing for or increasing their proprietary interest in
NV. The Plan provides for the grant of options ("Options") that comply with the conditions set forth in Articles L.225-177 through L. 225-186 of the French Commercial Code
insofar as applicable to foreign issuers, including Options that qualify as incentive stock options ("Incentive Stock Options") under Section&nbsp;422 of the United States Internal Revenue Code of
1986, as amended (the "IRC"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common stock of NV, nominal value 2.23 Dutch Guilders (the "Shares"). </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Stock Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of stock that may be subject to Options granted hereunder shall not in the aggregate exceed the lesser of: (a)&nbsp;one-third
of the capital of NV and (b)&nbsp;16,014,444 shares, or such other number as may be determined by the Supervisory Board of NV (the "Board") from time to time, and subject to adjustment under
Section&nbsp;10 hereof. The Shares that may be subject to Options granted under the Plan shall be authorized and unissued Shares of NV. The number of Shares that may be subject to Options pursuant
to this Plan shall be reduced by the number of Shares attributable to options granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such Subsidiaries which
are similar to this Plan. In no event shall an Option be granted pursuant to this Plan without the recommendation to the Board of the committee responsible for administration of the Gucci Group N.V.
Incentive Stock Option Plan (the "Committee"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, shall again be available for the grant of Options under the Plan. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable under Options granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as herein after defined) and NV
and may be subject to other agreements as the Board or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the
recipient of an Option at, or as soon as practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee.
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<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to authorization of the shareholders of NV, the Plan shall be implemented by the Board which may in accordance with Dutch law appoint and empower a
Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the IRC, to administer the Plan. If no persons are designated by the Board to serve on the
Committee, the Plan shall be administered by the Board itself and all references herein to the Committee shall refer to the Board. The Board shall have the discretion to add, remove or replace members
of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. To the extent empowered by the Board, the Committee shall have authority to
(a)&nbsp;adopt, amend and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options granted under
the Plan and (b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be
final and conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant
to the dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall make recommendations to the Board regarding the number of Shares subject to grants and the terms thereof, including the
provisions relating to the exercisability of Options, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options
under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
shall be granted to Participants under this Plan by the Board. Notwithstanding the foregoing, no Option shall be granted by the Board (i)&nbsp;before the end of the period of
twenty (20)&nbsp;trading days following the detachment of a coupon of entitlement to a dividend or capital increase (ii)&nbsp;within ten (10)&nbsp;trading days before and after the date on which
the NV consolidated accounts are made public, or (iii)&nbsp;from the date on which the governing bodies of NV are made aware of information which if made public could have a material influence on
the trading price of NV shares and the date which is ten (10)&nbsp;trading days after the publication of such information. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall not recommend to the Board, nor shall the Board decide, the grant of Options to any one person such that the total number of shares subject to Options granted to such
person pursuant to this Plan, the Gucci Group N.V. Incentive Stock Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed the lesser of
(i)&nbsp;ten percent (10%) of the share capital of NV or (ii)&nbsp;one-half the number of Shares reserved for issuance hereunder. The terms upon which Options are granted shall be
evidenced by a written stock option agreement executed on behalf of NV and the Participant to whom such Options are granted. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option granted under it. Each
member or former member of the Committee or the Board shall be indemnified and held harmless by NV against all costs or expenses (including counsel fees) or liability (including any sum paid in
settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own fraud or bad
faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of NV.

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<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options hereunder shall be those employees and key executives and directors who are also employees (i.e., </FONT> <FONT
SIZE=2><I>salari&eacute;s,</I></FONT><FONT SIZE=2> and </FONT><FONT SIZE=2><I>Pr&eacute;sident du Conseil d'Administration, Directeur
G&eacute;n&eacute;ral, mandataires sociaux salari&eacute;s)</I></FONT><FONT SIZE=2> of the Company whom the Committee may from time to time recommend to the Board for
participation in the Plan ("Participants") through grants of Non-Qualified Options or Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Option shall be granted for a term of more than ten years. The stock option agreements or other agreements may contain such other terms, provisions and
conditions, as may be determined by the Committee as long as such terms, conditions and provisions are not inconsistent with the Plan. In particular, and consistently with this Plan, a stock option
agreement may contain a prohibition on exercise of Options for a period specified in such stock option agreement, provided that such period shall not exceed five (5)&nbsp;years from the date(s) of
grant of the Options concerned. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and, correspondingly, those Options not
intended to be eligible to qualify and be treated as Incentive Stock Options. Notwithstanding anything to the contrary herein, no option shall be granted to any person unless all material terms and
material amendments to this Plan have been approved by the shareholders of NV. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The per share exercise price for each Option granted hereunder shall be set forth in the stock option agreement and except as otherwise determined by the
Committee in compliance with French and Dutch law, shall be the higher of: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
average of the closing price on the New York Stock Exchange for the Shares over the thirty (30)&nbsp;calendar days prior to the date of grant of the Option; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;95%
of the average trading price for the Shares on the Amsterdam Stock Exchange for the twenty (20)&nbsp;trading days prior to the date of grant of the Option; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
or reduction in the amount of any NV liability to the participant, or any combination of the foregoing methods of payment at the time of exercise (or at such later date as may be permitted or required
under the relevant stock option agreement or other agreements)</FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2> The Committee may instruct a Participant either (a)&nbsp;to transfer all of the
exercise price directly to NV or all of the exercise price directly to the Participant's employer for transmission to NV or (b)&nbsp;to transfer a portion of the exercise price directly to NV and
the remainder to the Participant's employer for transmission to NV. </FONT></P>


<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option granted under this Plan shall by its terms be nontransferable by the Participant other than by
will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants, provided that, notwithstanding anything
else in this Plan, any such descendent or beneficiary shall be entitled to exercise such Option for a period of six (6)&nbsp;months following the death of the Participant concerned) and is
exercisable during the Participant's lifetime only by the Participant or by the Participant's guardian or legal representative.
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<A NAME="page_cl2199_1_27"> </A></FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended, subject to the terms of Section&nbsp;7 with respect to the exercise price of Options, to satisfy the requirements set
forth in Section&nbsp;422 of the IRC and the regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the IRC) with respect to
Incentive Stock Options granted under the Plan. For so long as required under Section&nbsp;422 of the IRC and the regulations promulgated thereunder (or any successor statute or rules) during the
term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are first exercisable by a Participant during any calendar year shall not exceed $100,000.
For the purpose of this section, the fair market value of the Shares shall be determined at the time the Incentive Stock Option is granted. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of an Option may not be changed while it is outstanding, except that, in the event of any one or more reorganizations, recapitalizations, stock
splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or similar events, to the extent permitted by French and Dutch law, an appropriate adjustment shall be made in the
number, exercise price or type of shares or securities for which Options may thereafter be granted under the Plan. The Committee shall recommend to the Board the appropriate changes to be made in
Options under the Plan, so as to preserve the value of any such Options. The Committee may do so at the time of the event causing the adjustments. Any such adjustment in outstanding Options shall be
made without changing the aggregate exercise price applicable to the unexercised portions of such Options. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options may not be granted under this Plan after the date which is thirty-eight (38)&nbsp;months after the date of authorization hereof by the shareholders of
NV. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to ratification by the shareholders of NV, the Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any
stock option agreement or other agreements entered into with respect to any Option granted hereunder to the extent necessary for the Option to comply with applicable tax or securities laws. However,
no amendment, suspension or termination of the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option,
alter or impair any rights or obligations in any Option theretofore granted to such holder under the Plan. No Option may be granted during any suspension of the Plan or after the termination of the
Plan. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of employees, and executives as described above. </FONT></P>


<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Cancellation of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option may be granted to such holder in lieu
thereof.
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<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued with respect to the exercise of Options or amounts are to be paid or income earned with respect under this Plan, the Committee in
its discretion may require the Participant to remit to the Participant's employer, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any part of the amount
determined in the Committee's discretion to be sufficient to satisfy any national, federal, state, local or other withholding tax or social security obligations that NV or such employer or its counsel
determines may arise with respect to such exercise, issuance, or payment. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Stock Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In circumstances where the Board deems it inappropriate or not in the best interests of Participants to grant Options complying with the conditions set forth in
Articles L.225-177 through L. 225-186 of the French Commercial Code, the Committee may, under such terms and conditions as it deems appropriate, grant stock appreciation rights
("SARs") to any Participant selected by the Committee, which may or may not be associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive payment of an amount equal
to the excess of the fair market value, as defined by the Committee, of the underlying Shares on the date of exercise over the SAR's exercise price. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. In the event SARs are granted under this Plan, then for purposes of interpreting the
Plan:(i)&nbsp;in Section&nbsp;2 "Stock Subject to the Plan", the term "number of shares of stock that may be subject to Options" shall be construed as the "number of shares of stock that may be
subject to Options or SARs" and (ii)&nbsp;the provisions relating to expiration, termination or cancellation of Options (Sections 2 and 14), shares subject to stock option agreements
(Section&nbsp;3), authorization and administration of the Plan (Section&nbsp;4), eligibility (Section&nbsp;5), terms and conditions (Section&nbsp;6), exercise price (Section&nbsp;7),
non-transferability (Section&nbsp;8), adjustments (Section&nbsp;10), duration of Plan (Section&nbsp;11) and withholding taxes (Section&nbsp;15) shall apply </FONT> <FONT SIZE=2><I>mutatis mutandis</I></FONT><FONT SIZE=2> to SARs as well as Options,
except that notwithstanding the terms of Section&nbsp;4 the Committee shall be entitled to grant SARs,
and that the first clause of Section&nbsp;10 (Adjustments) prohibiting change of exercise price of Options shall not apply to SARs. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
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&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="53%" ALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Domenico De Sole<BR></FONT> <FONT SIZE=2><I>Chairman of the Management Board</I></FONT></TD>
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<P><FONT SIZE=2>
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<FONT SIZE=2><A HREF="#toc_cl2199_1">Exhibit 4.4</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_cl2199_2">AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE FRENCH SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<TYPE>EX-4.5
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="cp2199_exhibit_4.5"> </A>
<A NAME="toc_cp2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.5    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cp2199_incentive_stock_option_plan_fo__inc03809"> </A>
<A NAME="toc_cp2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE UNITED STATES SUBSIDIARIES<BR>  OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the United States subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
established under the laws of The Netherlands ("NV"), and each of its direct and indirect subsidiaries organized under the laws of a state of the United States of America (the "Subsidiaries" and each
one, a "Subsidiary") for the benefit of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the Gucci America,&nbsp;Inc. Amended and Restated Incentive Stock
Option Plan, the Gucci Timepieces (America)&nbsp;Inc. Amended and Restated Incentive Stock Option Plan and the B&eacute;dat&nbsp;&amp; Co. U.S.A., LLC Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
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<A NAME="page_cp2199_1_30"> </A></FONT></P>


<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
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<A NAME="page_cp2199_1_31"> </A></FONT></P>


<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>


<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
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<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
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<A NAME="page_cp2199_1_33"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation.
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</FONT></P>

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<UL>
<FONT SIZE=2><A HREF="#toc_cp2199_1">Exhibit 4.5</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_cp2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE UNITED STATES SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<BR></FONT><FONT SIZE=2><B>Exhibit 4.6    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cr2199_incentive_stock_option_plan_fo__inc05498"> </A>
<A NAME="toc_cr2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE SWISS SUBSIDIARIES and of<BR>  THE SWISS BRANCHES OF FOREIGN SUBSIDIARIES of<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Swiss subsidiaries and of the Swiss branches of foreign subsidiaries of Gucci Group N.V. (the "Plan") is
established by Gucci Group N.V., a company organized under the laws of The Netherlands ("NV"), and each of its direct and indirect subsidiaries and branches organized under the laws of Switzerland
(such subsidiaries and branches hereinafter referred to as "Subsidiaries" and each one, a "Subsidiary") for the benefit of the employees of the Subsidiaries. This Plan restates, consolidates and
entirely replaces the Luxury Goods International S.A. Amended and Restated Incentive Stock Option Plan, the Luxury Timepieces International S.A. Amended and Restated Incentive Stock Option Plan, the
Luxury Timepiece Design S.A. Incentive Stock Option Plan and the B&eacute;dat&nbsp;&amp; Co. S.A. Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
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<A NAME="page_cr2199_1_35"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="7",CHK=247588,FOLIO='35',FILE='DISK018:[02LON9.02LON2199]CR2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_cr2199_1_36"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="7",CHK=3451,FOLIO='36',FILE='DISK018:[02LON9.02LON2199]CR2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_cr2199_1_37"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
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<A NAME="page_cr2199_1_38"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation.
<!-- ZEQ.=5,SEQ=5,EFW="2096661",CP="GUCCI GROUP N.V.",DN="7",CHK=627239,FOLIO='38',FILE='DISK018:[02LON9.02LON2199]CR2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
</FONT></P>

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<P><br><A NAME="02LON2199_7">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_cr2199_1">Exhibit 4.6</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_cr2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE SWISS SUBSIDIARIES and of THE SWISS BRANCHES OF FOREIGN SUBSIDIARIES of GUCCI GROUP N.V.</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-4.7
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<FILENAME>a2096661zex-4_7.htm
<DESCRIPTION>EX-4.7
<TEXT>
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<FONT SIZE=3 ><A HREF="#02LON2199_8">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ct2199_exhibit_4.7"> </A>
<A NAME="toc_ct2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.7    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ct2199_incentive_stock_option_plan_fo__inc03935"> </A>
<A NAME="toc_ct2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE ENGLISH AND WELSH SUBSIDIARIES<BR>  OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the English and Welsh subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a
company organized under the laws of The Netherlands ("NV") and each of its direct and indirect subsidiaries organized under the laws of England and Wales (the "Subsidiaries" and each one, a
"Subsidiary") for the benefit of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the Gucci Limited Amended and Restated Incentive Stock Option Plan, the
Luxury Timepieces (UK) Limited Amended and Restated Incentive Stock Option Plan and the Gucci Services Limited Amended and Restated Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="8",CHK=58285,FOLIO='39',FILE='DISK018:[02LON9.02LON2199]CT2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ct2199_1_40"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="8",CHK=247588,FOLIO='40',FILE='DISK018:[02LON9.02LON2199]CT2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ct2199_1_41"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="8",CHK=3451,FOLIO='41',FILE='DISK018:[02LON9.02LON2199]CT2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ct2199_1_42"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="8",CHK=85978,FOLIO='42',FILE='DISK018:[02LON9.02LON2199]CT2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_ct2199_1_43"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation.
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</FONT></P>

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<UL>
<FONT SIZE=2><A HREF="#toc_ct2199_1">Exhibit 4.7</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ct2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE ENGLISH AND WELSH SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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NAME="cw2199_exhibit_4.8"> </A>
<A NAME="toc_cw2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.8    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cw2199_incentive_stock_option_plan_fo__inc03619"> </A>
<A NAME="toc_cw2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE HONG KONG SUBSIDIARIES OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Hong Kong subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of The Netherlands ("NV"), and each of its direct and indirect subsidiaries organized under the laws of Hong Kong (the "Subsidiaries" and each one, a "Subsidiary") for the
benefit of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the Gucci Group Hong Kong Limited Amended and Restated Incentive Stock Option Plan and the Luxury
Timepieces (Hong Kong) Limited Amended and Restated Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
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<A NAME="page_cw2199_1_45"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
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<A NAME="page_cw2199_1_46"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="9",CHK=3451,FOLIO='46',FILE='DISK018:[02LON9.02LON2199]CW2199A.;3',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_cw2199_1_47"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
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<A NAME="page_cw2199_1_48"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation. </FONT></P>

<P><FONT SIZE=2>
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</FONT></P>

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<UL>
<FONT SIZE=2><A HREF="#toc_cw2199_1">Exhibit 4.8</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_cw2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE HONG KONG SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<BR></FONT><FONT SIZE=2><B>Exhibit 4.9    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cy2199_incentive_stock_option_plan_fo__inc03569"> </A>
<A NAME="toc_cy2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE JAPANESE SUBSIDIARIES OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Japanese subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of The Netherlands ("NV"), and each of its direct and indirect subsidiaries organized under the laws of Japan (the "Subsidiaries" and each one, a "Subsidiary") for the benefit
of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the Gucci Group Japan Holding Limited Amended and Restated Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
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<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith.
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<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
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<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
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<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation.
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<FONT SIZE=2><A HREF="#toc_cy2199_1">Exhibit 4.9</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_cy2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE JAPANESE SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="db2199_exhibit_4.10"> </A>
<A NAME="toc_db2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.10    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="db2199_incentive_stock_option_plan_fo__inc03500"> </A>
<A NAME="toc_db2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE KOREAN SUBSIDIARIES OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Korean subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company organized
under the laws of The Netherlands ("NV") for the benefit of the employees of each of its direct and indirect subsidiaries organized under the laws of Korea (the "Subsidiaries" and each one, a
"Subsidiary"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
hereinafter defined) and NV and may be subject to other agreements as the Supervisory Board of NV (the "Board") or the Committee may deem appropriate. A copy of the stock option agreement and any
other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by
any one member of the Committee or by a representative of the Committee.
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<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board and all references herein to the Committee shall refer to the Board or its designated Committee. The Board shall have the discretion to add, remove or replace members of the
Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. NV shall not grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock Option Plan
and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon which
Options and SARs are granted shall be evidenced by a written stock option agreement executed by NV and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries. </FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs.
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<A NAME="page_db2199_1_56"> </A></FONT></P>


<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash or by wire transfer at the time of exercise (or at such
later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so provides or the Committee so permits,
such payment may be made in whole or in part with shares of stock of the same class as the stock then subject to the Option. In the event that shares held by NV in treasury are made available in
connection with the exercise of any option on behalf of the Participant and at the Participant's request and/or consent, NV shall receive the full exercise price of such options upon transfer of the
shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to NV the amount of sale or loan proceeds required to pay the exercise price. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted.
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<A NAME="page_db2199_1_57"> </A></FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof.
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<A NAME="page_db2199_1_58"> </A></FONT></P>


<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Participant shall remit the payment of any such amounts determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations
that arise with respect to such exercise, issuance, transfer or payment. </FONT></P>

<P><FONT SIZE=2>
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</FONT></P>

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<FONT SIZE=2><A HREF="#toc_db2199_1">Exhibit 4.10</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_db2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE KOREAN SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="dd2199_exhibit_4.11"> </A>
<A NAME="toc_dd2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.11    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dd2199_incentive_stock_option_plan_fo__inc03633"> </A>
<A NAME="toc_dd2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE SINGAPORE SUBSIDIARIES OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Singapore subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of The Netherlands ("NV") and each of its direct and indirect subsidiaries organized under the laws of Singapore (the "Subsidiaries" and each one, a "Subsidiary") for the
benefit of the employees of the Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee.
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<A NAME="page_dd2199_1_60"> </A></FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries. </FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="12",CHK=509297,FOLIO='60',FILE='DISK018:[02LON9.02LON2199]DD2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dd2199_1_61"> </A></FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>


<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price. </FONT></P>


<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative.
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<A NAME="page_dd2199_1_62"> </A></FONT></P>


<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee. </FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan.
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<A NAME="page_dd2199_1_63"> </A></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>


<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation.
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<BR>
<P><br><A NAME="02LON2199_12">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_dd2199_1">Exhibit 4.11</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_dd2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE SINGAPORE SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-4.12
<SEQUENCE>14
<FILENAME>a2096661zex-4_12.htm
<DESCRIPTION>EX-4.12
<TEXT>
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<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_13">QuickLinks</A></FONT>
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NAME="page_df2199_1_64"> </A> </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="df2199_exhibit_4.12"> </A>
<A NAME="toc_df2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.12    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="df2199_incentive_stock_option_plan_fo__inc03545"> </A>
<A NAME="toc_df2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE CANADIAN SUBSIDIARIES<BR>  OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Canadian subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of The Netherlands ("NV"), and each of its direct and indirect subsidiaries organized under the laws of Canada (the "Subsidiaries" and each one, a "Subsidiary") for the
benefit of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the Luxury Timepieces (Canada)&nbsp;Inc. Amended and Restated Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="13",CHK=234077,FOLIO='64',FILE='DISK018:[02LON9.02LON2199]DF2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_df2199_1_65"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
hereinafter defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="13",CHK=800594,FOLIO='65',FILE='DISK018:[02LON9.02LON2199]DF2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_df2199_1_66"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="13",CHK=3451,FOLIO='66',FILE='DISK018:[02LON9.02LON2199]DF2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_df2199_1_67"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
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<A NAME="page_df2199_1_68"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, provincial, local or other withholding tax obligations that the Employer Subsidiary or its
counsel determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the
Participant may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a
sufficient number of previously issued Shares to satisfy the withholding obligation. </FONT></P>

<P><FONT SIZE=2>
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</FONT></P>

<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02LON2199_13">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_df2199_1">Exhibit 4.12</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_df2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE CANADIAN SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>15
<FILENAME>a2096661zex-4_13.htm
<DESCRIPTION>EX-4.13
<TEXT>
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<HEAD>

</HEAD>
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NAME="dh2199_exhibit_4.13"> </A>
<A NAME="toc_dh2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.13    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dh2199_incentive_stock_option_plan_fo__inc03494"> </A>
<A NAME="toc_dh2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE GERMAN SUBSIDIARIES<BR>  OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan (the "Plan") for employees of the German subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a
company organized under the laws of the Netherlands ("NV"), and each of its direct or indirect subsidiaries organized under the laws of Germany (the "Subsidiaries" and each one, a "Subsidiary") for
the benefit of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the GG Luxury Goods GmbH Amended and Restated Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, and subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="14",CHK=461953,FOLIO='69',FILE='DISK018:[02LON9.02LON2199]DH2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dh2199_1_70"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
hereinafter defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="14",CHK=800594,FOLIO='70',FILE='DISK018:[02LON9.02LON2199]DH2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dh2199_1_71"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of its management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are
not Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate
under the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="14",CHK=364857,FOLIO='71',FILE='DISK018:[02LON9.02LON2199]DH2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dh2199_1_72"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
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<A NAME="page_dh2199_1_73"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation. </FONT></P>

<P><FONT SIZE=2>
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</FONT></P>

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<UL>
<FONT SIZE=2><A HREF="#toc_dh2199_1">Exhibit 4.13</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_dh2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE GERMAN SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<TYPE>EX-4.14
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<DESCRIPTION>EX-4.14
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="dk2199_exhibit_4.14"> </A>
<A NAME="toc_dk2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.14    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2199_incentive_stock_option_plan_fo__inc03553"> </A>
<A NAME="toc_dk2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE SPANISH SUBSIDIARIES OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Spanish subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of The Netherlands ("NV") and each of its direct and indirect subsidiaries organized under the laws of Spain (the "Subsidiaries" and each one, a "Subsidiary") for the benefit
of the employees of the Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed that number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee.
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<A NAME="page_dk2199_1_75"> </A></FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries. </FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries that the Committee may from time to time designate to participate under the Plan
("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs.
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<A NAME="page_dk2199_1_76"> </A></FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative.
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<A NAME="page_dk2199_1_77"> </A></FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan.
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="15",CHK=363431,FOLIO='77',FILE='DISK018:[02LON9.02LON2199]DK2199A.;5',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dk2199_1_78"> </A></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>


<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation. </FONT></P>

<P><FONT SIZE=2>
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</FONT></P>

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<BR>
<P><br><A NAME="02LON2199_15">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_dk2199_1">Exhibit 4.14</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_dk2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE SPANISH SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>17
<FILENAME>a2096661zex-4_15.htm
<DESCRIPTION>EX-4.15
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_16">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_dm2199_1_79"> </A> </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="dm2199_exhibit_4.15"> </A>
<A NAME="toc_dm2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.15    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm2199_incentive_stock_option_plan_fo__inc03698"> </A>
<A NAME="toc_dm2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE LUXEMBOURG SUBSIDIARIES<BR>  OF GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>l.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Incentive Stock Option Plan for employees of the Luxembourg subsidiaries of Gucci Group N.V. (the "Plan") is established by Gucci Group N.V., a company
organized under the laws of The Netherlands ("NV"), and each of its direct and indirect subsidiaries organized under the laws of Luxembourg (the "Subsidiaries" and each one, a "Subsidiary") for the
benefit of the employees of the Subsidiaries. This Plan restates, consolidates and entirely replaces the Gucci Luxembourg S.A. Incentive Stock Option Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is designed to enable the Subsidiaries to attract, retain and motivate members of the management, employees, consultants and certain other of their officers and directors by
providing for or increasing their proprietary interest in NV. The Plan provides for the grant of options ("Options") that qualify as incentive stock options ("Incentive Stock Options") under
Section&nbsp;422 of the United States Internal Revenue Code of 1986, as amended (the "Code"), as well as Options that do not so qualify ("Non-Qualified Options") to acquire common shares
of NV (the "Shares") and for the grant of share appreciation rights ("SARs") with respect to Shares of NV. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum number of shares that may be subject to Options or SARs granted hereunder shall not in the aggregate exceed such number of Shares as is determined by
the Supervisory Board of NV from time to time, subject to adjustment under Section&nbsp;11 hereof. The Shares that may be subject to Options granted under the Plan may be authorized and unissued
Shares or Shares reacquired by NV, or any subsidiary of NV, and held as treasury stock. The number of Shares that may be subject to Options or SARs pursuant to this Plan shall be reduced by the number
of Shares attributable to Options or SARs granted by NV or by other direct or indirect subsidiaries of NV pursuant to plans adopted by NV or such subsidiaries which are similar to this Plan. In no
event shall an Option or SAR be granted pursuant to this Plan without the consent of the committee responsible for administration of the Gucci Group N.V. Incentive Stock Option Plan (the "Committee").
The execution of a stock option agreement by a representative of such Committee shall be conclusive evidence of the Committee's consent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are subject to the unexercised portions of any Options that expire, terminate or are cancelled, and Shares that are subject to any SARs that expire, terminate or are
cancelled, shall again be available for the grant of Options or SARs under the Plan. Any Option or portion thereof that is surrendered shall terminate, and the Shares theretofore subject to the Option
or portion thereof shall not be available for further use under the Plan.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="16",CHK=280661,FOLIO='79',FILE='DISK018:[02LON9.02LON2199]DM2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dm2199_1_80"> </A></FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Stock Option Agreement.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares issuable or transferable under Options or SARs granted pursuant to this Plan may be subject to a stock option agreement between a Participant (as
herein after defined) and the Subsidiary that employs such Participant (the "Employer Subsidiary") and may be subject to other agreements as the Board of Directors of the Employer Subsidiary (the
"Board") or the Committee may deem appropriate. A copy of the stock option agreement and any other agreements, if required, shall be executed by the recipient of an Option or SAR at, or as soon as
practicable after, the time of grant, and, notwithstanding Section&nbsp;4, may be executed by any one member of the Committee or by a representative of the Committee. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, consisting of two or more outside directors, as such term is defined in Section&nbsp;162(m) of the Code,
appointed by the Board. If no persons are designated by the Board to serve on the Committee, the Plan shall be administered by the Supervisory Board of NV or any committee appointed by the Supervisory
Board of NV to administer the Gucci Group N.V. Incentive Stock Option Plan, and all references herein to the Committee shall refer to the Board or its designated Committee. The Board and the
Supervisory Board of NV shall have the discretion to add, remove or replace members of the Committee and shall have the sole authority to fill vacancies on the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee consists of two persons, its actions shall be authorized by the consent of both Committee members. If the Committee consists of more than two persons, its actions shall
be authorized by either a majority vote at a duly called meeting or by written consent of all of its members. The Committee shall have sole authority and absolute discretion to (a)&nbsp;adopt, amend
and rescind such rules and regulations to construe and interpret the Plan, the stock option agreements, other agreements and other instruments evidencing Options and SARs granted under the Plan and
(b)&nbsp;make all other determinations deemed necessary or advisable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be final and
conclusive upon the Participants (as hereinafter defined). Notwithstanding the foregoing, any dispute arising under any stock option agreement or other agreement shall be resolved pursuant to the
dispute resolution mechanism set forth in such stock option agreement or other agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the express provisions of the Plan, the Committee shall determine the number of Shares subject to grants or sales and the terms thereof, including the provisions relating to
the exercisability of Options and SARs, lapse and non-lapse of restrictions upon the Shares obtained or obtainable under the Plan and the termination or forfeiture of Options and SARs
under the Plan. No Subsidiary shall grant Options to any one person such that the total number of shares subject to Options granted to such person pursuant to the Gucci Group N.V. Incentive Stock
Option Plan and similar Incentive Stock Option Plans adopted by NV's Subsidiaries in any one year would exceed one-half the number of Shares reserved for issuance hereunder. The terms upon
which Options and SARs are granted shall be evidenced by a written stock option agreement executed by the Employer Subsidiary and the Participant to whom it has granted such Options or SARs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
member or former member of the Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Option or SAR granted under
it. Each member or former member of the Committee or the Board shall be indemnified and held harmless by the Subsidiaries against all costs or expenses (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan, unless arising out of such member's or former member's own
fraud or bad faith. Indemnification shall be in addition to any rights of indemnification the member or former member may have as a director or under the by-laws of the Subsidiaries.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="16",CHK=247588,FOLIO='80',FILE='DISK018:[02LON9.02LON2199]DM2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dm2199_1_81"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility; Date of Grant.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons who shall be eligible for grants of Options or SARs hereunder shall be those directors of the Subsidiaries, those employees of the Subsidiaries who are
members of management committees or are officers, senior executives, senior managers or managers of the Subsidiaries and those consultants of the Subsidiaries (provided that such consultants are not
Dutch residents and that such grant is in compliance with the laws of the jurisdiction in which the Options or SARs are granted) that the Committee may from time to time designate to participate under
the Plan ("Participants") through grants of Non-Qualified Options, Incentive Stock Options and, if applicable, SARs. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Options and SARs shall be determined by the Supervisory Board of NV or the Committee. No Option shall be granted for a term of
more than ten years, unless otherwise determined by the Supervisory Board of NV or the Committee. Options may, in the discretion of the Committee, be granted with associated SARs or be amended to
provide for associated SARs. The stock option agreements or other agreements may contain such other terms, provisions and conditions as may be determined by the Committee as long as such terms,
conditions and provisions are not inconsistent with the Plan. The Committee shall designate as such those Options intended to be eligible to qualify and be treated as Incentive Stock Options and,
correspondingly, those Options not intended to be eligible to qualify and be treated as Incentive Stock Options. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price of Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for each Option or SAR granted under this Plan shall be determined by the Supervisory Board of NV or the Committee and may be adjusted in
accordance with Section&nbsp;11 of this Plan (the "Exercise Price"). The Exercise Price shall be set forth in the stock option agreement. Notwithstanding the foregoing, the per Share Exercise Price
of an Option shall in no event be less than the per Share nominal value of the Shares subject to the Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, payment for Shares acquired upon exercise of any Option granted hereunder shall be in cash, cashier's check, certified bank check or by wire transfer
at the time of exercise (or at such later date as may be permitted or required under the relevant stock option agreement or other agreements), except that, if either the stock option agreement so
provides or the Committee so permits, and if the Employer Subsidiary is not then prohibited from doing so, such payment may be made in whole or in part with shares of stock of the same class as the
stock then subject to the Option. The Committee may instruct a Participant either (a)&nbsp;to transfer all of the exercise price directly to NV or all of the exercise price directly to the Employer
Subsidiary or (b)&nbsp;to transfer a portion of the exercise price directly to NV and the remainder directly to the Employer Subsidiary. In the event that shares held by NV in treasury are made
available in connection with the exercise of any option, NV shall receive the full exercise price of such options upon transfer of the shares. In the event that the Participant transfers the entire
exercise price to the Employer Subsidiary pursuant to the instructions of the Committee, the Employer Subsidiary shall forward all or a portion of such exercise price to NV on behalf of the
Participant, and such portion shall in no event be less than the nominal value of the Shares subject to such exercise price. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee also may on an individual basis permit payment by other lawful alternative means, including by delivery of an executed exercise notice together with irrevocable
instructions to a broker promptly to deliver to the Employer Subsidiary or to NV the amount of sale or loan proceeds required to pay the exercise price.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="16",CHK=3451,FOLIO='81',FILE='DISK018:[02LON9.02LON2199]DM2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dm2199_1_82"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless provided otherwise in the stock option agreement, any Option or SAR granted under this Plan shall by its terms be nontransferable by the Participant other
than by will or the laws of descent and distribution (in which case such descendant or beneficiary shall be subject to all terms of the Plan applicable to Participants) and is exercisable during the
Participant's lifetime only by the Participant or by the Participant's guardian or legal representative. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Plan are intended to facilitate the grant of options that satisfy the requirements set forth in Section&nbsp;422 of the Code and the
regulations promulgated thereunder (including the aggregate fair market value limits set forth in Section&nbsp;422(d) of the Code) with respect to Incentive Stock Options granted under the Plan. If
an Option is granted with the intention that it satisfy the requirements set forth under Section&nbsp;422 of the Code, then for so long as required under Section&nbsp;422 of the Code and the
regulations promulgated thereunder (or any successor statute or rules) during the term of the Plan, the aggregate fair market value of the Shares with respect to which Incentive Stock Options are
first exercisable by a Participant during any calendar year shall not exceed $100,000. For the purpose of this section, the fair market value of the Shares shall be the price at which the Shares are
trading publicly at the time the Incentive Stock Option is granted. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Share Appreciation Rights.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may, under such terms and conditions as it deems appropriate, grant SARs to an eligible employee selected by the Committee, which may or may not be
associated with Options. Upon exercise of an SAR, the Participant shall be entitled to receive such payment as is specified in the stock option agreement. Such payment may be made in additional Shares
valued at their fair market value on the date of exercise or in cash, or partly in Shares and partly in cash, as the Committee may designate. The Committee may require that any SAR shall be subject to
the condition that the Committee may at any time in its absolute discretion not allow the exercise of such SAR. </FONT></P>


<P><FONT SIZE=2><B>11.&nbsp;&nbsp;Adjustments.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any one or more reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary dividends, distributions or
similar events, an appropriate adjustment shall be made in the number, exercise or sale price or type of shares or securities for which Options or SARs may thereafter be granted under the Plan. The
Committee also shall designate the appropriate changes that shall be made in Options or SARs under the Plan, so as to preserve the value of any such Options or SARs. The Committee may do so either at
the time the Option or SAR is granted or at the time of the event causing the adjustments. Any such adjustment in outstanding Options or SARs shall be made without changing the aggregate exercise
price applicable to the unexercised portions of such Options or SARs. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Duration of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options or SARs may not be granted under this Plan after September&nbsp;30, 2005, unless otherwise determined by the Committee.
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="16",CHK=85978,FOLIO='82',FILE='DISK018:[02LON9.02LON2199]DM2199A.;4',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dm2199_1_83"> </A></FONT></P>


<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Amendment and Termination of the Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may at any time amend, suspend or terminate this Plan. Additionally, the Committee may amend any stock option agreement or other agreements entered into
with respect to any Option or SAR granted hereunder to the extent necessary for the Option or SAR to comply with applicable tax or securities laws. However, no amendment, suspension or termination of
the Plan or of any stock option agreement or other agreements issued hereunder shall, without the written consent of the affected holder of such Option, materially and adversely alter or impair any
rights or obligations in any Option theretofore granted to such holder under the Plan. No Option or SAR may be granted during any suspension of the Plan or after the termination of the Plan. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Nature of Plan.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan is intended to constitute an unfunded arrangement for a select group of management, employees, consultants and directors. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Cancellation of Options or SAR.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Option or SAR granted under this Plan may be cancelled at any time with the written consent of the holder, and a new Option or new SAR may be granted to such
holder in lieu thereof. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Withholding Taxes.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options or amounts are to be paid or income earned with respect to SARs under this
Plan, the Committee in its discretion may require the Participant to remit to the Employer Subsidiary, prior to the issuance or transfer of such Shares or the payment of any such amounts, all or any
part of the amount determined in the Committee's discretion to be sufficient to satisfy any federal, state, local or other withholding tax obligations that the Employer Subsidiary or its counsel
determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Committee or as set forth in the stock option agreement, the Participant
may (a)&nbsp;request the Employer Subsidiary to withhold delivery of a sufficient number of Shares or a sufficient amount of the Participant's compensation or (b)&nbsp;deliver a sufficient number
of previously issued Shares to satisfy the withholding obligation. </FONT></P>

<P><FONT SIZE=2>
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</FONT></P>

<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02LON2199_16">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_dm2199_1">Exhibit 4.15</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_dm2199_2">INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE LUXEMBOURG SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>18
<FILENAME>a2096661zex-4_16.htm
<DESCRIPTION>EX-4.16
<TEXT>
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<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_17">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="fj2199_exhibit_4.16"> </A>
<A NAME="toc_fj2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.16    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fj2199_share_option_and_share_appreciation_right_agreement"> </A>
<A NAME="toc_fj2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>Share Option and Share Appreciation Right Agreement    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Share Option and Share Appreciation Right Agreement (this "Agreement") is made as of </FONT> <FONT SIZE=2><B>&laquo;Date&raquo;</B></FONT><FONT SIZE=2> (the "Effective Date"),
between </FONT><FONT SIZE=2><B>&laquo;Company Name&raquo;</B></FONT><FONT SIZE=2>
(the "Company"), and </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2> (the "Optionee"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>A.&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the incentive stock option plan (the "Plan") attached hereto as Exhibit&nbsp;1. </FONT></P>

<P><FONT SIZE=2>B.&nbsp;&nbsp;&nbsp;&nbsp;In
connection with services to be rendered by the Optionee to the Company and to encourage the Optionee's contribution to the success and progress of the Company, the Company desires
to grant the Optionee the opportunity to acquire a proprietary interest in the Company's direct or indirect shareholder, Gucci Group N.V., a Netherlands company ("NV"). </FONT></P>


<P><FONT SIZE=2>C.&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Plan, the Remuneration Committee (as defined below) has as of the Effective Date granted to the Optionee an option ("Option") to purchase shares of common stock
of NV (such shares referred to herein as the "Shares"), such Option being convertible under certain circumstances into an SAR (as defined below), according to the terms and conditions of the Plan and
this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGREEMENT  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the following meanings: </FONT></P>

<UL>

<P><FONT SIZE=2>"Act"
is defined in Section&nbsp;10. </FONT></P>

<P><FONT SIZE=2>"Affiliate"
of any Person means any other Person Controlling, Controlled by or under common Control with such Person. </FONT></P>

<P><FONT SIZE=2>"Agreement"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Cause"
means termination of the Optionee's employment at the option of the Company because the Optionee (i)&nbsp;has been convicted of, or has pled guilty or </FONT><FONT SIZE=2><I>nolo
contendere</I></FONT><FONT SIZE=2> to a felony or a crime involving moral turpitude, (ii)&nbsp;has embezzled or misappropriated Gucci funds or property, (iii)&nbsp;has continued use of alcohol or
drugs to an extent that interferes with the performance by Optionee of the Optionee's employment responsibilities, or (iv)&nbsp;has violated a material term of employment. </FONT></P>

<P><FONT SIZE=2>"Company"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Comparator
Company" means each of Bulgari, Coach, Hermes, LVMH, Richemont, Polo Ralph Lauren, Tiffany and Tod's, or such other publicly traded luxury goods companies as the Remuneration Committee may
from time to time designate. </FONT></P>

<P><FONT SIZE=2>"Comparator
Enterprise Value/EBITA Ratio" means the average of the Enterprise Value/EBITA ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any
significant distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the Enterprise Value of the
Comparator Company divided by such Comparator Company's EBITA for the twelve months ended at the end of the Comparator Company's most recently completed fiscal quarter.
<!-- ZEQ.=1,SEQ=1,EFW="2096661",CP="GUCCI GROUP N.V.",DN="17",CHK=918805,FOLIO='10',FILE='DISK018:[02LON9.02LON2199]FJ2199A.;22',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fj2199_1_11"> </A></FONT></P>

<P><FONT SIZE=2>"Comparator
Price/Earnings Ratio" means the average of the Price/Earnings ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any significant
distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the average market price per share of
Comparator Company shares (determined on the basis of the average closing market price over the 30 trading days preceding its most recently completed fiscal quarter and its average number of shares
outstanding during such 30&nbsp;day period) divided by such Comparator Company's net income per share for the twelve months ended at the end of the most recently completed fiscal quarter (determined
on the basis of its average number of shares outstanding during the 30 trading days preceding its most recently completed fiscal quarter). </FONT></P>

<P><FONT SIZE=2>"Control"
means (i)&nbsp;the ownership by any Person of voting stock (or other ownership interests) enabling such Person to elect a majority of the board of directors (or other governing body) of
any other Person or (ii)&nbsp;the possession of the power, whether by proxy, contract or otherwise, to direct the affairs of such other Person. </FONT></P>


<P><FONT SIZE=2>"Conversion
Event" means the termination of the PPR Offer (including any extension thereof), unless an event described in clause&nbsp;(ii) of the definition of "Vesting Event" has occurred. </FONT></P>

<P><FONT SIZE=2>"EBITA"
means earnings before interest, tax and amortization of goodwill and trademarks. </FONT></P>

<P><FONT SIZE=2>"Effective
Date" is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Enterprise
Value" means the sum of (i)&nbsp;market capitalization (the market price per share of a public company determined on the basis of the average market price of the company shares over the
30 trading days preceding its most recently completed fiscal quarter multiplied by its average number of shares outstanding during such 30&nbsp;day period) plus (ii)&nbsp;net debt (consolidated
total financial indebtedness, including capitalized lease obligations and off-balance sheet items in the nature of financial indebtedness, minus cash and cash equivalents). </FONT></P>

<P><FONT SIZE=2>"Exercise
Price" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Governmental
Authority" means any nation or government, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. </FONT></P>

<P><FONT SIZE=2>"Gucci"
means a group of companies including Gucci Group N.V., and its subsidiaries. </FONT></P>

<P><FONT SIZE=2>"Invalid
Transfer" is defined in Section&nbsp;5. </FONT></P>

<P><FONT SIZE=2>"Not
For Cause" means the termination of the employment of Optionee at the option of the Company at any time for any reason other than on account of death of the Optionee, Permanent Disability, for
Cause, or in connection with a change of Control of the Company after which change of Control the Company is no longer an Affiliate of NV. </FONT></P>

<P><FONT SIZE=2>"NV"
is defined in recital B. </FONT></P>

<P><FONT SIZE=2>"Option"
is defined in recital C. </FONT></P>

<P><FONT SIZE=2>"Optionee"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Option
Shares" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"PPR
Offer" means the offer to purchase all outstanding Shares that Pinault-Printemps-Redoute S.A. is required to make in March&nbsp;2004 pursuant to the LVMH&#151;Moet Hennessy Louis Vuitton
S.A. settlement agreement dated 9&nbsp;September 2001, if the Shares are then trading at a price below $101.50 per share.
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="17",CHK=820147,FOLIO='11',FILE='DISK018:[02LON9.02LON2199]FJ2199A.;22',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fj2199_1_12"> </A></FONT></P>

<P><FONT SIZE=2>"Permanent
Disability" means if, while employed by the Company or an Affiliate of the Company, the Optionee becomes physically or mentally incapacitated or disabled so that (i)&nbsp;the Optionee is
substantially unable to perform the same services as the Optionee performed prior to incurring such incapacity or disability, to devote the Optionee's full working time or use the Optionee's best
efforts to advance the business and welfare of Gucci, or otherwise to perform the Optionee's duties under this Agreement and (ii)&nbsp;such condition exists for an aggregate of 180&nbsp;days in
any 12 consecutive calendar month period (the Company, at its option and expense, being entitled to retain a physician reasonably acceptable to the Optionee to confirm the existence of such incapacity
or disability, and the determination of such physician being binding upon the Company and Optionee). </FONT></P>

<P><FONT SIZE=2>"Person"
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever
nature. </FONT></P>

<P><FONT SIZE=2>"Plan"
is defined in recital A. </FONT></P>

<P><FONT SIZE=2>"Remuneration
Committee" means the remuneration committee of NV as designated from time to time by the Supervisory Board. </FONT></P>

<P><FONT SIZE=2>"Retirement"
means the Optionee's retirement from employment with the Company in accordance with the Company's retirement policy then in effect. The Optionee's Retirement shall not constitute
resignation from employment with the Company. </FONT></P>

<P><FONT SIZE=2>"SAR"
means share appreciation right, being a right to receive an amount in cash equal to the appreciation in the value of a Share, based upon the valuation criteria set forth herein, but, for the
avoidance of doubt, not including a right in the underlying share. </FONT></P>

<P><FONT SIZE=2>"Section&nbsp;16
Amount" is defined in Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>"Shares"
is defined in recital C. </FONT></P>

<P><FONT SIZE=2>"Supervisory
Board" means the Supervisory Board of NV. </FONT></P>

<P><FONT SIZE=2>"Termination
Date" means the date on which the Optionee ceases to be employed by the Company (unless such cessation of employment is due to Optionee's becoming employed by an Affiliate of the Company)
for any reason, or the date on which the Company ceases to be an Affiliate of NV. </FONT></P>

<P><FONT SIZE=2>"Vesting
Event" means either of the following events: (i)&nbsp;on any 10 trading days on which the aggregate volume of shares traded on the New York Stock Exchange and on Euronext exceeds 100,000,
the average of the opening and closing prices on such exchanges exceeds $101.50, or (ii)&nbsp;on termination of the PPR Offer, either more than 15,000,000 shares (equitably adjusted for any
recapitalization transaction) or more than 15% of the then outstanding shares have not been tendered and accepted for payment by Pinault-Printemps-Redoute S.A. </FONT></P>

</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Grant of Option/SAR</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Grant
of Option: The Company grants to the Optionee the Option to acquire, on the terms and conditions hereinafter set forth, all or any part of the number of Shares set forth below
the Optionee's signature on the signature page of this Agreement (the "Option Shares"), at the exercise price set forth below the Optionee's name on the signature page of this Agreement being the
average of the closing prices on the New York Stock Exchange for one of the Shares over the 30 calendar days prior to the date of this Agreement (as such amount may be adjusted in accordance with
Section&nbsp;6, the "Exercise Price"). </FONT><P><FONT SIZE=2>
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="17",CHK=888668,FOLIO='12',FILE='DISK018:[02LON9.02LON2199]FJ2199A.;22',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fj2199_1_13"> </A></FONT></P>

</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Grant
of SAR: Upon a Conversion Event, the Option shall automatically convert into an SAR, with each Option to purchase one Share converting into one SAR, and any rights to purchase
Shares or any interest therein shall automatically terminate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Exercisability</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Option shall not be exercisable on the Effective Date. Subject to Section&nbsp;4, the Optionee's
right to exercise the Option shall not vest until the first to occur of a Vesting Event or a Conversion Event. Upon the occurrence of a Vesting Event, 20% of the Options shall vest on each anniversary
of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date precedes the date of the Vesting Event. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the conversion into an SAR, 20% of the SARs will vest on each anniversary of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date
precedes the date of the Conversion Event. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Expiration.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
vested portion of the Option or SAR shall expire upon the 10th anniversary of the Effective Date; provided, however, that if the Optionee ceases to be employed by the Company
prior to such anniversary, the portion of the Option or SAR that is vested as of the Termination Date shall expire upon:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
first anniversary of the Termination Date if the Optionee ceases to be employed by the Company due to Retirement, death or Permanent Disability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
Termination Date if the Optionee is terminated from employment for Cause; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>the
date that is 180&nbsp;days after the Termination Date if the Optionee ceases to be employed by the Company due to resignation for any reason or termination Not For Cause, or
if the Company ceases to be an Affiliate of NV. </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
unvested portion of the Option or SAR shall expire upon the Termination Date unless:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Company terminates the Optionee Not For Cause, in which case the unvested portion of the Option or SAR shall vest on the later to occur of (A)&nbsp;the Termination Date and
(B)&nbsp;a Vesting Event or a Conversion Event and the Option or SAR shall expire on the earlier of the 10th anniversary of the Effective Date or the date that is 180&nbsp;days after the
Termination Date, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
employment of the Optionee is terminated on account of death of the Optionee, in which case the Optionee's right to exercise the Option or SAR shall vest as if the Termination
Date were the last date of the fiscal year and shall expire on the earlier of the 10th anniversary of the Effective Date or the first anniversary of the Termination Date. </FONT><P><FONT SIZE=2>
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="17",CHK=317172,FOLIO='13',FILE='DISK018:[02LON9.02LON2199]FJ2199A.;22',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fj2199_1_14"> </A></FONT></P>

</DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Option or SAR is personal to the Optionee and shall not be transferable by the Optionee otherwise
than upon the Optionee's death to the Optionee's spouse, child, estate, personal representative, heir or successor or upon the Optionee's death to a trust for the benefit of the Optionee's spouse,
child or heir, and the Option or SAR is exercisable, during the Optionee's lifetime, only by the Optionee or, in the event of the Optionee's Permanent Disability, the Optionee's guardian or legal
representative. More particularly, the Option or SAR may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not
be subject to execution, attachment or similar process. Any actual or attempted assignment, transfer, pledge, hypothecation, execution, attachment or similar process of the Option or SAR (except as
aforesaid) ("Invalid Transfer") shall vest no rights whatsoever in any purported assignee, transferee, pledgee or any other purported beneficiary of the Invalid Transfer other than the Optionee. An
Invalid Transfer shall be void in the hands of any Person other than the Optionee, and neither NV nor the Company shall have any obligation (including, but not limited to, the obligation to issue or
transfer shares or make any distributions) to any Person other than Optionee (except to a permitted transferee under the first sentence of this Section) with respect to the Option or SAR. This
Agreement shall be binding on and enforceable against any Person who is a permitted transferee of the Option or SAR pursuant to the first sentence of this Section. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Shares are changed into or exchanged for a different number or kind of shares or securities, as the
result of any one or more reorganizations, recapitalizations, mergers, acquisitions, stock splits, reverse stock splits, stock dividends or similar events, an appropriate adjustment shall be made in
the number and kind of shares or other securities subject to the Option or SAR and the price for each share or other unit of any securities subject to this Agreement, in accordance with the terms of
the Plan. No fractional interests shall be issued or transferred on account of any such adjustment unless the Committee specifically determines to the contrary; provided, however, that in lieu of
fractional interests, the Optionee, upon the exercise of the Option in whole or part, shall receive cash in an amount equal to the amount by which the fair market value of such fractional interests
exceeds the Exercise Price attributable to such fractional interests. In addition, each such adjustment shall be made in such manner as not to constitute a "modification" within the meaning of
Section&nbsp;424(h)(3) of the United States Internal Revenue Code of 1986. Any such adjustment made by the Committee shall be final and binding upon the Optionee, the Company and all interested
persons. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to a Conversion Event and to the expiration of the Option, the Optionee may exercise the
vested portion of the Option from time to time in whole or in part. Upon electing to exercise the Option, the Optionee shall deliver to the Chief Financial Officer of the Company a written and signed
notice of such election setting forth the number of Option Shares the Optionee has elected to acquire. Within three days of such election, unless otherwise instructed by the Committee (as defined in
the Plan) as described herein, the Optionee shall tender cash (by wire transfer or otherwise) or a cashier's or certified bank check payable to the order of NV for the full Exercise Price of such
Option Shares and any amount required pursuant to Section&nbsp;16 (the "Section&nbsp;16 Amount"). The Committee may, within two days of receiving the Optionee's election to exercise the Option,
send written notice to the Optionee instructing the Optionee either (a)&nbsp;to pay the entire Exercise Price and Section&nbsp;16 Amount directly to NV or directly to the Company or (b)&nbsp;to
pay a portion of the Exercise Price and Section&nbsp;16 Amount directly to NV and the remainder of such Exercise Price and Section&nbsp;16 Amount directly to the Company. Within two days of
receiving such written instructions, the Optionee shall comply with such instructions by tendering cash (by wire transfer or otherwise) or a cashier's check or certified bank check to the appropriate
recipient(s) designated in such instructions. No Option Shares shall be issued or transferred to the Optionee until the full amount due from the Optionee is paid as described above.
<!-- ZEQ.=5,SEQ=5,EFW="2096661",CP="GUCCI GROUP N.V.",DN="17",CHK=936073,FOLIO='14',FILE='DISK018:[02LON9.02LON2199]FJ2199A.;22',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fj2199_1_15"> </A></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee further may, in its discretion, permit payment of the Exercise Price and the Section&nbsp;16 Amount in such form or in such manner as may be permissible under the Plan
and under any applicable law. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the SAR</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Vested SARs may be exercised quarterly during the third month after the close of the fiscal quarter.
Results for such quarter will be determined by management and communicated to the SAR holders by the last day of the second month after the close of the fiscal quarter. Upon exercise, the holder of
the SAR will be entitled to receive a sum of cash equal to the difference between the (i)&nbsp;the Exercise Date SAR Value ("V<SUB>2</SUB>"), minus (ii)&nbsp;the Grant Date SAR Value
("V<SUB>1</SUB>") multiplied by the number of SARs exercised, minus any applicable Section&nbsp;16 Amount. </FONT></P>

<P><FONT SIZE=2>Grant
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>1</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>B
is NV's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of NV outstanding on the date of grant; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of grant of the options that have converted into SARs; and </FONT></P>

<P><FONT SIZE=2>E
is NV's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee. </FONT></P>

</UL>

<P><FONT SIZE=2>Exercise
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>2</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>B
is NV's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of NV outstanding on the date of exercise; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of exercise of the SARs; and </FONT></P>


<P><FONT SIZE=2>E
is NV's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee.
<!-- ZEQ.=6,SEQ=6,EFW="2096661",CP="GUCCI GROUP N.V.",DN="17",CHK=698832,FOLIO='15',FILE='DISK018:[02LON9.02LON2199]FJ2199A.;22',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fj2199_1_16"> </A></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
electing to exercise the SAR, the Optionee shall deliver to the Chief Financial Officer of the Company a written and signed notice of such election setting forth the number of SARs
the Optionee has elected to exercise. Within 30&nbsp;days of receipt of such notice of election, the Company shall send to the Optionee, at the address listed below, the sum to which the Optionee is
entitled upon the exercise of such number of SARs as are indicated in the Optionee's notice of election. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfers of Shares Issuable Upon Exercise</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable laws, the Option Shares
shall be freely transferable. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Compliance with Legal Requirements.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>No
Option Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the reasonable
opinion of counsel to the Company, been satisfied. Such requirements may include, but are not limited to: (i)&nbsp;registering or qualifying such Option Shares under Italian, Dutch or United States
national, state or local law; (ii)&nbsp;satisfying any applicable law relating to the transfer of unregistered securities or demonstrating the availability of an exemption from applicable laws;
(iii)&nbsp;placing a legend on the Shares to the effect that they were issued or transferred in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the "Act"),
or similar law of other jurisdictions, and may not be transferred other than in reliance upon Rule&nbsp;144 or Rule&nbsp;701 promulgated under the Act, if available, or upon another exemption from
the Act or similar law of other jurisdictions; or (iv)&nbsp;obtaining the consent or approval of any Governmental Authority.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Optionee hereby represents and warrants that, unless a registration statement under the Act is effective as to Option Shares, such Option Shares will be acquired for the
Optionee's (or the Optionee's permitted transferee's) personal account and not with a view to distribution. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;No Interest in Shares Subject to Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Optionee (individually or as a member of a group) nor any beneficiary
or other Person claiming under or through the Optionee shall have any right, title, interest or privilege in or to any Shares or other securities allocated or reserved for the purpose of the Plan or
subject to this Agreement except as to such Option Shares, if any, as shall have been issued or transferred to such Person upon exercise of this Option, except as otherwise provided herein. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Plan Controls and Amendments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and SARs hereby granted by this Agreement are subject to, and the Company and the
Optionee agree to be bound by, all of the terms and conditions of the Plan, as it may be amended from time to time in accordance with the terms thereof. The Supervisory Board (and its Remuneration
Committee) shall have the right to amend the terms set forth in this Agreement, or in any option plan or agreement, as it may in its discretion deem necessary or appropriate; provided, however,
amendments resulting in economic rights materially less favorable than those contained in this Agreement shall require the consent of the Optionee, such consent to be in writing. Without limiting the
foregoing, the Supervisory Board (and its Remuneration Committee) may elect at any time to replace the SARs with alternative mechanisms (such as option puts) where deemed desirable to enhance the tax
efficiency of the option plan in any particular jurisdiction. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Independent Advisors</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In making any determination, including but not limited to the determination of a Grant Date SAR
Value or an Exercise Date SAR Value, the Remuneration Committee shall be entitled to rely on such independent advisors as the Remuneration Committee shall select in its discretion.
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<A NAME="page_fj2199_1_17"> </A></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Not an Employment Contract.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan, this Agreement or any other instrument executed pursuant thereto shall
confer upon the Optionee any right to employment with the Company, NV or any Affiliate or shall affect the right of the Company, NV or any Affiliate to terminate the employment of the Optionee for
Cause or Not For Cause. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All terms of and rights under this Agreement shall be governed by and construed in accordance with the law
of the State of New York, without giving effect to principles of conflicts of law. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Taxes.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options, or whenever cash is paid
upon the exercise of SARs, the Remuneration Committee in its discretion may require the Optionee to remit to the Company, prior to the issuance or transfer of such Shares or cash, all or any part of
the amount determined in the Remuneration Committee's discretion to be sufficient to satisfy any tax obligations or, to the extent legally permissible, national insurance and other social security
contributions (whether employees' or employer's), that the Company or its counsel determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established
by the Remuneration Committee or as set forth in the stock option Plan or any agreement, the Optionee may (a)&nbsp;request the Company to withhold delivery of a sufficient number of Shares or a
sufficient amount of the Optionee's compensation or (b)&nbsp;deliver a sufficient number of previously issued Shares or a sufficient amount of cash to satisfy the withholding obligation. </FONT></P>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;Notices.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests, demands and other communications pursuant to this Agreement shall be in writing and shall
be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party. Notices to the Company shall be sent to the attention of the
Chief Financial Officer at the Company's registered address. Notices to the Optionee shall be sent to the address set forth below the Optionee's signature on the final page hereof or, if no address is
indicated thereon, to the address indicated in the Company's employment records. </FONT></P>

<P><FONT SIZE=2><B>18.&nbsp;&nbsp;Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the Plan, sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and supersedes all prior oral and written and all contemporaneous oral discussions, agreements and understandings of any kind or nature. </FONT></P>


<P><FONT SIZE=2><B>19.&nbsp;&nbsp;Severability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise
unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the
remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. </FONT></P>

<P><FONT SIZE=2><B>20.&nbsp;&nbsp;Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings preceding the text of the sections hereof are inserted solely for convenience of reference and
shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. </FONT></P>

<P><FONT SIZE=2><B>21.&nbsp;&nbsp;Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2><B>22.&nbsp;&nbsp;Further Assurances.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party shall cooperate and take such action as may be reasonably requested by another party in
order to carry out the provisions and purposes of this Agreement.
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<A NAME="page_fj2199_1_18"> </A></FONT></P>

<P><FONT SIZE=2><B>23.&nbsp;&nbsp;Remedies.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a breach by any party to this Agreement of its obligations under this Agreement, any party
injured by such breach, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. This Agreement shall be specifically enforceable, it being agreed by the parties that the remedy at law, including monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. </FONT></P>


<P><FONT SIZE=2><B>24.&nbsp;&nbsp;Binding Effect.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
permitted successors and assigns. </FONT></P>

<P><FONT SIZE=2><B>25.&nbsp;&nbsp;Arbitration</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The parties shall endeavor to settle all disputes by amicable negotiations. Any claim, dispute, disagreement
or controversy that arises among the parties relating to this Agreement that is not amicably settled shall be resolved by arbitration, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Any
such arbitration shall be heard in New York, New York, before a panel consisting of one to three arbitrators, each of whom shall be impartial. Upon the written request for
arbitration of either party hereto to commence arbitration hereunder, the parties shall attempt to agree on the number and identity of the arbitrators within 30&nbsp;days of such request. If the
parties fail to agree, the number of arbitrators shall be determined and their appointment shall be made by the American Arbitration Association in accordance with the commercial arbitration rules of
the American Arbitration Association. In determining the number and appropriate background of the arbitrators, the American Arbitration Association shall give due consideration to the issues to be
resolved, but the decision as to the number of arbitrators and their identity shall be final.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>An
arbitration may be commenced by any party to this Agreement by the service of a written request for arbitration upon the other affected parties. Such request for arbitration shall
summarize the controversy or claim to be arbitrated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>All
attorneys' fees and costs of the arbitration shall in the first instance be borne by the respective party incurring such costs and fees, but the arbitrators shall have the
discretion to award costs and/or attorneys' fees as they deem appropriate under the circumstances. The parties hereby expressly waive punitive damages, and under no circumstances shall an award
contain any amount that in any way reflects punitive damages.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>It
is intended that controversies or claims submitted to arbitration under this Section&nbsp;25 shall remain confidential, and to that end it is agreed by the parties that neither
the facts disclosed in the arbitration, the issues arbitrated nor the views or opinions of any persons concerning them shall be disclosed to third persons at any time, except to the extent necessary
to enforce an award or judgment or as required by law or in response to legal process or in connection with such arbitration.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Any
arbitration under this Section&nbsp;25 shall be conducted pursuant to the commercial arbitration rules of the American Arbitration Association.
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</UL>

<P><FONT SIZE=2><B>26.&nbsp;&nbsp;Special Provisions for U.S. Taxpayers</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Optionee acknowledges that, to the extent that (1)&nbsp;the exercise price
for each Option granted hereunder is less than 100% of the fair market value of the Shares on the date such Option is granted; (2)&nbsp;if an Incentive Stock Option is granted to a Participant who
on the date of grant is treated under Section&nbsp;424(d) of the Code as owning stock (not including stock acquirable under outstanding options) possessing more than 10% of the total combined voting
power of all classes of the Company's stock, its parent corporation's stock, and its subsidiary corporations' stock, the exercise price is less than 110% of the fair market value of the Shares on the
date such Incentive Stock Option is granted; or (3)&nbsp;the aggregate fair market value of stock with respect to which </FONT><FONT SIZE=2><I>"incentive stock options"</I></FONT><FONT SIZE=2>
(within the meaning of Section&nbsp;422 of the Code, but without regard to Section&nbsp;422(d) of the Code), including the Option, are exercisable for the first time by the Optionee during any
calendar year (under the Plan and all other incentive stock option plans of the Company, NV or any subsidiary of NV) exceeds $100,000, such options shall not qualify under Section&nbsp;422 of the
Code and shall be taxed as non-qualified options. The Optionee further acknowledges that the rule set forth in the preceding sentence shall be applied by taking options into account in the
order in which they were granted. For purposes of these rules, the fair market value of the shares shall be determined at the time the option with respect to such shares is granted. The Optionee
further understands and acknowledges that, in order for the Option to be eligible for tax treatment as an incentive stock option under the Code, among other things, the Optionee must be an employee of
the Company and may not dispose of the Option Shares within the later of (i)&nbsp;two years after the Grant Date or (ii)&nbsp;one year after the date on which such Option Shares were acquired by
the Optionee. "Grant Date" means, for purposes of Section&nbsp;422 of the Code, the Effective Date. "Code" means the United States Internal Revenue Code of 1986, as amended. </FONT></P>

<P><FONT SIZE=2>IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. </FONT></P>

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<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>&laquo;COMPANY_NAME&raquo;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE><FONT SIZE=2> Optionee:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2><BR>
Number of Option Shares: </FONT><FONT SIZE=2><B>&laquo;Shares&raquo;</B></FONT><FONT SIZE=2><BR>
Exercise Price: </FONT><FONT SIZE=2><B>$&laquo;Price&raquo;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
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<P><FONT SIZE=2>ACKNOWLEDGED
AND AGREED TO: </FONT></P>

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<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<A NAME="page_fj2199_1_20"> </A>
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<TR VALIGN="BOTTOM">
<TD WIDTH="5%" VALIGN="TOP"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><HR NOSHADE></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2>Name: Domenico De Sole<BR>
Title: Chairman of the Management Board</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>
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</FONT></P>

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<BR>
<P><br><A NAME="02LON2199_17">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_fj2199_1">Exhibit 4.16</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_fj2199_2">Share Option and Share Appreciation Right Agreement</A></FONT><BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>19
<FILENAME>a2096661zex-4_17.htm
<DESCRIPTION>EX-4.17
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_18">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fg2199_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="fg2199_exhibit_4.17"> </A>
<A NAME="toc_fg2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.17    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fg2199_share_option_and_share_appreci__sha04498"> </A>
<A NAME="toc_fg2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>SHARE OPTION AND SHARE APPRECIATION RIGHT AGREEMENT<BR>  PURSUANT TO THE GUCCI GROUP N.V.<BR>  INCENTIVE STOCK OPTION PLAN    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Share Option and Share Appreciation Right Agreement (the "Agreement") is made as of </FONT> <FONT SIZE=2><B>&laquo;Date&raquo;</B></FONT><FONT SIZE=2> (the "Effective Date"),
between Gucci Group&nbsp;N.V., a company established under the laws of the Netherlands (the
"Company"), and </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2> (the "Optionee"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>A.&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the Amended and Restated Gucci Group N.V. Incentive Stock Option Plan (the "Plan"). </FONT></P>

<P><FONT SIZE=2>B.&nbsp;&nbsp;&nbsp;&nbsp;At
the </FONT><FONT SIZE=2><B>&laquo;Year&raquo;</B></FONT><FONT SIZE=2> Annual General Meeting, the shareholders of the Company approved the appointment of each of the
members of the Supervisory Board, and the grant of option shares to each member of the Supervisory Board. </FONT></P>


<P><FONT SIZE=2>C.&nbsp;&nbsp;&nbsp;&nbsp;In
connection with services to be rendered by the Optionee to the Company and to encourage the Optionee's contribution to the success and progress of the Company, the Company desires
to grant the Optionee the opportunity to acquire an increased proprietary interest in the Company. </FONT></P>

<P><FONT SIZE=2>D.&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Plan, the Remuneration Committee (as defined below) has as of the Effective Date granted to the Optionee an option ("Option") to purchase shares of common stock
of the Company (such shares referred to herein as the "Shares"), such Option being convertible under certain circumstances into an SAR (as defined below), according to the terms and conditions of the
Plan and this Agreement. </FONT></P>

<P><FONT SIZE=2>E.&nbsp;&nbsp;&nbsp;&nbsp;This
option is not intended to qualify for treatment as an incentive stock option under Section&nbsp;422 of the U.S. Internal Revenue Code of 1986. </FONT></P>

<P><FONT SIZE=2>F.&nbsp;&nbsp;&nbsp;&nbsp;The
option is intended to qualify as a stock appreciation right for Netherlands wage withholding tax and income tax purposes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGREEMENTS  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the following meanings: </FONT></P>

<UL>

<P><FONT SIZE=2>"Act"
is defined in Section&nbsp;10. </FONT></P>

<P><FONT SIZE=2>"Affiliate"
of any Person means any other Person Controlling, Controlled by or under common Control with such Person. </FONT></P>

<P><FONT SIZE=2>"Agreement"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Company"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Comparator
Company" means each of Bulgari, Coach, Hermes, LVMH, Richemont, Polo Ralph Lauren, Tiffany and Tod's, or such other publicly traded luxury goods companies as the Remuneration Committee may
from time to time designate.
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<A NAME="page_fg2199_1_2"> </A></FONT></P>

<P><FONT SIZE=2>"Comparator
Enterprise Value/EBITA Ratio" means the average of the Enterprise Value/EBITA ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any
significant distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the Enterprise Value of the
Comparator Company divided by such Comparator Company's EBITA for the twelve months ended at the end of the Comparator Company's most recently completed fiscal quarter. </FONT></P>

<P><FONT SIZE=2>"Comparator
Price/Earnings Ratio" means the average of the Price/Earnings ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any significant
distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the average market price per share of
Comparator Company shares (determined on the basis of the average closing market price over the 30&nbsp;trading days preceding its most recently completed fiscal quarter and its average number of
shares outstanding during such 30&nbsp;day period) divided by such Comparator Company's net income per share for the twelve months ended at the end of the most recently completed fiscal quarter
(determined on the basis of its average number of shares outstanding during the 30&nbsp;trading days preceding its most recently completed fiscal quarter). </FONT></P>

<P><FONT SIZE=2>"Control"
means (i)&nbsp;the ownership by any Person of voting stock (or other ownership interests) enabling such Person to elect a majority of the board of directors (or other governing body) of
any other Person or (ii)&nbsp;the possession of the power, whether by proxy, contract or otherwise, to direct the affairs of such other Person. </FONT></P>

<P><FONT SIZE=2>"Conversion
Event" means the termination of the PPR Offer (including any extension thereof), unless on termination of the PPR Offer, either more than 15,000,000 shares (equitably adjusted for any
recapitalization transaction) or more than 15% of the then outstanding shares have not been tendered and accepted for payment by Pinault-Printemps-Redoute&nbsp;S.A. </FONT></P>


<P><FONT SIZE=2>"EBITA"
means earnings before interest, tax and amortization of goodwill and trademarks. </FONT></P>

<P><FONT SIZE=2>"Effective
Date" is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Exercise
Price" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Governmental
Authority" means any nation or government, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. </FONT></P>

<P><FONT SIZE=2>"Gucci"
means a group of companies including Gucci Group&nbsp;N.V. and its subsidiaries. </FONT></P>

<P><FONT SIZE=2>"Invalid
Transfer" is defined in Section&nbsp;5. </FONT></P>

<P><FONT SIZE=2>"Optionee"
is defined in the preamble. </FONT></P>


<P><FONT SIZE=2>"Option
Shares" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Permanent
Disability" means if, while a member of the Supervisory Board, the Optionee becomes physically or mentally incapacitated or disabled so that (i)&nbsp;the Optionee is substantially unable
to perform the same services as the Optionee performed prior to incurring such incapacity or disability and (ii)&nbsp;such condition exists for an aggregate of 180&nbsp;days in any
12&nbsp;consecutive calendar month period (the Company, at its option and expense, being entitled to retain a physician reasonably acceptable to Optionee to confirm the existence of such incapacity
or disability, and the determination of such physician being binding upon the Company and Optionee).
<!-- ZEQ.=2,SEQ=2,EFW="2096661",CP="GUCCI GROUP N.V.",DN="18",CHK=176960,FOLIO='2',FILE='DISK018:[02LON9.02LON2199]FG2199A.;16',USER='JDICKSO',CD='23-JAN-2003;17:26' -->
<A NAME="page_fg2199_1_3"> </A></FONT></P>

<P><FONT SIZE=2>"Person"
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever
nature. </FONT></P>

<P><FONT SIZE=2>"Plan"
is defined in recital&nbsp;A. </FONT></P>

<P><FONT SIZE=2>"PPR
Offer" means the offer to purchase all outstanding Shares that Pinault-Printemps-Redoute&nbsp;S.A. is required to make in March&nbsp;2004 pursuant to the LVMH&#151;Moet Hennessy Louis
Vuitton&nbsp;S.A. settlement agreement dated 9&nbsp;September 2001, if the Shares are then trading at a price below $101.50&nbsp;per share. </FONT></P>

<P><FONT SIZE=2>"Remuneration
Committee" means the remuneration committee of NV as designated from time to time by the Supervisory Board. </FONT></P>


<P><FONT SIZE=2>"SAR"
means share appreciation right, being a right to receive an amount in cash equal to the appreciation in the value of a Share, based upon the valuation criteria set forth herein, but, for the
avoidance of doubt, not including a right in the underlying share. </FONT></P>

<P><FONT SIZE=2>"Shares"
is defined in recital&nbsp;D. </FONT></P>

<P><FONT SIZE=2>"Supervisory
Board" means the Supervisory Board of the Company. </FONT></P>

</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Grant of Option/SAR.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Grant
of Option: The Company grants to the Optionee the Option to acquire, on the terms and conditions hereinafter set forth, all or any part of the number of Shares set forth below
the Optionee's signature on the signature page of this Agreement (the "Option Shares"), at the exercise price set forth below the Optionee's signature on the signature page of this Agreement, being
the closing price of the Shares on the New York Stock Exchange on the date of the </FONT><FONT SIZE=2><B>&laquo;Year&raquo;</B></FONT><FONT SIZE=2> Annual General Meeting (as such amount
may be adjusted in accordance with Section&nbsp;6, the "Exercise Price"). The Company's grant of the above-referenced options was approved and ratified by its shareholders at the </FONT> <FONT SIZE=2><B>&laquo;Year&raquo;</B></FONT><FONT SIZE=2>
Annual General Meeting.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Grant
of SAR: Upon a Conversion Event, the Option shall automatically convert into an SAR, with each Option to purchase one Share converting into one SAR, and any rights to purchase
Shares or any interest therein shall automatically terminate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Exercisability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Optionee's right to exercise the Option or SAR shall vest immediately upon the Effective Date. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Expiration.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option or SAR shall expire upon the tenth anniversary of the Effective Date.
<!-- ZEQ.=3,SEQ=3,EFW="2096661",CP="GUCCI GROUP N.V.",DN="18",CHK=518677,FOLIO='3',FILE='DISK018:[02LON9.02LON2199]FG2199A.;16',USER='JDICKSO',CD='23-JAN-2003;17:26' -->
<A NAME="page_fg2199_1_4"> </A></FONT></P>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option or SAR is personal to the Optionee and shall not be transferable by the Optionee otherwise
than upon the Optionee's death to the Optionee's spouse, child, estate, personal representative, heir or successor or upon the Optionee's death to a trust for the benefit of the Optionee's spouse,
child or heir, and the Option or SAR is exercisable, during the Optionee's lifetime, only by the Optionee or, in the event of the Optionee's Permanent Disability, the Optionee's guardian or legal
representative. More particularly, the Option or SAR may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not
be subject to execution, attachment or similar process. Any actual or attempted assignment, transfer, pledge, hypothecation, execution, attachment or similar process of the Option or SAR (except as
aforesaid) ("Invalid Transfer") shall vest no rights whatsoever in any purported assignee, transferee, pledgee or any other purported beneficiary of the Invalid Transfer other than the Optionee. An
Invalid Transfer shall be void in the hands of any Person other than the Optionee, and neither NV nor the Company shall have any obligation (including, but not limited to, the obligation to issue or
transfer shares or make any distributions) to any Person other than Optionee (except to a permitted transferee under the first sentence of this Section) with respect to the Option or SAR. This
Agreement shall be binding on and enforceable against any Person who is a permitted transferee of the Option or SAR pursuant to the first sentence of this Section. </FONT></P>


<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Shares are changed into or exchanged for a different number or kind of shares or securities, as the
result of any one or more reorganizations, recapitalizations, mergers, acquisitions, stock splits, reverse stock splits, stock dividends or similar events, an appropriate adjustment shall be made in
the number and kind of shares or other securities subject to the Option and the price for each share or other unit of any securities subject to this Agreement, in accordance with Section&nbsp;12 of
the Plan. No fractional interests shall be issued or transferred on account of any such adjustment unless the Committee specifically determines to the contrary; provided, however, that in lieu of
fractional interests, the Optionee, upon the exercise of the Option in whole or part, shall receive cash in an amount equal to the amount by which the fair market value of such fractional interests
exceeds the Exercise Price attributable to such fractional interests. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the Option/SAR.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to a Conversion Event or the expiration of the Option, the Optionee may exercise the
Option in whole or in part. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the expiration of the SAR, the Optionee may exercise the SAR in whole or in part. Upon exercise of an SAR, the Optionee will be entitled to receive a sum of cash equal to the
difference between the (i)&nbsp;the Exercise Date SAR Value ("V<SUB>2</SUB>"), minus (ii)&nbsp;the Grant Date SAR Value ("V<SUB>1</SUB>") multiplied by the number of SARs exercised, minus any
amount payable in accordance with Section&nbsp;16. </FONT></P>

<P><FONT SIZE=2>Grant
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>1</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>B
is the Company's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of the Company outstanding on the date of grant; </FONT></P>


<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of grant of the options that have converted into SARs; and
<!-- ZEQ.=4,SEQ=4,EFW="2096661",CP="GUCCI GROUP N.V.",DN="18",CHK=973516,FOLIO='4',FILE='DISK018:[02LON9.02LON2199]FG2199A.;16',USER='JDICKSO',CD='23-JAN-2003;17:26' -->
<A NAME="page_fg2199_1_5"> </A></FONT></P>

<P><FONT SIZE=2>E
is the Company's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee. </FONT></P>

</UL>

<P><FONT SIZE=2>Exercise
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>2</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>B
is the Company's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of the Company outstanding on the date of exercise; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of exercise of the SARs; and </FONT></P>


<P><FONT SIZE=2>E
is the Company's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
electing to exercise the SAR, the Optionee shall deliver to the Chief Financial Officer of the Company a written and signed notice of such election setting forth the number of SARs
the Optionee has elected to exercise. Within 30&nbsp;days of receipt of such notice of election, the Company shall send to the Optionee, at the address listed below, the sum to which the Optionee is
entitled upon the exercise of such number of SARs as are indicated in the Optionee's notice of election. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Obligation to Resell Option Shares.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Optionee shall be obligated to resell its Option Shares immediately upon the
Optionee's exercise of the Option pursuant to Section&nbsp;7. The Optionee hereby grants a proxy to the Company to sell the Option Shares upon the exercise of the option on behalf of the Optionee.
If the Option Shares are sold pursuant to this proxy, the Company will apply the net proceeds of such sale on behalf of the Optionee. The positive remainder of such net proceeds (if any) will be paid
to the Optionee. </FONT></P>


<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfers of Shares Issuable Upon Exercise.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable laws, and subject to the
restrictions set forth in paragraphs 8 and 10, the Option Shares shall be freely transferable.
<!-- ZEQ.=5,SEQ=5,EFW="2096661",CP="GUCCI GROUP N.V.",DN="18",CHK=159561,FOLIO='5',FILE='DISK018:[02LON9.02LON2199]FG2199A.;16',USER='JDICKSO',CD='23-JAN-2003;17:26' -->
<A NAME="page_fg2199_1_6"> </A></FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Compliance with Legal Requirements.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>No
Option Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the reasonable
opinion of counsel to the Company, been satisfied. Such requirements may include, but are not limited to: (i)&nbsp;registering or qualifying such Option Shares under Italian, Dutch or United States
national, state or local law; (ii)&nbsp;satisfying any applicable law relating to the transfer of unregistered securities or demonstrating the availability of an exemption from applicable laws;
(iii)&nbsp;placing a legend on the Shares to the effect that they were issued or transferred in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the "Act"),
or similar law of other jurisdictions, or may not be transferred other than in reliance upon Rule&nbsp;144 or Rule&nbsp;701 promulgated under the Act, if available, or upon another exemption from
the Act or similar law of other jurisdictions; or (iv)&nbsp;obtaining the consent or approval of any Governmental Authority.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Optionee hereby represents and warrants that, unless a registration statement under the Act is effective as to Option Shares, such Option Shares will be acquired for the
Optionee's (or the Optionee's permitted transferee's) personal account and not with a view to distribution. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;No Interest in Shares Subject to Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Optionee (individually or as a member of a group) nor any beneficiary
or other Person claiming under or through the Optionee shall have any right, title, interest or privilege in or to any Shares or other securities allocated or reserved for the purpose of the Plan or
subject to this Agreement except as to such Option Shares, if any, as shall have been issued or transferred to such Person upon exercise of the Option, except as otherwise provided herein. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Plan Controls.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option and SAR are subject to, and the Company and the Optionee agree to be bound by, all of the terms
and conditions of the Plan as they may be amended from time to time in accordance with the terms thereof, but no such amendment shall be effective as to the Option or SAR without the Optionee's
written consent insofar as it may adversely affect the Optionee's rights under this Agreement. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Not an Employment Contract.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan, this Agreement or any other instrument executed pursuant thereto shall
confer upon the Optionee any right to employment by the Company or any Affiliate or shall affect any legal right of the Company or its shareholders to terminate the membership of the Optionee on the
Supervisory Board. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All terms of and rights under this Agreement shall be governed by and construed in accordance with the laws
of the State of New York. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Taxes.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options, or whenever cash is paid
upon the exercise of SARs, the Remuneration Committee in its discretion may require the Optionee to remit to the Company, prior to the issuance or transfer of such Shares or cash, all or any part of
the amount determined in the Remuneration Committee's discretion to be sufficient to satisfy any tax obligations or, to the extent legally permissible, national insurance and other social security
contributions (whether employees' or employer's), that the Company or its counsel determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established
by the Remuneration Committee or as set forth in the stock option Plan or any agreement, the Optionee may (a)&nbsp;request the Company to withhold delivery of a sufficient number of Shares or a
sufficient amount of the Optionee's compensation or (b)&nbsp;deliver a sufficient number of previously issued Shares or a sufficient amount of cash to satisfy the withholding obligation.
<!-- ZEQ.=6,SEQ=6,EFW="2096661",CP="GUCCI GROUP N.V.",DN="18",CHK=119500,FOLIO='6',FILE='DISK018:[02LON9.02LON2199]FG2199A.;16',USER='JDICKSO',CD='23-JAN-2003;17:26' -->
<A NAME="page_fg2199_1_7"> </A></FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Notices.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests, demands and other communications pursuant to this Agreement shall be in writing and shall
be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party. Notices to the Optionee shall be sent to the address set forth
below the Optionee's signature on the final page hereof or, if no address is indicated thereon, to the address indicated in the Company's employment records. Notices to the Company shall be sent to
the following address: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Gucci
Group N.V.<BR>
Rembrandt Tower<BR>
Amstelplein No.&nbsp;1<BR>
Amsterdam<BR>
The Netherlands<BR>
Attention: Chief Financial Officer </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;Amendments and Waivers.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended, and any provision hereof may be waived, only by a writing signed by
the party to be charged. </FONT></P>

<P><FONT SIZE=2><B>18.&nbsp;&nbsp;Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the Plan, sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and supersedes all prior oral and written and all contemporaneous oral discussions, agreements and understandings of any kind or nature. </FONT></P>

<P><FONT SIZE=2><B>19.&nbsp;&nbsp;Severability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise
unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the
remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. </FONT></P>

<P><FONT SIZE=2><B>20.&nbsp;&nbsp;Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings preceding the text of the sections hereof are inserted solely for convenience of reference and
shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. </FONT></P>


<P><FONT SIZE=2><B>21.&nbsp;&nbsp;Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2><B>22.&nbsp;&nbsp;Further Assurances.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party shall cooperate and take such action as may be reasonably requested by another party in
order to carry out the provisions and purposes of this Agreement. </FONT></P>

<P><FONT SIZE=2><B>23.&nbsp;&nbsp;Remedies.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a breach by any party to this Agreement of its obligations under this Agreement, any party
injured by such breach, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. The provisions of this Agreement shall be specifically enforceable, it being agreed by the parties that the remedy at law, including monetary damages, for breach of any such provision will
be inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. </FONT></P>

<P><FONT SIZE=2><B>24.&nbsp;&nbsp;Binding Effect.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the parties and their respective
permitted successors and assigns.
<!-- ZEQ.=7,SEQ=7,EFW="2096661",CP="GUCCI GROUP N.V.",DN="18",CHK=292119,FOLIO='7',FILE='DISK018:[02LON9.02LON2199]FG2199A.;16',USER='JDICKSO',CD='23-JAN-2003;17:26' -->
<A NAME="page_fg2199_1_8"> </A></FONT></P>

<P><FONT SIZE=2><B>25.&nbsp;&nbsp;Arbitration.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties shall endeavor to settle all disputes by amicable negotiations. Any claim, dispute, disagreement
or controversy that arises among the parties relating to this Agreement that is not amicably settled shall be resolved by arbitration, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Any
such arbitration shall be heard in New York, New York before a panel consisting of one to three arbitrators, each of whom shall be impartial. Upon the written request for
arbitration of either party to commence arbitration hereunder, the parties shall attempt to agree on the number and identity of the arbitrators within 30&nbsp;days of such request. If the parties
fail to agree, the number of arbitrators shall be determined and their appointment shall be made by the American Arbitration Association in accordance with the commercial arbitration rules of the
American Arbitration Association. In determining the number and appropriate background of the arbitrators, the American Arbitration Association shall give due consideration to the issues to be
resolved, but the decision as to the number of arbitrators and their identity shall be final.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>An
arbitration may be commenced by any party to this Agreement by the service of a written request for arbitration upon the other affected parties. Such request for arbitration shall
summarize the controversy or claim to be arbitrated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>All
attorneys' fees and costs of the arbitration shall in the first instance be borne by the respective party incurring such costs and fees, but the arbitrators shall have the
discretion to award costs and attorneys' fees as they deem appropriate under the circumstances. The parties hereby expressly waive punitive damages, and under no circumstances shall an award contain
any amount that in any way reflects punitive damages.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>It
is intended that controversies or claims submitted to arbitration under this Section&nbsp;25 shall remain confidential, and to that end it is agreed by the parties that neither
the facts disclosed in the arbitration, the issues arbitrated nor the views or opinions of any persons concerning them shall be disclosed to third persons at any time, except to the extent necessary
to enforce an award or judgment or as required by law or in response to legal process or in connection with such arbitration.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Any
arbitration under this Section&nbsp;25 shall be conducted pursuant to the commercial arbitration rules of the American Arbitration Association. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>IN
WITNESS WHEREOF, the parties have executed this Agreement as of &laquo;</FONT><FONT SIZE=2><B>Date</B></FONT><FONT SIZE=2>&raquo;. </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: Domenico De Sole<BR>
Title: Chairman of the Management Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TD COLSPAN=2><FONT SIZE=2><B>OPTIONEE</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD COLSPAN=2><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2><BR>
Number of Option Shares: </FONT><FONT SIZE=2><B>&laquo;Shares&raquo;</B></FONT><FONT SIZE=2><BR>
Exercise Price: </FONT><FONT SIZE=2><B>$&laquo;Price&raquo;</B></FONT><FONT SIZE=2> per Option Share</FONT></TD>
</TR>
</TABLE>
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<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
Address:<BR></FONT> <FONT SIZE=2><B>&laquo;Homeadd1&raquo;</B></FONT><BR>
<FONT SIZE=2><B>&laquo;Homeadd2&raquo;</B></FONT><BR>
<FONT SIZE=2><B>&laquo;Homeadd3&raquo;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE></TD>
</TR>
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<P><FONT SIZE=2>
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</FONT></P>

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<BR>
<P><br><A NAME="02LON2199_18">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_fg2199_1">Exhibit 4.17</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_fg2199_2">SHARE OPTION AND SHARE APPRECIATION RIGHT AGREEMENT PURSUANT TO THE GUCCI GROUP N.V. INCENTIVE STOCK OPTION PLAN</A></FONT><BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.18
<SEQUENCE>20
<FILENAME>a2096661zex-4_18.htm
<DESCRIPTION>EX-4.18
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_19">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fn2199_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="fn2199_exhibit_4.18"> </A>
<A NAME="toc_fn2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.18    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fn2199_share_option_and_share_appreciation_right_agreement"> </A>
<A NAME="toc_fn2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>Share Option and Share Appreciation Right Agreement    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Share Option and Share Appreciation Right Agreement (this "Agreement") is made as of </FONT> <FONT SIZE=2><B>&laquo;Date&raquo;</B></FONT><FONT SIZE=2> (the "Effective Date"),
between </FONT><FONT SIZE=2><B>&laquo;Company_Name&raquo;</B></FONT><FONT SIZE=2>
(the "Company"), and </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2> (the "Optionee"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>A.&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the incentive stock option plan (the "Plan") attached hereto as Exhibit&nbsp;1. </FONT></P>

<P><FONT SIZE=2>B.&nbsp;&nbsp;&nbsp;&nbsp;In
connection with services to be rendered by the Optionee to the Company and to encourage the Optionee's contribution to the success and progress of the Company, the Company desires
to grant the Optionee the opportunity to acquire a proprietary interest in the Company's direct or indirect shareholder, Gucci Group N.V., a Netherlands company ("NV"). </FONT></P>


<P><FONT SIZE=2>C.&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Plan, the Remuneration Committee (as defined below) has as of the Effective Date granted to the Optionee an option ("Option") to purchase shares of common stock
of NV (such shares referred to herein as the "Shares"), such Option being convertible under certain circumstances into an SAR (as defined below), according to the terms and conditions of the Plan and
this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGREEMENT  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>1.</B></FONT></DT><DD><FONT SIZE=2><B>Definitions</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the following meanings: </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>"Act"
is defined in Section&nbsp;10. </FONT></P>

<P><FONT SIZE=2>"Affiliate"
of any Person means any other Person Controlling, Controlled by or under common Control with such Person. </FONT></P>

<P><FONT SIZE=2>"Agreement"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Cause"
means termination of the Optionee's employment at the option of the Company because the Optionee (i)&nbsp;has been convicted of, or has pled guilty or </FONT><FONT SIZE=2><I>nolo
contendere</I></FONT><FONT SIZE=2> to a felony or a crime involving moral turpitude, (ii)&nbsp;has embezzled or misappropriated Gucci funds or property, (iii)&nbsp;has continued use of alcohol or
drugs to an extent that interferes with the performance by Optionee of the Optionee's employment responsibilities, or (iv)&nbsp;has violated a material term of employment. </FONT></P>

<P><FONT SIZE=2>"Company"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Comparator
Company" means each of Bulgari, Coach, Hermes, LVMH, Richemont, Polo Ralph Lauren, Tiffany and Tod's, or such other publicly traded luxury goods companies as the Remuneration Committee may
from time to time designate. </FONT></P>

<P><FONT SIZE=2>"Comparator
Enterprise Value/EBITA Ratio" means the average of the Enterprise Value/EBITA ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any
significant distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the Enterprise Value of the
Comparator Company divided by such Comparator Company's EBITA for the twelve months ended at the end of the Comparator Company's most recently completed fiscal quarter.
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<A NAME="page_fn2199_1_2"> </A></FONT></P>

<P><FONT SIZE=2>"Comparator
Price/Earnings Ratio" means the average of the Price/Earnings ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any significant
distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the average market price per share of
Comparator Company shares (determined on the basis of the average closing market price over the 30 trading days preceding its most recently completed fiscal quarter and its average number of shares
outstanding during such 30&nbsp;day period) divided by such Comparator Company's net income per share for the twelve months ended at the end of the most recently completed fiscal quarter (determined
on the basis of its average number of shares outstanding during the 30 trading days preceding its most recently completed fiscal quarter). </FONT></P>

<P><FONT SIZE=2>"Control"
means (i)&nbsp;the ownership by any Person of voting stock (or other ownership interests) enabling such Person to elect a majority of the board of directors (or other governing body) of
any other Person or (ii)&nbsp;the possession of the power, whether by proxy, contract or otherwise, to direct the affairs of such other Person. </FONT></P>


<P><FONT SIZE=2>"Conversion
Event" means the termination of the PPR Offer (including any extension thereof), unless an event described in clause&nbsp;(ii) of the definition of "Vesting Event" has occurred. </FONT></P>

<P><FONT SIZE=2>"EBITA"
means earnings before interest, tax and amortization of goodwill and trademarks. </FONT></P>

<P><FONT SIZE=2>"Effective
Date" is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Enterprise
Value" means the sum of (i)&nbsp;market capitalization (the market price per share of a public company determined on the basis of the average market price of the company shares over the
30 trading days preceding its most recently completed fiscal quarter multiplied by its average number of shares outstanding during such 30&nbsp;day period) plus (ii)&nbsp;net debt (consolidated
total financial indebtedness, including capitalized lease obligations and off-balance sheet items in the nature of financial indebtedness, minus cash and cash equivalents). </FONT></P>

<P><FONT SIZE=2>"Exercise
Price" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Governmental
Authority" means any nation or government, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. </FONT></P>

<P><FONT SIZE=2>"Gucci"
means a group of companies including Gucci Group N.V., and its subsidiaries. </FONT></P>

<P><FONT SIZE=2>"Invalid
Transfer" is defined in Section&nbsp;5. </FONT></P>

<P><FONT SIZE=2>"Not
For Cause" means the termination of the employment of Optionee at the option of the Company at any time for any reason other than on account of death of the Optionee, Permanent Disability, for
Cause, or in connection with a change of Control of the Company after which change of Control the Company is no longer an Affiliate of NV. </FONT></P>

<P><FONT SIZE=2>"NV"
is defined in recital B. </FONT></P>

<P><FONT SIZE=2>"Option"
is defined in recital C. </FONT></P>

<P><FONT SIZE=2>"Optionee"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Option
Shares" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"PPR
Offer" means the offer to purchase all outstanding Shares that Pinault-Printemps-Redoute S.A. is required to make in March&nbsp;2004 pursuant to the LVMH&#151;Moet Hennessy Louis Vuitton
S.A. settlement agreement dated 9 September&nbsp;2001, if the Shares are then trading at a price below $101.50 per share.
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<A NAME="page_fn2199_1_3"> </A></FONT></P>

<P><FONT SIZE=2>"Permanent
Disability" means if, while employed by the Company or an Affiliate of the Company, the Optionee becomes physically or mentally incapacitated or disabled so that (i)&nbsp;the Optionee is
substantially unable to perform the same services as the Optionee performed prior to incurring such incapacity or disability, to devote the Optionee's full working time or use the Optionee's best
efforts to advance the business and welfare of Gucci, or otherwise to perform the Optionee's duties under this Agreement and (ii)&nbsp;such condition exists for an aggregate of 180&nbsp;days in
any 12 consecutive calendar month period (the Company, at its option and expense, being entitled to retain a physician reasonably acceptable to the Optionee to confirm the existence of such incapacity
or disability, and the determination of such physician being binding upon the Company and Optionee). </FONT></P>

<P><FONT SIZE=2>"Person"
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever
nature. </FONT></P>

<P><FONT SIZE=2>"Plan"
is defined in recital A. </FONT></P>

<P><FONT SIZE=2>"Remuneration
Committee" means the remuneration committee of NV as designated from time to time by the Supervisory Board. </FONT></P>

<P><FONT SIZE=2>"Retirement"
means the Optionee's retirement from employment with the Company in accordance with the Company's retirement policy then in effect. The Optionee's Retirement shall not constitute
resignation from employment with the Company. </FONT></P>

<P><FONT SIZE=2>"SAR"
means share appreciation right, being a right to receive an amount in cash equal to the appreciation in the value of a Share, based upon the valuation criteria set forth herein, but, for the
avoidance of doubt, not including a right in the underlying share. </FONT></P>

<P><FONT SIZE=2>"Section&nbsp;16
Amount" is defined in Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>"Shares"
is defined in recital C. </FONT></P>

<P><FONT SIZE=2>"Supervisory
Board" means the Supervisory Board of NV. </FONT></P>

<P><FONT SIZE=2>"Termination
Date" means the date on which the Optionee ceases to be employed by the Company (unless such cessation of employment is due to Optionee's becoming employed by an Affiliate of the Company)
for any reason, or the date on which the Company ceases to be an Affiliate of NV. </FONT></P>

<P><FONT SIZE=2>"Vesting
Event" means either of the following events: (i)&nbsp;on any 10 trading days on which the aggregate volume of shares traded on the New York Stock Exchange and on Euronext exceeds 100,000,
the average of the opening and closing prices on such exchanges exceeds $101.50, or (ii)&nbsp;on termination of the PPR Offer, either more than 15,000,000 shares (equitably adjusted for any
recapitalization transaction) or more than 15% of the then outstanding shares have not been tendered and accepted for payment by Pinault-Printemps-Redoute S.A.

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<A NAME="page_fn2199_1_4"> </A></FONT></P>

</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Grant of Option/SAR</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(a)</B></FONT></DT><DD><FONT SIZE=2>Grant of Option: The Company grants to the Optionee the Option to acquire, on the terms and conditions hereinafter set forth, all or
any part of the number of Shares set forth below the Optionee's signature on the signature page of this Agreement (the "Option Shares"), at the exercise price set forth below the Optionee's name on
the signature page of this Agreement, being the average of the closing prices on the New York Stock Exchange for one of the Shares over the 30 calendar days prior to the date of this Agreement (as
such amount may be adjusted in accordance with Section&nbsp;6, the "Exercise Price"). The Optionee has the right and option, but not the obligation, to acquire the Option Shares at a price up to the
minimum acquisition price required by the Italian tax law in order to comply with provisions of Art. 48(2)gbis of D.P.R. dated 22 December&nbsp;1986, No.&nbsp;917 (as such amount may be adjusted
in accordance with Section&nbsp;6) if such price is higher than the Exercise Price as defined in the last sentence.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>(b)</B></FONT></DT><DD><FONT SIZE=2>Grant of SAR: Upon a Conversion Event, the Option shall automatically convert into an SAR, with each Option to purchase one Share
converting into one SAR, and any rights to purchase Shares or any interest therein shall automatically terminate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Exercisability</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Option shall not be exercisable on the Effective Date. Subject to Section&nbsp;4, the Optionee's
right to exercise the Option shall not vest until the first to occur of a Vesting Event or a Conversion Event. Upon the occurrence of a Vesting Event, 20% of the Options shall vest on each anniversary
of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date precedes the date of the Vesting Event. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the conversion into an SAR, 20% of the SARs will vest on each anniversary of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date
precedes the date of the Conversion Event. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Expiration.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
vested portion of the Option or SAR shall expire upon the 10th anniversary of the Effective Date; provided, however, that if the Optionee ceases to be employed by the Company
prior to such anniversary, the portion of the Option or SAR that is vested as of the Termination Date shall expire upon:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
first anniversary of the Termination Date if the Optionee ceases to be employed by the Company due to Retirement, death or Permanent Disability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
Termination Date if the Optionee is terminated from employment for Cause; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>the
date that is 180&nbsp;days after the Termination Date if the Optionee ceases to be employed by the Company due to resignation for any reason or termination Not For Cause, or
if the Company ceases to be an Affiliate of NV. </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
unvested portion of the Option or SAR shall expire upon the Termination Date unless:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Company terminates the Optionee Not For Cause, in which case the unvested portion of the Option or SAR shall vest on the later to occur of (A)&nbsp;the Termination Date and
(B)&nbsp;a Vesting Event or a Conversion Event and the Option or SAR shall expire on the earlier of the 10th anniversary of the Effective Date or the date that is 180&nbsp;days after the
Termination Date, or </FONT><P><FONT SIZE=2>
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<A NAME="page_fn2199_1_5"> </A></FONT></P>

</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
employment of the Optionee is terminated on account of death of the Optionee, in which case the Optionee's right to exercise the Option or SAR shall vest as if the Termination
Date were the last date of the fiscal year and shall expire on the earlier of the 10th anniversary of the Effective Date or the first anniversary of the Termination Date. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Option or SAR is personal to the Optionee and shall not be transferable by the Optionee otherwise
than upon the Optionee's death to the Optionee's spouse, child, estate, personal representative, heir or successor or upon the Optionee's death to a trust for the benefit of the Optionee's spouse,
child or heir, and the Option or SAR is exercisable, during the Optionee's lifetime, only by the Optionee or, in the event of the Optionee's Permanent Disability, the Optionee's guardian or legal
representative. More particularly, the Option or SAR may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not
be subject to execution, attachment or similar process. Any actual or attempted assignment, transfer, pledge, hypothecation, execution, attachment or similar process of the Option or SAR (except as
aforesaid) ("Invalid Transfer") shall vest no rights whatsoever in any purported assignee, transferee, pledgee or any other purported beneficiary of the Invalid Transfer other than the Optionee. An
Invalid Transfer shall be void in the hands of any Person other than the Optionee, and neither NV nor the Company shall have any obligation (including, but not limited to, the obligation to issue or
transfer shares or make any distributions) to any Person other than Optionee (except to a permitted transferee under the first sentence of this Section) with respect to the Option or SAR. This
Agreement shall be binding on and enforceable against any Person who is a permitted transferee of the Option or SAR pursuant to the first sentence of this Section. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Shares are changed into or exchanged for a different number or kind of shares or securities, as the
result of any one or more reorganizations, recapitalizations, mergers, acquisitions, stock splits, reverse stock splits, stock dividends or similar events, an appropriate adjustment shall be made in
the number and kind of shares or other securities subject to the Option or SAR and the price for each share or other unit of any securities subject to this Agreement, in accordance with the terms of
the Plan. No fractional interests shall be issued or transferred on account of any such adjustment unless the Committee specifically determines to the contrary; provided, however, that in lieu of
fractional interests, the Optionee, upon the exercise of the Option in whole or part, shall receive cash in an amount equal to the amount by which the fair market value of such fractional interests
exceeds the Exercise Price attributable to such fractional interests. In addition, each such adjustment shall be made in such manner as not to constitute a "modification" within the meaning of
Section&nbsp;424(h)(3) of the United States Internal Revenue Code of 1986. Any such adjustment made by the Committee shall be final and binding upon the Optionee, the Company and all interested
persons.
<!-- ZEQ.=5,SEQ=5,EFW="2096661",CP="GUCCI GROUP N.V.",DN="19",CHK=508553,FOLIO='5',FILE='DISK018:[02LON9.02LON2199]FN2199A.;39',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
<A NAME="page_fn2199_1_6"> </A></FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to a Conversion Event and to the expiration of the Option, the Optionee may exercise the
vested portion of the Option from time to time in whole or in part. Upon electing to exercise the Option, the Optionee shall deliver to the Chief Financial Officer of the Company a written and signed
notice of such election setting forth the number of Option Shares the Optionee has elected to acquire. Within three days of such election, unless otherwise instructed by the Committee (as defined in
the Plan) as described herein, the Optionee shall tender cash (by wire transfer or otherwise) or a cashier's or certified bank check payable to the order of NV for the full Exercise Price of such
Option Shares and any amount required pursuant to Section&nbsp;16 (the "Section&nbsp;16 Amount"). The Committee may, within two days of receiving the Optionee's election to exercise the Option,
send written notice to the Optionee instructing the Optionee either (a)&nbsp;to pay the entire Exercise Price and Section&nbsp;16 Amount directly to NV or directly to the Company or (b)&nbsp;to
pay a portion of the Exercise Price and Section&nbsp;16 Amount directly to NV and the remainder of such Exercise Price and Section&nbsp;16 Amount directly to the Company. Within two days of
receiving such written instructions, the Optionee shall comply with such instructions by tendering cash (by wire transfer or otherwise) or a cashier's check or certified bank check to the appropriate
recipient(s) designated in such instructions. No Option Shares shall be issued or transferred to the Optionee until the full amount due from the Optionee is paid as described above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee further may, in its discretion, permit payment of the Exercise Price and the Section&nbsp;16 Amount in such form or in such manner as may be permissible under the Plan
and under any applicable law. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the SAR</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Vested SARs may be exercised quarterly during the third month after the close of the fiscal quarter.
Results for such quarter will be determined by management and communicated to the SAR holders by the last day of the second month after the close of the fiscal quarter. Upon exercise, the holder of
the SAR will be entitled to receive a sum of cash equal to the difference between the (i)&nbsp;the Exercise Date SAR Value ("V<SUB>2</SUB>"), minus (ii)&nbsp;the Grant Date SAR Value
("V<SUB>1</SUB>") multiplied by the number of SARs exercised, minus any applicable Section&nbsp;16 Amount. </FONT></P>

<P><FONT SIZE=2>Grant
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>1</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>B
is NV's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of NV outstanding on the date of grant; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of grant of the options that have converted into SARs; and </FONT></P>

<P><FONT SIZE=2>E
is NV's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee.
<!-- ZEQ.=6,SEQ=6,EFW="2096661",CP="GUCCI GROUP N.V.",DN="19",CHK=70675,FOLIO='6',FILE='DISK018:[02LON9.02LON2199]FN2199A.;39',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
<A NAME="page_fn2199_1_7"> </A></FONT></P>

</UL>

<P><FONT SIZE=2>Exercise
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>2</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>B
is NV's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of NV outstanding on the date of exercise; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of exercise of the SARs; and </FONT></P>


<P><FONT SIZE=2>E
is NV's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
electing to exercise the SAR, the Optionee shall deliver to the Chief Financial Officer of the Company a written and signed notice of such election setting forth the number of SARs
the Optionee has elected to exercise. Within 30&nbsp;days of receipt of such notice of election, the Company shall send to the Optionee, at the address listed below, the sum to which the Optionee is
entitled upon the exercise of such number of SARs as are indicated in the Optionee's notice of election. </FONT></P>


<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfers of Shares Issuable Upon Exercise</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable laws, the Option Shares
shall be freely transferable. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Compliance with Legal Requirements.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>No
Option Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the reasonable
opinion of counsel to the Company, been satisfied. Such requirements may include, but are not limited to: (i)&nbsp;registering or qualifying such Option Shares under Italian, Dutch or United States
national, state or local law; (ii)&nbsp;satisfying any applicable law relating to the transfer of unregistered securities or demonstrating the availability of an exemption from applicable laws;
(iii)&nbsp;placing a legend on the Shares to the effect that they were issued or transferred in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the "Act"),
or similar law of other jurisdictions, and may not be transferred other than in reliance upon Rule&nbsp;144 or Rule&nbsp;701 promulgated under the Act, if available, or upon another exemption from
the Act or similar law of other jurisdictions; or (iv)&nbsp;obtaining the consent or approval of any Governmental Authority.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Optionee hereby represents and warrants that, unless a registration statement under the Act is effective as to Option Shares, such Option Shares will be acquired for the
Optionee's (or the Optionee's permitted transferee's) personal account and not with a view to distribution. </FONT><P><FONT SIZE=2>
<!-- ZEQ.=7,SEQ=7,EFW="2096661",CP="GUCCI GROUP N.V.",DN="19",CHK=325846,FOLIO='7',FILE='DISK018:[02LON9.02LON2199]FN2199A.;39',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
<A NAME="page_fn2199_1_8"> </A></FONT></P>

</DD></DL>
</UL>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;No Interest in Shares Subject to Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Optionee (individually or as a member of a group) nor any beneficiary
or other Person claiming under or through the Optionee shall have any right, title, interest or privilege in or to any Shares or other securities allocated or reserved for the purpose of the Plan or
subject to this Agreement except as to such Option Shares, if any, as shall have been issued or transferred to such Person upon exercise of this Option, except as otherwise provided herein. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Plan Controls and Amendments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and SARs hereby granted by this Agreement are subject to, and the Company and the
Optionee agree to be bound by, all of the terms and conditions of the Plan, as it may be amended from time to time in accordance with the terms thereof. The Supervisory Board (and its Remuneration
Committee) shall have the right to amend the terms set forth in this Agreement, or in any option plan or agreement, as it may in its discretion deem necessary or appropriate; provided, however,
amendments resulting in economic rights materially less favorable than those contained in this Agreement shall require the consent of the Optionee, such consent to be in writing. Without limiting the
foregoing, the Supervisory Board (and its Remuneration Committee) may elect at any time to replace the SARs with alternative mechanisms (such as option puts) where deemed desirable to enhance the tax
efficiency of the option plan in any particular jurisdiction. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Independent Advisors</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In making any determination, including but not limited to the determination of a Grant Date SAR
Value or an Exercise Date SAR Value, the Remuneration Committee shall be entitled to rely on such independent advisors as the Remuneration Committee shall select in its discretion. </FONT></P>


<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Not an Employment Contract.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan, this Agreement or any other instrument executed pursuant thereto shall
confer upon the Optionee any right to employment with the Company, NV or any Affiliate or shall affect the right of the Company, NV or any Affiliate to terminate the employment of the Optionee for
Cause or Not For Cause. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All terms of and rights under this Agreement shall be governed by and construed in accordance with the law
of the State of New York, without giving effect to principles of conflicts of law. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Taxes.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options, or whenever cash is paid
upon the exercise of SARs, the Remuneration Committee in its discretion may require the Optionee to remit to the Company, prior to the issuance or transfer of such Shares or cash, all or any part of
the amount determined in the Remuneration Committee's discretion to be sufficient to satisfy any tax obligations or, to the extent legally permissible, national insurance and other social security
contributions (whether employees' or employer's), that the Company or its counsel determines may arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established
by the Remuneration Committee or as set forth in the stock option Plan or any agreement, the Optionee may (a)&nbsp;request the Company to withhold delivery of a sufficient number of Shares or a
sufficient amount of the Optionee's compensation or (b)&nbsp;deliver a sufficient number of previously issued Shares or a sufficient amount of cash to satisfy the withholding obligation. </FONT></P>


<P><FONT SIZE=2><B>17.&nbsp;&nbsp;Notices.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests, demands and other communications pursuant to this Agreement shall be in writing and shall
be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party. Notices to the Company shall be sent to the attention of the
Chief Financial Officer at the Company's registered address. Notices to the Optionee shall be sent to the address set forth below the Optionee's signature on the final page hereof or, if no address is
indicated thereon, to the address indicated in the Company's employment records.
<!-- ZEQ.=8,SEQ=8,EFW="2096661",CP="GUCCI GROUP N.V.",DN="19",CHK=232465,FOLIO='8',FILE='DISK018:[02LON9.02LON2199]FN2199A.;39',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
<A NAME="page_fn2199_1_9"> </A></FONT></P>

<P><FONT SIZE=2><B>18.&nbsp;&nbsp;Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the Plan, sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and supersedes all prior oral and written and all contemporaneous oral discussions, agreements and understandings of any kind or nature. </FONT></P>

<P><FONT SIZE=2><B>19.&nbsp;&nbsp;Severability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise
unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the
remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. </FONT></P>

<P><FONT SIZE=2><B>20.&nbsp;&nbsp;Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings preceding the text of the sections hereof are inserted solely for convenience of reference and
shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. </FONT></P>

<P><FONT SIZE=2><B>21.&nbsp;&nbsp;Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2><B>22.&nbsp;&nbsp;Further Assurances.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party shall cooperate and take such action as may be reasonably requested by another party in
order to carry out the provisions and purposes of this Agreement. </FONT></P>

<P><FONT SIZE=2><B>23.&nbsp;&nbsp;Remedies.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a breach by any party to this Agreement of its obligations under this Agreement, any party
injured by such breach, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. This Agreement shall be specifically enforceable, it being agreed by the parties that the remedy at law, including monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. </FONT></P>

<P><FONT SIZE=2><B>24.&nbsp;&nbsp;Binding Effect.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
permitted successors and assigns. </FONT></P>

<P><FONT SIZE=2><B>25.&nbsp;&nbsp;Arbitration</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The parties shall endeavor to settle all disputes by amicable negotiations. Any claim, dispute, disagreement
or controversy that arises among the parties relating to this Agreement that is not amicably settled shall be resolved by arbitration, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Any
such arbitration shall be heard in New York, New York, before a panel consisting of one to three arbitrators, each of whom shall be impartial. Upon the written request for
arbitration of either party hereto to commence arbitration hereunder, the parties shall attempt to agree on the number and identity of the arbitrators within 30&nbsp;days of such request. If the
parties fail to agree, the number of arbitrators shall be determined and their appointment shall be made by the American Arbitration Association in accordance with the commercial arbitration rules of
the American Arbitration Association. In determining the number and appropriate background of the arbitrators, the American Arbitration Association shall give due consideration to the issues to be
resolved, but the decision as to the number of arbitrators and their identity shall be final.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>An
arbitration may be commenced by any party to this Agreement by the service of a written request for arbitration upon the other affected parties. Such request for arbitration shall
summarize the controversy or claim to be arbitrated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>All
attorneys' fees and costs of the arbitration shall in the first instance be borne by the respective party incurring such costs and fees, but the arbitrators shall have the
discretion to award costs and/or attorneys' fees as they deem appropriate under the circumstances. The parties hereby expressly waive punitive damages, and under no circumstances shall an award
contain any amount that in any way reflects punitive damages. </FONT><P><FONT SIZE=2>
<!-- ZEQ.=9,SEQ=9,EFW="2096661",CP="GUCCI GROUP N.V.",DN="19",CHK=480474,FOLIO='9',FILE='DISK018:[02LON9.02LON2199]FN2199A.;39',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
<A NAME="page_fn2199_1_10"> </A></FONT></P>

</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>It
is intended that controversies or claims submitted to arbitration under this Section&nbsp;25 shall remain confidential, and to that end it is agreed by the parties that neither
the facts disclosed in the arbitration, the issues arbitrated nor the views or opinions of any persons concerning them shall be disclosed to third persons at any time, except to the extent necessary
to enforce an award or judgment or as required by law or in response to legal process or in connection with such arbitration.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Any
arbitration under this Section&nbsp;25 shall be conducted pursuant to the commercial arbitration rules of the American Arbitration Association. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>26.&nbsp;&nbsp;Special Provisions for U.S. Taxpayers</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Optionee acknowledges that, to the extent that (1)&nbsp;the exercise price
for each Option granted hereunder is less than 100% of the fair market value of the Shares on the date such Option is granted; (2)&nbsp;if an Incentive Stock Option is granted to a Participant who
on the date of grant is treated under Section&nbsp;424(d) of the Code as owning stock (not including stock acquirable under outstanding options) possessing more than 10% of the total combined voting
power of all classes of the Company's stock, its parent corporation's stock, and its subsidiary corporations' stock, the exercise price is less than 110% of the fair market value of the Shares on the
date such Incentive Stock Option is granted; or (3)&nbsp;the aggregate fair market value of stock with respect to which </FONT><FONT SIZE=2><I>"incentive stock options"</I></FONT><FONT SIZE=2>
(within the meaning of Section&nbsp;422 of the Code, but without regard to Section&nbsp;422(d) of the Code), including the Option, are exercisable for the first time by the Optionee during any
calendar year (under the Plan and all other incentive stock option plans of the Company, NV or any subsidiary of NV) exceeds $100,000, such options shall not qualify under Section&nbsp;422 of the
Code and shall be taxed as non-qualified options. The Optionee further acknowledges that the rule set forth in the preceding sentence shall be applied by taking options into account in the
order in which they were granted. For purposes of these rules, the fair market value of the shares shall be determined at the time the option with respect to such shares is granted. The Optionee
further understands and acknowledges that, in order for the Option to be eligible for tax treatment as an incentive stock option under the Code, among other things, the Optionee must be an employee of
the Company and may not dispose of the Option Shares within the later of (i)&nbsp;two years after the Grant Date or (ii)&nbsp;one year after the date on which such Option Shares were acquired by
the Optionee. "Grant Date" means, for purposes of Section&nbsp;422 of the Code, the Effective Date. "Code" means the United States Internal Revenue Code of 1986, as amended. </FONT></P>

<P><FONT SIZE=2>IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. </FONT></P>

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<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>&laquo;COMPANY_NAME&raquo;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name:<BR>
Title:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE><FONT SIZE=2> Optionee:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2><BR>
Number of Option Shares: </FONT><FONT SIZE=2><B>&laquo;Shares&raquo;</B></FONT><FONT SIZE=2><BR>
Exercise Price: </FONT><FONT SIZE=2><B>$&laquo;Price&raquo;</B></FONT></TD>
</TR>
</TABLE>
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<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>ACKNOWLEDGED
AND AGREED TO: </FONT></P>

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<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" VALIGN="TOP"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><HR NOSHADE></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2>Name: Domenico De Sole<BR>
Title: Chairman of the Management Board</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>
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</FONT></P>

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<BR>
<P><br><A NAME="02LON2199_19">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_fn2199_1">Exhibit 4.18</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_fn2199_2">Share Option and Share Appreciation Right Agreement</A></FONT><BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.19
<SEQUENCE>21
<FILENAME>a2096661zex-4_19.htm
<DESCRIPTION>EX-4.19
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_20">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_dx2199_1_84"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="dx2199_exhibit_4.19"> </A>
<A NAME="toc_dx2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.19    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dx2199_agreement_pursuant_to_the_amen__agr05383"> </A>
<A NAME="toc_dx2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT PURSUANT TO THE<BR>  AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN<BR>  FOR EMPLOYEES OF THE FRENCH SUBSIDIARIES OF<BR>  GUCCI GROUP N.V.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement Pursuant to the Amended and Restated Incentive Stock Option Plan for Employees of the French Subsidiaries of Gucci Group N.V. (this "Agreement") is
made as of </FONT><FONT SIZE=2><B>&laquo;Date&raquo;</B></FONT><FONT SIZE=2> (the "Effective Date"), between Gucci Group N.V., a company established under the laws of the Netherlands
("NV"), and </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2> (the "Optionee"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;NV
has adopted the Amended and Restated Incentive Stock Option Plan for Employees of the French Subsidiaries of Gucci Group N.V. (the "Plan"), a copy of which is attached
as Exhibit&nbsp;1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;In
connection with services rendered or to be rendered by the Optionee to a French subsidiary of NV (hereinafter, the "Employer") and to encourage the Optionee's
contribution to the success and progress of the NV group, NV desires to grant the Optionee the opportunity to acquire a proprietary interest in its shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Plan, the Supervisory Board acting upon recommendation of the Remuneration Committee (as defined below) has as of the Effective Date granted to the
Optionee an option to purchase shares of common stock of NV (such shares referred to herein as the "Shares"), such Option being convertible under certain circumstances into an SAR (as defined below)
subject to the terms and conditions of the Plan and this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGREEMENT  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the following meanings: </FONT></P>

<UL>

<P><FONT SIZE=2>"Act"
is defined in Section&nbsp;9. </FONT></P>

<P><FONT SIZE=2>"Affiliate"
of any Person means any other Person Controlling, Controlled by or under common Control with such Person. </FONT></P>

<P><FONT SIZE=2>"Agreement"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Cause"
means termination of the Optionee's employment at the option of the Employer because the Optionee (i)&nbsp;has been convicted of, or has pled guilty or </FONT><FONT SIZE=2><I>nolo
contendere</I></FONT><FONT SIZE=2> to a felony or a crime involving moral turpitude, (ii)&nbsp;has embezzled or misappropriated Gucci funds or property, (iii)&nbsp;has continued use of alcohol or
drugs to an extent that interferes with the performance by Optionee of the Optionee's employment responsibilities, or (iv)&nbsp;has violated a material term of employment. </FONT></P>


<P><FONT SIZE=2>"Comparator
Company" means each of Bulgari, Coach, Hermes, LVMH, Richemont, Polo Ralph Lauren, Tiffany and Tod's, or such other publicly traded luxury goods companies as the Remuneration Committee may
from time to time designate. </FONT></P>

<P><FONT SIZE=2>"Comparator
Enterprise Value/EBITA Ratio" means the average of the Enterprise Value/EBITA ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any
significant distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the Enterprise Value of the
Comparator Company divided by such Comparator Company's EBITA for the twelve months ended at the end of the Comparator Company's most recently completed fiscal quarter.

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<A NAME="page_dx2199_1_85"> </A></FONT></P>

<P><FONT SIZE=2>"Comparator
Price/Earnings Ratio" means the average of the Price/Earnings ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any significant
distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the average market price per share of
Comparator Company shares (determined on the basis of the average closing market price over the 30 trading days preceding its most recently completed fiscal quarter and its average number of shares
outstanding during such 30&nbsp;day period) divided by such Comparator Company's net income per share for the twelve months ended at the end of the most recently completed fiscal quarter (determined
on the basis of its average number of shares outstanding during the 30 trading days preceding its most recently completed fiscal quarter). </FONT></P>

<P><FONT SIZE=2>"Control"
means (i)&nbsp;the ownership by any Person of voting stock (or other ownership interests) enabling such Person to elect a majority of the board of directors (or other governing body) of
any other Person or (ii)&nbsp;the possession of the power, whether by proxy, contract or otherwise, to direct the affairs of such other Person. </FONT></P>

<P><FONT SIZE=2>Conversion
Event" means the termination of the PPR Offer (including any extension thereof), unless an event described in clause&nbsp;(ii) of the definition of "Vesting Event" has occurred. </FONT></P>


<P><FONT SIZE=2>"EBITA"
means earnings before interest, tax and amortization of goodwill and trademarks. </FONT></P>

<P><FONT SIZE=2>"Effective
Date" is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Employer"
is defined in Recital B. </FONT></P>

<P><FONT SIZE=2>"Enterprise
Value" means the sum of (i)&nbsp;market capitalization (the market price per share of a public company determined on the basis of the average market price of the company shares over the
30 trading days preceding its most recently completed fiscal quarter multiplied by its average number of shares outstanding during such 30&nbsp;day period) plus (ii)&nbsp;net debt (consolidated
total financial indebtedness, including capitalized lease obligations and off-balance sheet items in the nature of financial indebtedness, minus cash and cash equivalents). </FONT></P>


<P><FONT SIZE=2>"Exercise
Price" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Governmental
Authority" means any nation or government, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. </FONT></P>

<P><FONT SIZE=2>"Gucci"
means a group of companies including Gucci Group N.V., and its subsidiaries. </FONT></P>

<P><FONT SIZE=2>"Invalid
Transfer" is defined in Section&nbsp;5. </FONT></P>

<P><FONT SIZE=2>"Not
For Cause" means the termination of the employment of Optionee at the option of the Employer at any time for any reason other than on account of death of the Optionee, Permanent Disability, for
Cause, or in connection with a change of Control of the Employer after which change of Control the Employer is no longer an Affiliate of NV. </FONT></P>

<P><FONT SIZE=2>"NV"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Option"
is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Optionee"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Option
Shares" is defined in Section&nbsp;2.
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<A NAME="page_dx2199_1_86"> </A></FONT></P>

<P><FONT SIZE=2>"Permanent
Disability" means if, while employed by the Employer or any Affiliate of NV, the Optionee becomes physically or mentally incapacitated or disabled so that (i)&nbsp;the Optionee is
substantially unable to perform the same services as the Optionee performed prior to incurring such incapacity or disability, to devote the Optionee's full working time or use the Optionee's best
efforts to advance the business and welfare of Gucci, or otherwise to perform the Optionee's duties to the Employer and (ii)&nbsp;such condition exists for an aggregate of 180&nbsp;days in any 12
consecutive calendar month period (NV, at its option and expense, being entitled to retain a physician reasonably acceptable to the Optionee to confirm the existence of such incapacity or disability,
and the determination of such physician being binding upon NV and Optionee). </FONT></P>


<P><FONT SIZE=2>"Person"
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever
nature. </FONT></P>

<P><FONT SIZE=2>"Plan"
is defined in recital A. </FONT></P>

<P><FONT SIZE=2>"PPR
Offer" means the offer to purchase all outstanding Shares that Pinault-Printemps-Redoute S.A. is required to make in March&nbsp;2004 pursuant to the LVMH&#151;Moet Hennessy Louis Vuitton
S.A. settlement agreement dated 9&nbsp;September 2001, if the Shares are then trading at a price below $101.50 per share. </FONT></P>

<P><FONT SIZE=2>"Remuneration
Committee" means the remuneration committee of NV as designated from time to time by the Supervisory Board and which is referred to in the Plan as the "Committee". </FONT></P>


<P><FONT SIZE=2>"Retirement"
means the Optionee's retirement from employment with the Employer in accordance with the Employer's retirement policy then in effect. The Optionee's Retirement shall not constitute
resignation from employment with the Employer. </FONT></P>

<P><FONT SIZE=2>"SAR"
means share appreciation right, being a right to receive an amount in cash equal to the appreciation in the value of a Share, based upon the valuation criteria set forth herein, but, for the
avoidance of doubt, not including a right in the underlying share. </FONT></P>

<P><FONT SIZE=2>"Section&nbsp;16
Amount" is defined in Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>"Shares"
is defined in recital C. </FONT></P>


<P><FONT SIZE=2>"Supervisory
Board" means the Supervisory Board of NV. </FONT></P>

<P><FONT SIZE=2>"Termination
Date" means the date on which the Optionee ceases to be employed by the Employer (unless such cessation of employment is due to Optionee's becoming employed by an Affiliate of the
Employer) for any reason, or the date on which the Employer ceases to be an Affiliate of NV. </FONT></P>

<P><FONT SIZE=2>"Vesting
Event" means either of the following events: (i)&nbsp;on any 10 trading days on which the aggregate volume of shares traded on the New York Stock Exchange and on Euronext exceeds 100,000,
the average of the opening and closing prices on such exchanges exceeds $101.50, or (ii)&nbsp;on termination of the PPR Offer, either more than 15,000,000 shares (equitably adjusted for any
recapitalization transaction) or more than 15% of the then outstanding shares have not been tendered and accepted for payment by Pinault-Printemps-Redoute S.A. </FONT></P>

</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Grant of Option/SAR</B></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Grant
of Option:&nbsp;&nbsp;&nbsp;&nbsp;NV grants to the Optionee the option (the "Option") to acquire, on the terms and conditions hereinafter set forth, all or any part of the
number of Shares set forth below the Optionee's signature on the signature page of this Agreement (the "Option Shares"), at the exercise price set forth below the Optionee's name on the signature page
of this Agreement, being the higher of
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<A NAME="page_dx2199_1_87"> </A></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
average of the closing price on the New York Stock Exchange for the Shares over the thirty (30)&nbsp;calendar days prior to the date of grant of the Option; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;95%
of the average trading price for the Shares on the Amsterdam Stock Exchange for the twenty (20)&nbsp;trading days prior to the date of grant of the Option; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
per Share nominal value of the Shares subject to the Option, </FONT></P>

<P><FONT SIZE=2>(as
such amount may be adjusted in accordance with Section&nbsp;6, the "Exercise Price"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Grant
of SAR:&nbsp;&nbsp;&nbsp;&nbsp;Upon a Conversion Event, the Option shall automatically convert into an SAR, with each Option to purchase one Share converting into one SAR,
and any rights to purchase Shares or any interest therein shall automatically terminate. </FONT></P>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Exercisability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option shall not be exercisable on the Effective Date. Subject to Section&nbsp;4, the Optionee's
right to exercise the Option shall not vest until the first to occur of a Vesting Event or a Conversion Event. Upon the occurrence of a Vesting Event, 20% of the Options shall vest on each anniversary
of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective date precedes the date of the Vesting Event. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the conversion into an SAR, 20% of the SARs will vest on each anniversary of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date
precedes the date of the Conversion Event. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Expiration.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided with respect to Options transferred at death in Section&nbsp;5: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
vested portion of the Option or SAR shall expire upon the 10th anniversary of the Effective Date; provided, however, that if the Optionee ceases to be employed by the Employer
prior to such anniversary, the portion of the Option or SAR that is vested as of the Termination Date shall expire upon:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
first anniversary of the Termination Date if the Optionee ceases to be employed by the Employer due to Retirement, death or Permanent Disability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
Termination Date if the Optionee is terminated from employment for Cause; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>the
date that is 180&nbsp;days after the Termination Date if the Optionee ceases to be employed by the Employer due to resignation for any reason or
termination Not For Cause, or if the Employer ceases to be an Affiliate of NV. </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
unvested portion of the Option or SAR shall expire upon the Termination Date unless:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Employer terminates the Optionee Not For Cause, in which case the unvested portion of the Option or SAR shall vest on the later to occur of
(A)&nbsp;the Termination Date and (B)&nbsp;a Vesting Event or a Conversion Event, and the Option shall expire on the earlier of the 10th anniversary of the Effective Date or the date that is
180&nbsp;days after the Termination Date, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
employment of the Optionee is terminated on account of death of the Optionee, in which case the Optionee's right to exercise the Option or SAR
shall vest as if the Termination Date were the last date of the fiscal year and shall expire on the earlier of the 10th anniversary of the Effective Date or the first anniversary of the Termination
Date, provided that in no event shall such right expire prior to the date which is six (6)&nbsp;months after the Optionee's death. </FONT><P><FONT SIZE=2>
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<A NAME="page_dx2199_1_88"> </A></FONT></P>

</DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option or SAR is personal to the Optionee and shall not be transferable by the Optionee otherwise
than upon the Optionee's death to the Optionee's spouse, child, estate, personal representative, heir or successor or upon the Optionee's death to a trust for the benefit of the Optionee's spouse,
child or heir, and the Option or SAR is exercisable, during the Optionee's lifetime, only by the Optionee or, in the event of the Optionee's Permanent Disability, the Optionee's guardian or legal
representative. More particularly, the Option or SAR may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not
be subject to execution, attachment or similar process. Any actual or attempted assignment, transfer, pledge, hypothecation, execution, attachment or similar process of the Option or SAR (except as
aforesaid) ("Invalid Transfer") shall vest no rights whatsoever in any purported assignee, transferee, pledgee or any other purported beneficiary of the Invalid Transfer other than the Optionee. An
Invalid Transfer shall be void in the hands of any Person other than the Optionee, and NV shall have no obligation (including, but not limited to, the obligation to issue or transfer shares or make
any distributions) to any Person other than Optionee (except to a permitted transferee under the first sentence of this Section) with respect to the Option or SAR. This Agreement shall be binding on
and enforceable against any Person who is a permitted transferee of the Option or SAR pursuant to the first sentence of this Section. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if an Optionee dies while an employee, the vested portion of Option or SAR may be exercised for a period of six (6)&nbsp;months after the Optionee's
death. The vested portion of Option or SAR may be exercised by the person(s) entitled to exercise the vested portion of Option or SAR under the Optionee's will or the laws of descent or distribution.
If the vested portion of Option or SAR is not so exercised within the time specified herein, the Option or SAR shall terminate, and the Shares covered by any such Option shall revert to the Plan. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Shares are changed into or exchanged for a different number or kind of shares or securities, as the
result of any one or more reorganizations, recapitalizations, mergers, acquisitions, stock splits, reverse stock splits, stock dividends or similar events, an appropriate adjustment may be made, in
accordance with the terms of the Plan, in the number and kind of shares or other securities subject to the Option or SAR and the price for each share or other unit of any securities subject to this
Agreement. No fractional interests shall be issued or transferred on account of any such adjustment unless the Remuneration Committee specifically determines to the contrary; provided, however, that
in lieu of fractional interests, the Optionee, upon the exercise of the Option in whole or part, shall receive cash in an amount equal to the amount by which the fair market value of such fractional
interests exceeds the Exercise Price attributable to such fractional interests. In addition, each such adjustment shall be made in accordance with French and Dutch law and in such manner as not to
constitute a "modification" within the meaning of Section&nbsp;424(h)(3) of the United States Internal Revenue Code of 1986. Any such adjustment made by the Remuneration Committee shall be final and
binding upon the Optionee, the NV and all interested persons.
<!-- ZEQ.=5,SEQ=5,EFW="2096661",CP="GUCCI GROUP N.V.",DN="20",CHK=468542,FOLIO='88',FILE='DISK018:[02LON9.02LON2199]DX2199A.;17',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_dx2199_1_89"> </A></FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to a Conversion Event and to the expiration of the Option, the Optionee may exercise the
vested portion of the Option from time to time in whole or in part. Upon electing to exercise the Option, the Optionee shall deliver to the Chief Financial Officer of NV with a copy to the
Director-Human Resources of the Employer a written and signed notice of such election setting forth the number of Option Shares the Optionee has elected to acquire. Within three days of such election,
unless otherwise instructed by the Remuneration Committee (as defined in the Plan) as described herein, the Optionee shall tender cash (by wire transfer or otherwise) or a cashier's or certified bank
check payable to the order of NV for the full Exercise Price of such Option Shares and any amount required pursuant to Section&nbsp;16 (the "Section&nbsp;16 Amount"). The Remuneration Committee
may, within two days of receiving the Optionee's election to exercise the Option, send written notice to the Optionee instructing the Optionee either (a)&nbsp;to pay the entire Exercise Price and
Section&nbsp;16 Amount directly to NV or directly to the Employer for transmission to NV or (b)&nbsp;to pay a portion of the Exercise Price and Section&nbsp;16 Amount directly to NV and the
remainder of such Exercise Price and Section&nbsp;16 Amount to the Employer for transmission to NV. Within two days of receiving such written instructions, the Optionee shall comply with such
instructions by tendering cash (by wire transfer or otherwise) or a cashier's check or certified bank check to the appropriate recipient(s) designated in such instructions. No Option Shares shall be
issued or transferred to the Optionee until the full amount due from the Optionee is paid as described above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Remuneration Committee further may, in its discretion, permit payment of the Exercise Price and the Section&nbsp;16 Amount in such form or in such manner as may be permissible
under the Plan and under any applicable law. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the SAR.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Vested SARs may be exercised quarterly during the third month after the close of the fiscal quarter.
Results for such quarter will be determined by management and communicated to the SAR holders by the last day of the second month after the close of the fiscal quarter. Upon exercise, the holder of
the SAR will be entitled to receive a sum of cash equal to the difference between the (i)&nbsp;the Exercise Date SAR Value ("V<SUB>2</SUB>"), minus (ii)&nbsp;the Grant Date SAR Value
("V<SUB>1</SUB>") multiplied by the number of SARs exercised, minus any applicable Section&nbsp;16 Amount. </FONT></P>

<P><FONT SIZE=2>Grant
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>1</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>B
is NV's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of NV outstanding on the date of grant; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of grant of the options that have converted into SARs; and </FONT></P>

<P><FONT SIZE=2>E
is NV's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee.
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<A NAME="page_dx2199_1_90"> </A></FONT></P>

</UL>

<P><FONT SIZE=2>Exercise
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>2</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>B
is NV's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of NV outstanding on the date of exercise; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of exercise of the SARs; and </FONT></P>


<P><FONT SIZE=2>E
is NV's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
electing to exercise the SAR, the Optionee shall deliver to the Chief Financial Officer of NV with a copy to the Director-Human Resources of the Employer a written and signed notice
of such election setting forth the number of SARs the Optionee has elected to exercise. Within 30&nbsp;days of receipt of such notice of election, NV shall send to the Optionee, at the address
listed below, the sum to which the Optionee is entitled upon the exercise of such number of SARs as are indicated in the Optionee's notice of election. </FONT></P>


<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfers of Shares Issuable Upon Exercise.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable laws, the Option Shares
shall be freely transferable. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Compliance with Legal Requirements.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>No
Option Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the reasonable
opinion of counsel to NV, been satisfied. Such requirements may include, but are not limited to: (i)&nbsp;registering or qualifying such Option Shares under French,, Dutch or United States or other
applicable national, state or local law; (ii)&nbsp;satisfying any applicable law relating to the transfer of unregistered securities or demonstrating the availability of an exemption from applicable
laws; (iii)&nbsp;placing a legend on the Shares to the effect that they were issued or transferred in reliance upon an exemption from registration under the Securities Act of 1933, as amended (the
"Act"), or similar law of other jurisdictions, and may not be transferred other than in reliance upon Rule&nbsp;144 or Rule&nbsp;701 promulgated under the Act, if available, or upon another
exemption from the Act or similar law of other jurisdictions; or (iv)&nbsp;obtaining the consent or approval of any Governmental Authority.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Optionee hereby represents and warrants that, unless a registration statement under the Act is effective as to Option Shares, such Option Shares will be acquired for the
Optionee's (or the Optionee's permitted transferee's) personal account and not with a view to distribution. </FONT><P><FONT SIZE=2>
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<A NAME="page_dx2199_1_91"> </A></FONT></P>

</DD></DL>
</UL>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;No Interest in Shares Subject to Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Optionee (individually or as a member of a group) nor any beneficiary
or other Person claiming under or through the Optionee shall have any right, title, interest or privilege in or to any Shares or other securities allocated or reserved for the purpose of the Plan or
subject to this Agreement except as to such Option Shares, if any, as shall have been issued or transferred to such Person upon exercise of this Option, except as otherwise provided herein. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Plan Controls and Amendments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and SARs hereby granted by this Agreement are subject to, and NV and the Optionee
agree to be bound by, all of the terms and conditions of the Plan, as it may be amended from time to time in accordance with the terms thereof. The Supervisory Board (or its Remuneration Committee,
which in the case of Options shall make recommendations to the Supervisory Board with regard to the following matters) shall have the right to amend the terms set forth in this Agreement, or in any
option plan or agreement, as it may in its discretion deem necessary or appropriate; provided, however, amendments resulting in economic rights materially less favorable than those contained in this
Agreement shall require the consent of the Optionee, such consent to be in writing. Without limiting the foregoing, the Supervisory Board (or its Remuneration Committee) may elect at any time to
replace the SARs with alternative mechanisms (such as option puts) where deemed desirable to enhance the tax efficiency of the option plan in any particular jurisdiction. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Independent Advisors.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In making any determination or any recommendation to the Supervisory Board, including but not
limited to the determination of a Grant Date SAR Value or an Exercise Date SAR Value, the Remuneration Committee shall be entitled to rely on such independent advisors as the Remuneration Committee
shall select in its discretion. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Not an Employment Contract.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan, this Agreement or any other instrument executed pursuant thereto shall
confer upon the Optionee any right to employment with the Employer, NV or any Affiliate or shall affect the right of the Employer, NV or any Affiliate to terminate the employment of the Optionee for
Cause or Not For Cause. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All terms of and rights under this Agreement shall be governed by and construed in accordance with the law
of the State of New York, without giving effect to principles of conflicts of law. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Taxes.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options, or whenever cash is paid
upon the exercise of SARs, the Remuneration Committee in its discretion may require the Optionee to remit to the Employer, prior to the issuance or transfer of such Shares or cash, all or any part of
the amount determined in the Remuneration Committee's discretion to be sufficient to satisfy any tax or social security contribution obligations that the Employer, NV or its counsel determines may
arise with respect to such exercise, issuance, transfer or payment. Pursuant to a procedure established by the Remuneration Committee or as set forth in the stock option Plan or any agreement, the
Optionee may (a)&nbsp;request NV to withhold delivery of a sufficient number of Shares or a sufficient amount of the Optionee's compensation or (b)&nbsp;deliver a sufficient number of previously
issued Shares or a sufficient amount of cash to satisfy the withholding obligation.
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<A NAME="page_dx2199_1_92"> </A></FONT></P>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;Notices.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests, demands and other communications pursuant to this Agreement shall be in writing and shall
be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party at the following addresses (or at such other address as shall be
given in writing by either party to the other): </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>If
to NV, notices shall be sent to: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>Gucci
Group N.V.<BR>
Rembrandt Tower<BR>
Amstelplein No.&nbsp;1<BR>
Amsterdam<BR>
The Netherlands<BR>
Attention: Chief Financial Officer. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If
to the Employer, notices shall be sent to the registered address of the Employer and marked for the attention of the Human Resources Director.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>If
to the Optionee, notices shall be sent to the address set forth below the Optionee's signature on the final page hereof, or, if no address is indicated thereon, to the address
indicated in the Employer's employment records. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>18.&nbsp;&nbsp;Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the Plan, sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and supersedes all prior oral and written and all contemporaneous oral discussions, agreements and understandings of any kind or nature. </FONT></P>

<P><FONT SIZE=2><B>19.&nbsp;&nbsp;Severability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise
unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the
remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. </FONT></P>

<P><FONT SIZE=2><B>20.&nbsp;&nbsp;Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings preceding the text of the sections hereof are inserted solely for convenience of reference and
shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. </FONT></P>


<P><FONT SIZE=2><B>21.&nbsp;&nbsp;Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2><B>22.&nbsp;&nbsp;Further Assurances.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party shall cooperate and take such action as may be reasonably requested by another party in
order to carry out the provisions and purposes of this Agreement. </FONT></P>

<P><FONT SIZE=2><B>23.&nbsp;&nbsp;Remedies.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a breach by any party to this Agreement of its obligations under this Agreement, any party
injured by such breach, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. This Agreement shall be specifically enforceable, it being agreed by the parties that the remedy at law, including monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. </FONT></P>

<P><FONT SIZE=2><B>24.&nbsp;&nbsp;Binding Effect.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
permitted successors and assigns.
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</FONT></P>

<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><B>25.&nbsp;&nbsp;Arbitration.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties shall endeavor to settle all disputes by amicable negotiations. Any claim, dispute, disagreement
or controversy that arises among the parties relating to this Agreement that is not amicably settled shall be resolved by arbitration, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Any
such arbitration shall be heard in New York, New York, before a panel consisting of one to three arbitrators, each of whom shall be impartial. Upon the written request for
arbitration of either party hereto to commence arbitration hereunder, the parties shall attempt to agree on the number and identity of the arbitrators within 30&nbsp;days of such request. If the
parties fail to agree, the number of arbitrators shall be determined and their appointment shall be made by the American Arbitration Association in accordance with the commercial arbitration rules of
the American Arbitration Association. In determining the number and appropriate background of the arbitrators, the American Arbitration Association shall give due consideration to the issues to be
resolved, but the decision as to the number of arbitrators and their identity shall be final.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>An
arbitration may be commenced by any party to this Agreement by the service of a written request for arbitration upon the other affected parties. Such request for arbitration shall
summarize the controversy or claim to be arbitrated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>All
attorneys' fees and costs of the arbitration shall in the first instance be borne by the respective party incurring such costs and fees, but the arbitrators shall have the
discretion to award costs and/or attorneys' fees as they deem appropriate under the circumstances. The parties hereby expressly waive punitive damages, and under no circumstances shall an award
contain any amount that in any way reflects punitive damages.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>It
is intended that controversies or claims submitted to arbitration under this Section&nbsp;25 shall remain confidential, and to that end it is agreed by the parties that neither
the facts disclosed in the arbitration, the issues arbitrated nor the views or opinions of any persons concerning them shall be disclosed to third persons at any time, except to the extent necessary
to enforce an award or judgment or as required by law or in response to legal process or in connection with such arbitration.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Any
arbitration under this Section&nbsp;25 shall be conducted pursuant to the commercial arbitration rules of the American Arbitration Association. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>26.&nbsp;&nbsp;Special Provisions for U.S. Taxpayers.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Optionee acknowledges that, to the extent that (1)&nbsp;the exercise price
for each Option granted hereunder is less than 100% of the fair market value of the Shares on the date such Option is granted; (2)&nbsp;if an Incentive Stock Option is granted to a Participant who
on the date of grant is treated under Section&nbsp;424(d) of the IRC as owning stock (not including stock acquirable under outstanding options) possessing more than 10% of the total combined voting
power of all classes of NV's stock, its parent corporation's stock, and its subsidiary corporations' stock, the exercise price is less than 110% of the fair market value of the Shares on the date such
Incentive Stock Option is granted; or (3)&nbsp;the aggregate fair market value of stock with respect to which </FONT><FONT SIZE=2><I>"incentive stock options"</I></FONT><FONT SIZE=2> (within the
meaning of Section&nbsp;422 of the IRC, but without regard to Section&nbsp;422(d) of the IRC), including the Option, are exercisable for the first time by the Optionee during any calendar year
(under the Plan and all other incentive stock option plans of NV or any subsidiary of NV) exceeds $100,000, such options shall not qualify under Section&nbsp;422 of the IRC and shall be taxed as
non-qualified options. The Optionee further acknowledges that the rule set forth in the preceding sentence shall be applied by taking options into account in the order in which they were
granted. For purposes of these rules, the fair market value of the shares shall be determined at the time the option with respect to such shares is granted. The Optionee further understands and
acknowledges that, in order for the Option to be eligible for tax treatment as an incentive stock option under the IRC, among other things, the Optionee must be an employee of the Employer and may not
dispose of the Option Shares within the later of (i)&nbsp;two years after the Grant Date or (ii)&nbsp;one year after the date on which such Option Shares were acquired by the Optionee. "Grant
Date" means, for purposes of Section&nbsp;422 of the IRC, the Effective Date. "IRC" means the United States Internal Revenue Code of 1986, as amended. </FONT></P>


<P><FONT SIZE=2>
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</FONT></P>

<P><FONT SIZE=2>IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: Domenico De Sole<BR>
Title: Chairman of the Management Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE><FONT SIZE=2> Optionee:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2><BR>
Number of Option Shares: </FONT><FONT SIZE=2><B>&laquo;Shares&raquo;</B></FONT><FONT SIZE=2><BR>
Exercise Price: </FONT><FONT SIZE=2><B>$&laquo;Price&raquo;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>
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</FONT></P>

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<BR>
<P><br><A NAME="02LON2199_20">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_dx2199_1">Exhibit 4.19</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_dx2199_2">AGREEMENT PURSUANT TO THE AMENDED AND RESTATED INCENTIVE STOCK OPTION PLAN FOR EMPLOYEES OF THE FRENCH SUBSIDIARIES OF GUCCI GROUP N.V.</A></FONT><BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.20
<SEQUENCE>22
<FILENAME>a2096661zex-4_20.htm
<DESCRIPTION>EX-4.20
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02LON2199_21">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fl2199_1_21"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="fl2199_exhibit_4.20"> </A>
<A NAME="toc_fl2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 4.20    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fl2199_share_option_and_share_appreciation_right_agreement"> </A>
<A NAME="toc_fl2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>SHARE OPTION AND SHARE APPRECIATION RIGHT AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Share Option and Share Appreciation Right Agreement (this "Agreement") is made as of </FONT> <FONT SIZE=2><B>&laquo;Date&raquo;</B></FONT><FONT SIZE=2> (the "Effective Date"),
between Gucci Group N.V. (the "Company"), and </FONT> <FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2> (the "Optionee"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted the incentive stock option plan (the "Plan") attached hereto as Exhibit&nbsp;1. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;In
connection with services rendered or to be rendered by the Optionee to a subsidiary of the Company and to encourage the Optionee's contribution to the success and
progress of Gucci, the Company desires to grant the Optionee the opportunity to acquire a proprietary interest in its shares. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Plan, the Supervisory Board acting upon the recommendation of the Remuneration Committee has as of the Effective Date granted to the Optionee an
option ("Option") to purchase shares of common stock of the Company (such shares referred to herein as the "Shares"), such Option being convertible under certain circumstances into an SAR (as defined
below), according to the terms and conditions of the Plan and this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGREEMENT  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the following meanings: </FONT></P>

<UL>

<P><FONT SIZE=2>"Act"
is defined in Section&nbsp;10. </FONT></P>

<P><FONT SIZE=2>"Affiliate"
of any Person means any other Person Controlling, Controlled by or under common Control with such Person. </FONT></P>

<P><FONT SIZE=2>"Agreement"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Cause"
means termination of the Optionee's employment at the option of the Company or its Subsidiary because the Optionee (i)&nbsp;has been convicted of, or has pled guilty or </FONT> <FONT SIZE=2><I>nolo contendere</I></FONT><FONT SIZE=2> to a felony or a
crime involving moral turpitude, (ii)&nbsp;has embezzled or misappropriated Gucci funds or property, (iii)&nbsp;has
continued use of alcohol or drugs to an extent that interferes with the performance by Optionee of the Optionee's employment responsibilities, or (iv)&nbsp;has violated a material term of
employment. </FONT></P>

<P><FONT SIZE=2>"Company"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Comparator
Company" means each of Bulgari, Coach, Hermes, LVMH, Richemont, Polo Ralph Lauren, Tiffany and Tod's, or such other publicly traded luxury goods companies as the Remuneration Committee may
from time to time designate. </FONT></P>

<P><FONT SIZE=2>"Comparator
Enterprise Value/EBITA Ratio" means the average of the Enterprise Value/EBITA ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any
significant distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the Enterprise Value of the
Comparator Company divided by such Comparator Company's EBITA for the twelve months ended at the end of the Comparator Company's most recently completed fiscal quarter.
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<A NAME="page_fl2199_1_22"> </A></FONT></P>

<P><FONT SIZE=2>"Comparator
Price/Earnings Ratio" means the average of the Price/Earnings ratios for each Comparator Company, as adjusted in the discretion of the Remuneration Committee to address any significant
distortions resulting from particular facts and circumstances prevailing at the time in respect to any particular Comparator Company. Each such ratio shall be the average market price per share of
Comparator Company shares (determined on the basis of the average closing market price over the 30 trading days preceding its most recently completed fiscal quarter and its average number of shares
outstanding during such 30&nbsp;day period) divided by such Comparator Company's net income per share for the twelve months ended at the end of the most recently completed fiscal quarter (determined
on the basis of its average number of shares outstanding during the 30 trading days preceding its most recently completed fiscal quarter). </FONT></P>

<P><FONT SIZE=2>"Control"
means (i)&nbsp;the ownership by any Person of voting stock (or other ownership interests) enabling such Person to elect a majority of the board of directors (or other governing body) of
any other Person or (ii)&nbsp;the possession of the power, whether by proxy, contract or otherwise, to direct the affairs of such other Person. </FONT></P>


<P><FONT SIZE=2>"Conversion
Event" means the termination of the PPR Offer (including any extension thereof), unless an event described in clause&nbsp;(ii) of the definition of "Vesting Event" has occurred. </FONT></P>

<P><FONT SIZE=2>"EBITA"
means earnings before interest, tax and amortization of goodwill and trademarks. </FONT></P>

<P><FONT SIZE=2>"Effective
Date" is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Enterprise
Value" means the sum of (i)&nbsp;market capitalization (the market price per share of a public company determined on the basis of the average market price of the company shares over the
30 trading days preceding its most recently completed fiscal quarter multiplied by its average number of shares outstanding during such 30&nbsp;day period) plus (ii)&nbsp;net debt (consolidated
total financial indebtedness, including capitalized lease obligations and off-balance sheet items in the nature of financial indebtedness, minus cash and cash equivalents). </FONT></P>

<P><FONT SIZE=2>"Exercise
Price" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"Governmental
Authority" means any nation or government, any state or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. </FONT></P>

<P><FONT SIZE=2>"Gucci"
means a group of companies including Gucci Group N.V., and its subsidiaries. </FONT></P>

<P><FONT SIZE=2>"Invalid
Transfer" is defined in Section&nbsp;5. </FONT></P>

<P><FONT SIZE=2>"Not
For Cause" means the termination of the employment of Optionee at the option of the Company or its Subsidiary at any time for any reason other than on account of death of the Optionee, Permanent
Disability, for Cause, or in connection with a change of Control of the Company after which change of Control the Company is no longer an Affiliate of the Company. </FONT></P>

<P><FONT SIZE=2>"Option"
is defined in recital C. </FONT></P>

<P><FONT SIZE=2>"Optionee"
is defined in the preamble. </FONT></P>

<P><FONT SIZE=2>"Option
Shares" is defined in Section&nbsp;2. </FONT></P>

<P><FONT SIZE=2>"PPR
Offer" means the offer to purchase all outstanding Shares that Pinault-Printemps-Redoute S.A. is required to make in March&nbsp;2004 pursuant to the LVMH&#151;Moet Hennessy Louis Vuitton
S.A. settlement agreement dated 9&nbsp;September 2001, if the Shares are then trading at a price below $101.50 per share.
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<A NAME="page_fl2199_1_23"> </A></FONT></P>

<P><FONT SIZE=2>"Permanent
Disability" means if, while employed by the Company, Subsidiary or an Affiliate of the Company, the Optionee becomes physically or mentally incapacitated or disabled so that (i)&nbsp;the
Optionee is substantially unable to perform the same services as the Optionee performed prior to incurring such incapacity or disability, to devote the Optionee's full working time or use the
Optionee's best efforts to advance the business and welfare of Gucci, or otherwise to perform the Optionee's duties under this Agreement and (ii)&nbsp;such condition exists for an aggregate of
180&nbsp;days in any 12 consecutive calendar month period (the Company or its Subsidiary, at its option and expense, being entitled to retain a physician reasonably acceptable to the Optionee to
confirm the existence of such incapacity or disability, and the determination of such physician being binding upon the Company and Optionee). </FONT></P>

<P><FONT SIZE=2>"Person"
means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever
nature. </FONT></P>

<P><FONT SIZE=2>"Plan"
is defined in recital A. </FONT></P>

<P><FONT SIZE=2>"Remuneration
Committee" means the remuneration committee of the Company as designated from time to time by the Supervisory Board. </FONT></P>

<P><FONT SIZE=2>"Retirement"
means the Optionee's retirement from employment with the Company or its Subsidiary in accordance with the Company's or its Subsidiary's retirement policy then in effect. The Optionee's
Retirement shall not constitute resignation from employment with the Company or its Subsidiary. </FONT></P>

<P><FONT SIZE=2>"SAR"
means share appreciation right, being a right to receive an amount in cash equal to the appreciation in the value of a Share, based upon the valuation criteria set forth herein, but, for the
avoidance of doubt, not including a right in the underlying share. </FONT></P>

<P><FONT SIZE=2>"Section&nbsp;16
Amount" is defined in Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>"Shares"
is defined in recital C. </FONT></P>

<P><FONT SIZE=2>"Subsidiary"
means the local subsidiary at which the Participant may be employed. </FONT></P>


<P><FONT SIZE=2>"Supervisory
Board" means the Supervisory Board of the Company. </FONT></P>

<P><FONT SIZE=2>"Termination
Date" means the date on which the Optionee ceases to be employed by the Company or its Subsidiary (unless such cessation of employment is due to Optionee's becoming employed by an
Affiliate of the Company or its Subsidiary) for any reason, or the date on which the Subsidiary that employs the Optionee ceases to be an Affiliate of the Company. </FONT></P>

<P><FONT SIZE=2>"Vesting
Event" means either of the following events: (i)&nbsp;on any 10 trading days on which the aggregate volume of shares traded on the New York Stock Exchange and on Euronext exceeds 100,000,
the average of the opening and closing prices on such exchanges exceeds $101.50, or (ii)&nbsp;on termination of the PPR Offer, either more than 15,000,000 shares (equitably adjusted for any
recapitalization transaction) or more than 15% of the then outstanding shares have not been tendered and accepted for payment by Pinault-Printemps-Redoute S.A.
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<A NAME="page_fl2199_1_24"> </A></FONT></P>

</UL>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;Grant of Option/SAR</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Grant
of Option: The Company grants to the Optionee the Option to acquire, on the terms and conditions hereinafter set forth, all or any part of the number of Shares set forth below
the Optionee's signature on the signature page of this Agreement (the "Option Shares"), at the exercise price set forth below the Optionee's name on the signature page of this Agreement being the
average of the closing prices on the New York Stock Exchange for one of the Shares over the 30 calendar days prior to the date of this Agreement (as such amount may be adjusted in accordance with
Section&nbsp;6, the "Exercise Price").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Grant
of SAR: Upon a Conversion Event, the Option shall automatically convert into an SAR, with each Option to purchase one Share converting into one SAR, and any rights to purchase
Shares or any interest therein shall automatically terminate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;Exercisability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option shall not be exercisable on the Effective Date. Subject to Section&nbsp;4, the Optionee's
right to exercise the Option shall not vest until the first to occur of a Vesting Event or a Conversion Event. Upon the occurrence of a Vesting Event, 20% of the Options shall vest on each anniversary
of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date precedes the date of the Vesting Event. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the conversion into an SAR, 20% of the SARs will vest on each anniversary of the Effective Date, with retroactive vesting to the extent that the anniversary of the Effective Date
precedes the date of the Conversion Event. </FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;Expiration.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
vested portion of the Option or SAR shall expire upon the 10th anniversary of the Effective Date; provided, however, that if the Optionee ceases to be employed by the Company or
its Subsidiary prior to such anniversary, the portion of the Option or SAR that is vested as of the Termination Date shall expire upon:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
first anniversary of the Termination Date if the Optionee ceases to be employed by the Company or its Subsidiary due to Retirement, death or
Permanent Disability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
Termination Date if the Optionee is terminated from employment for Cause; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>the
date that is 180&nbsp;days after the Termination Date if the Optionee ceases to be employed by the Company or its Subsidiary due to resignation
for any reason or termination Not For Cause, or if the Subsidiary that employs the Optionee ceases to be an Affiliate of the Company. </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
unvested portion of the Option or SAR shall expire upon the Termination Date unless:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
Company or its Subsidiary terminates the Optionee Not For Cause, in which case the unvested portion of the Option or SAR shall vest on the later to
occur of (A)&nbsp;the Termination Date and (B)&nbsp;a Vesting Event or a Conversion Event and the Option or SAR shall expire on the earlier of the 10th anniversary of the Effective Date or the
date that is 180&nbsp;days after the Termination Date, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>the
employment of the Optionee is terminated on account of death of the Optionee, in which case the Optionee's right to exercise the Option or SAR
shall vest as if the Termination Date were the last date of the fiscal year and shall expire on the earlier of the 10th anniversary of the Effective Date or the first anniversary of the Termination
Date. </FONT><P><FONT SIZE=2>
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<A NAME="page_fl2199_1_25"> </A></FONT></P>

</DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Option or SAR is personal to the Optionee and shall not be transferable by the Optionee otherwise
than upon the Optionee's death to the Optionee's spouse, child, estate, personal representative, heir or successor or upon the Optionee's death to a trust for the benefit of the Optionee's spouse,
child or heir, and the Option or SAR is exercisable, during the Optionee's lifetime, only by the Optionee or, in the event of the Optionee's Permanent Disability, the Optionee's guardian or legal
representative. More particularly, the Option or SAR may not be assigned, transferred (except as aforesaid), pledged or hypothecated in any way, whether by operation of law or otherwise, and shall not
be subject to execution, attachment or similar process. Any actual or attempted assignment, transfer, pledge, hypothecation, execution, attachment or similar process of the Option or SAR (except as
aforesaid) ("Invalid Transfer") shall vest no rights whatsoever in any purported assignee, transferee, pledgee or any other purported beneficiary of the Invalid Transfer other than the Optionee. An
Invalid Transfer shall be void in the hands of any Person other than the Optionee, and neither the Company nor its Subsidiary shall have any obligation (including, but not limited to, the obligation
to issue or transfer shares or make any distributions) to any Person other than Optionee (except to a permitted transferee under the first sentence of this Section) with respect to the Option or SAR.
This Agreement shall be binding on and enforceable against any Person who is a permitted transferee of the Option or SAR pursuant to the first sentence of this Section. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the Shares are changed into or exchanged for a different number or kind of shares or securities, as the
result of any one or more reorganizations, recapitalizations, mergers, acquisitions, stock splits, reverse stock splits, stock dividends or similar events, an appropriate adjustment shall be made in
the number and kind of shares or other securities subject to the Option or SAR and the price for each share or other unit of any securities subject to this Agreement, in accordance with the terms of
the Plan. No fractional interests shall be issued or transferred on account of any such adjustment unless the Committee specifically determines to the contrary; provided, however, that in lieu of
fractional interests, the Optionee, upon the exercise of the Option in whole or part, shall receive cash in an amount equal to the amount by which the fair market value of such fractional interests
exceeds the Exercise Price attributable to such fractional interests. In addition, each such adjustment shall be made in such manner as not to constitute a "modification" within the meaning of
Section&nbsp;424(h)(3) of the United States Internal Revenue Code of 1986. Any such adjustment made by the Committee shall be final and binding upon the Optionee, the Company and all interested
persons. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to a Conversion Event and to the expiration of the Option, the Optionee may exercise the
vested portion of the Option from time to time in whole or in part. Upon electing to exercise the Option, the Optionee shall deliver to the Chief Financial Officer of the Company or its Subsidiary a
written and signed notice of such election setting forth the number of Option Shares the Optionee has elected to acquire. Within three days of such election, unless otherwise instructed by the
Committee (as defined in the Plan) as described herein, the Optionee shall tender cash (by wire transfer or otherwise) or a cashier's or certified bank check payable to the order of the Company for
the full Exercise Price of such Option Shares and any amount required pursuant to Section&nbsp;16 (the "Section&nbsp;16 Amount"). The Committee will, within two days of receiving the Optionee's
election to exercise the Option, send written notice to the Optionee instructing the Optionee to pay the entire Exercise Price and Section&nbsp;16 Amount directly to the Company. Within two days of
receiving such written instructions, the Optionee shall comply with such instructions by tendering cash (by wire transfer or otherwise) to the Company. No Option Shares shall be issued or transferred
to the Optionee until the full amount due from the Optionee is paid as described above. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee further may, in its discretion, permit payment of the Exercise Price and the Section&nbsp;16 Amount in such form or in such manner as may be permissible under the Plan
and under any applicable law.
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<A NAME="page_fl2199_1_26"> </A></FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;Exercise of the SAR.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Vested SARs may be exercised quarterly during the third month after the close of the fiscal quarter.
Results for such quarter will be determined by management and communicated to the SAR holders by the last day of the second month after the close of the fiscal quarter. Upon exercise, the holder of
the SAR will be entitled to receive a sum of cash equal to the difference between the (i)&nbsp;the Exercise Date SAR Value ("V<SUB>2</SUB>"), minus (ii)&nbsp;the Grant Date SAR Value
("V<SUB>1</SUB>") multiplied by the number of SARs exercised, minus any applicable Section&nbsp;16 Amount. </FONT></P>

<P><FONT SIZE=2>Grant
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>1</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>B
is the Company's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of the Company's outstanding on the date of grant; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of grant of the options that have converted into SARs; and </FONT></P>


<P><FONT SIZE=2>E
is the Company's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of grant of the options that have converted into SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee. </FONT></P>

</UL>

<P><FONT SIZE=2>Exercise
Date SAR Value shall be determined by applying the following formula: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>A &times; B</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>+</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>D &times; E</FONT><HR NOSHADE><FONT SIZE=2> C</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;&nbsp;= V<SUB>2</SUB></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="74%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>

<P><FONT SIZE=2>Where:
</FONT></P>

<P><FONT SIZE=2>A
is the Comparator Enterprise Value/EBITA Ratio as of the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>B
is the Company's EBITA for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>C
is the number of shares of the Company outstanding on the date of exercise; </FONT></P>

<P><FONT SIZE=2>D
is the Comparator Price/Earnings Ratio as of the date of exercise of the SARs; and </FONT></P>


<P><FONT SIZE=2>E
is the Company's net income for the twelve months ending at the end of the most recently completed fiscal quarter preceding the date of exercise of the SARs; </FONT></P>

<P><FONT SIZE=2>as
each may be determined by the Remuneration Committee or its designee.
<!-- ZEQ.=6,SEQ=6,EFW="2096661",CP="GUCCI GROUP N.V.",DN="21",CHK=714557,FOLIO='26',FILE='DISK018:[02LON9.02LON2199]FL2199A.;6',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fl2199_1_27"> </A></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
electing to exercise the SAR, the Optionee shall deliver to the Chief Financial Officer of the Company or its Subsidiary a written and signed notice of such election setting forth
the number of SARs the Optionee has elected to exercise. Within 30&nbsp;days of receipt of such notice of election, the Company or its Subsidiary shall send to the Optionee, at the address listed
below, the sum to which the Optionee is entitled upon the exercise of such number of SARs as are indicated in the Optionee's notice of election. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;Restrictions on Transfers of Shares Issuable Upon Exercise.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable laws, the Option Shares
shall be freely transferable. </FONT></P>

<P><FONT SIZE=2><B>10.&nbsp;&nbsp;Compliance with Legal Requirements.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>No
Option Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the reasonable
opinion of counsel to the Company or its Subsidiary, been satisfied. Such requirements may include, but are not limited to: (i)&nbsp;registering or qualifying such Option Shares under Italian, Dutch
or United States national, state or local law; (ii)&nbsp;satisfying any applicable law relating to the transfer of unregistered securities or demonstrating the availability of an exemption from
applicable laws; (iii)&nbsp;placing a legend on the Shares to the effect that they were issued or transferred in reliance upon an exemption from registration under the Securities Act of 1933, as
amended (the "Act"), or similar law of other jurisdictions, and may not be transferred other than in reliance upon Rule&nbsp;144 or Rule&nbsp;701 promulgated under the Act, if available, or upon
another exemption from the Act or similar law of other jurisdictions; or (iv)&nbsp;obtaining the consent or approval of any Governmental Authority.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Optionee hereby represents and warrants that, unless a registration statement under the Act is effective as to Option Shares, such Option Shares will be acquired for the
Optionee's (or the Optionee's permitted transferee's) personal account and not with a view to distribution. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;No Interest in Shares Subject to Option.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the Optionee (individually or as a member of a group) nor any beneficiary
or other Person claiming under or through the Optionee shall have any right, title, interest or privilege in or to any Shares or other securities allocated or reserved for the purpose of the Plan or
subject to this Agreement except as to such Option Shares, if any, as shall have been issued or transferred to such Person upon exercise of this Option, except as otherwise provided herein. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;Plan Controls and Amendments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and SARs hereby granted by this Agreement are subject to, and the Company and the
Optionee agree to be bound by, all of the terms and conditions of the Plan, as it may be amended from time to time in accordance with the terms thereof. The Supervisory Board (and its Remuneration
Committee) shall have the right to amend the terms set forth in this Agreement, or in any option plan or agreement, as it may in its discretion deem necessary or appropriate; provided, however,
amendments resulting in economic rights materially less favorable than those contained in this Agreement shall require the consent of the Optionee, such consent to be in writing. Without limiting the
foregoing, the Supervisory Board (and its Remuneration Committee) may elect at any time to replace the SARs with alternative mechanisms (such as option puts) where deemed desirable to enhance the tax
efficiency of the option plan in any particular jurisdiction. </FONT></P>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;Independent Advisors.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In making any determination, including but not limited to the determination of a Grant Date SAR
Value or an Exercise Date SAR Value, the Remuneration Committee shall be entitled to rely on such independent advisors as the Remuneration Committee shall select in its discretion.
<!-- ZEQ.=7,SEQ=7,EFW="2096661",CP="GUCCI GROUP N.V.",DN="21",CHK=125909,FOLIO='27',FILE='DISK018:[02LON9.02LON2199]FL2199A.;6',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
<A NAME="page_fl2199_1_28"> </A></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;Not an Employment Contract.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan, this Agreement or any other instrument executed pursuant thereto shall
confer upon the Optionee any right to employment with the Company, its Subsidiary or any Affiliate or shall affect the right of the Company, its Subsidiary or any Affiliate to terminate the employment
of the Optionee for Cause or Not For Cause. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All terms of and rights under this Agreement shall be governed by and construed in accordance with the law
of the State of New York, without giving effect to principles of conflicts of law. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;Taxes.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever Shares are to be issued or transferred with respect to the exercise of Options, or whenever cash is paid
upon the exercise of SARs, the Optionee shall be obligated remit, prior to the issuance of Shares or the transfer of cash, all taxes related to income realized sufficient to satisfy any tax
obligations or, to the extent legally permissible, national insurance and other social security contributions (whether employees' or employer's), that arise with respect to such exercise, issuance,
transfer or payment. </FONT></P>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;Notices.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices, requests, demands and other communications pursuant to this Agreement shall be in writing and shall
be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party. Notices to the Company shall be sent to the attention of the
Chief Financial Officer at the Company's registered address. Notices to the Optionee shall be sent to the address set forth below the Optionee's signature on the final page hereof or, if no address is
indicated thereon, to the address indicated in the Company's employment records. </FONT></P>

<P><FONT SIZE=2><B>18.&nbsp;&nbsp;Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, together with the Plan, sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and supersedes all prior oral and written and all contemporaneous oral discussions, agreements and understandings of any kind or nature. </FONT></P>


<P><FONT SIZE=2><B>19.&nbsp;&nbsp;Severability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise
unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the
remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. </FONT></P>

<P><FONT SIZE=2><B>20.&nbsp;&nbsp;Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings preceding the text of the sections hereof are inserted solely for convenience of reference and
shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. </FONT></P>

<P><FONT SIZE=2><B>21.&nbsp;&nbsp;Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2><B>22.&nbsp;&nbsp;Further Assurances.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each party shall cooperate and take such action as may be reasonably requested by another party in
order to carry out the provisions and purposes of this Agreement. </FONT></P>

<P><FONT SIZE=2><B>23.&nbsp;&nbsp;Remedies.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a breach by any party to this Agreement of its obligations under this Agreement, any party
injured by such breach, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this
Agreement. This Agreement shall be specifically enforceable, it being agreed by the parties that the remedy at law, including monetary damages, for breach of any such provision will be inadequate
compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived. </FONT></P>

<P><FONT SIZE=2><B>24.&nbsp;&nbsp;Binding Effect.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
permitted successors and assigns.
<!-- ZEQ.=8,SEQ=8,EFW="2096661",CP="GUCCI GROUP N.V.",DN="21",CHK=598199,FOLIO='28',FILE='DISK018:[02LON9.02LON2199]FL2199A.;6',USER='PHADLEY',CD='24-JAN-2003;01:43' -->
</FONT></P>

<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><B>25.&nbsp;&nbsp;Arbitration.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties shall endeavor to settle all disputes by amicable negotiations. Any claim, dispute, disagreement
or controversy that arises among the parties relating to this Agreement that is not amicably settled shall be resolved by arbitration, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Any
such arbitration shall be heard in New York, New York, before a panel consisting of one to three arbitrators, each of whom shall be impartial. Upon the written request for
arbitration of either party hereto to commence arbitration hereunder, the parties shall attempt to agree on the number and identity of the arbitrators within 30&nbsp;days of such request. If the
parties fail to agree, the number of arbitrators shall be determined and their appointment shall be made by the American Arbitration Association in accordance with the commercial arbitration rules of
the American Arbitration Association. In determining the number and appropriate background of the arbitrators, the American Arbitration Association shall give due consideration to the issues to be
resolved, but the decision as to the number of arbitrators and their identity shall be final.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>An
arbitration may be commenced by any party to this Agreement by the service of a written request for arbitration upon the other affected parties. Such request for arbitration shall
summarize the controversy or claim to be arbitrated.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>All
attorneys' fees and costs of the arbitration shall in the first instance be borne by the respective party incurring such costs and fees, but the arbitrators shall have the
discretion to award costs and/or attorneys' fees as they deem appropriate under the circumstances. The parties hereby expressly waive punitive damages, and under no circumstances shall an award
contain any amount that in any way reflects punitive damages.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Judgment
on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>It
is intended that controversies or claims submitted to arbitration under this Section&nbsp;25 shall remain confidential, and to that end it is agreed by the parties that neither
the facts disclosed in the arbitration, the issues arbitrated nor the views or opinions of any persons concerning them shall be disclosed to third persons at any time, except to the extent necessary
to enforce an award or judgment or as required by law or in response to legal process or in connection with such arbitration.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Any
arbitration under this Section&nbsp;25 shall be conducted pursuant to the commercial arbitration rules of the American Arbitration Association. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>26.&nbsp;&nbsp;Special Provisions for U.S. Taxpayers.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Optionee acknowledges that, to the extent that (1)&nbsp;the exercise price
for each Option granted hereunder is less than 100% of the fair market value of the Shares on the date such Option is granted; (2)&nbsp;if an Incentive Stock Option is granted to a Participant who
on the date of grant is treated under Section&nbsp;424(d) of the Code as owning stock (not including stock acquirable under outstanding options) possessing more than 10% of the total combined voting
power of all classes of the Company's stock, its parent corporation's stock, and its subsidiary corporations' stock, the exercise price is less than 110% of the fair market value of the Shares on the
date such Incentive Stock Option is granted; or (3)&nbsp;the aggregate fair market value of stock with respect to which </FONT><FONT SIZE=2><I>"incentive stock options"</I></FONT><FONT SIZE=2>
(within the meaning of Section&nbsp;422 of the Code, but without regard to Section&nbsp;422(d) of the Code), including the Option, are exercisable for the first time by the Optionee during any
calendar year (under the Plan and all other incentive stock option plans of the Company or any subsidiary of the Company) exceeds $100,000, such options shall not qualify under Section&nbsp;422 of
the Code and shall be taxed as non-qualified options. The Optionee further acknowledges that the rule set forth in the preceding sentence shall be applied by taking options into account in
the order in which they were granted. For purposes of these rules, the fair market value of the shares shall be determined at the time the option with respect to such shares is granted. The Optionee
further understands and acknowledges that, in order for the Option to be eligible for tax treatment as an incentive stock option under the Code, among other things, the Optionee must be an employee of
the Company and may not dispose of the Option Shares within the later of (i)&nbsp;two years after the Grant Date or (ii)&nbsp;one year after the date on which such Option Shares were acquired by
the Optionee. "Grant Date" means, for purposes of Section&nbsp;422 of the Code, the Effective Date. "Code" means the United States Internal Revenue Code of 1986, as amended. </FONT></P>


<P><FONT SIZE=2>
<!-- ZEQ.=1,SEQ=9,EFW="2096661",CP="GUCCI GROUP N.V.",DN="21",CHK=162209,FOLIO='blank',FILE='DISK018:[02LON9.02LON2199]FM2199A.;2',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
</FONT></P>

<P><FONT SIZE=2>IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>GUCCI GROUP N.V.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="5%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: Domenico De Sole<BR>
Title: Chairman of the Management Board</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE><FONT SIZE=2> Optionee:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Name: </FONT><FONT SIZE=2><B>&laquo;Optionee&raquo;</B></FONT><FONT SIZE=2><BR>
Number of Option Shares: </FONT><FONT SIZE=2><B>&laquo;Shares&raquo;</B></FONT><FONT SIZE=2><BR>
Exercise Price: </FONT><FONT SIZE=2><B>$&laquo;Price&raquo;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="38%" ALIGN="CENTER"><BR><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>
<!-- ZEQ.=2,SEQ=10,EFW="2096661",CP="GUCCI GROUP N.V.",DN="21",CHK=270215,FOLIO='blank',FILE='DISK018:[02LON9.02LON2199]FM2199A.;2',USER='JDICKSO',CD='23-JAN-2003;17:27' -->
</FONT></P>

<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02LON2199_21">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_fl2199_1">Exhibit 4.20</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_fl2199_2">SHARE OPTION AND SHARE APPRECIATION RIGHT AGREEMENT</A></FONT><BR>

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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>23
<FILENAME>a2096661zex-5.htm
<DESCRIPTION>EX-5
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="fp2199_exhibit_5"> </A>
<A NAME="toc_fp2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 5    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>DE BRAUW BLACKSTONE WESTBROEK<BR>  </B></FONT><FONT SIZE=1>Advocaten Notarissen Belastingadviseurs</FONT></P>

<P><FONT SIZE=1>Tripolis 300 Burgerweeshuispad 301<BR>
P.O.&nbsp;Box 75084 1070 AB Amsterdam The Netherlands </FONT></P>

<P><FONT SIZE=1>Telephone:
(31-20) 5 771 771 </FONT></P>

<P><FONT SIZE=1>Facsimile:
(31-20) 5 771 775</FONT></P>

<P><FONT SIZE=2>Gucci
Group N.V.<BR>
Amstelplein 1<BR>
Rembrandttoren<BR>
1096 HA AMSTERDAM </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>Jan
Marten van Dijk&nbsp;&#151;&nbsp;advocaat<BR>
Amsterdam, 27 January&nbsp;2003<BR>
Our ref.: f:\126\20232578\1003-1180.doc\ </FONT></P>

<P><FONT SIZE=2>Dear
Sirs, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fp2199_gucci_group_n.v._registration___guc04290"> </A>
<A NAME="toc_fp2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>Gucci Group N.V.<BR>  Registration under the Securities Act of 1933<BR>  of 1,250,000 common shares<BR>  in the share capital of Gucci Group N.V.    <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>1</B></FONT></DT><DD><FONT SIZE=2><B> Introduction  </B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>I
have acted on behalf of De&nbsp;Brauw Blackstone Westbroek&nbsp;N.V. as Dutch legal adviser (</FONT><FONT SIZE=2><I>advocaat</I></FONT><FONT SIZE=2>) to Gucci Group N.V., with corporate seat in
Amsterdam, (the "</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>") in connection with the registration (the "</FONT><FONT SIZE=2><B>Registration</B></FONT><FONT SIZE=2>") by the Company with
the United States Securities and Exchange Commission (the "</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>") of 1,250,000 common shares, each having a nominal value of EUR&nbsp;1.02, in the
Company's share capital and to be issued under the Plans (as defined below) (the "</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>").</FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>2</B></FONT></DT><DD><FONT SIZE=2><B> Dutch Law  </B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>This
opinion is limited to Dutch law as applied by the Dutch courts and published and in effect on the date of this opinion. It is given on the basis that all matters relating to it will be governed
by, and that it (including all terms used in it) will be construed in accordance with, Dutch law. </FONT></P>

</UL>

<P><FONT SIZE=1><B>De Brauw Blackstone Westbrook N.V., The Hague, is registered with the trade register in the Netherlands under no.&nbsp;27171912.  </B></FONT></P>


<P><FONT SIZE=1><B> All services and other work are carried out under an agreement of instruction ("overeenkomst van opdracht') with De Brauw Blackstone Westbrook N.V.<BR>
The agreement is subject to the General Conditions, which have been filed with the register of the District Court in The Hague and contain a limitation of liability.<BR>
Client account notaries ABN AMRO Bank no.&nbsp;50.34.36.724</B></FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3</B></FONT></DT><DD><FONT SIZE=2><B> Scope of Inquiry; definitions  </B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>For
the purpose of this opinion, I have examined the following documents: </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.1</B></FONT></DT><DD><FONT SIZE=2>Prints of e-mailed copies, as received by me on 13&nbsp;December&nbsp;2003, of (i)&nbsp;the Incentive Stock Option
Plan for employees of the French subsidiaries of Gucci Group&nbsp;N.V., (ii)&nbsp;the Incentive Stock Option Plan for employees of the German subsidiaries of Gucci Group&nbsp;N.V.,
(iii)&nbsp;the Incentive Stock Option Plan for employees of the English and Welsh subsidiaries of Gucci Group&nbsp;N.V., (iv)&nbsp;the Incentive Stock Option Plan for employees of the Hong Kong
subsidiaries of Gucci Group&nbsp;N.V., (v)&nbsp;the Incentive Stock Option Plan for employees of the Italian subsidiaries of Gucci Group&nbsp;N.V., (vi)&nbsp;the Incentive Stock Option Plan
for employees of the United States subsidiaries of Gucci Group&nbsp;N.V., (vii)&nbsp;the Incentive Stock Option Plan for employees of the Swiss subsidiaries of Gucci Group&nbsp;N.V.,
(viii)&nbsp;the Incentive Stock Option Plan for employees of the Japanese subsidiaries of Gucci Group&nbsp;N.V., (ix)&nbsp;the Incentive Stock Option Plan for employees of the Canadian
subsidiaries of Gucci Group&nbsp;N.V. and (x)&nbsp;the Incentive Stock Option Plan for employees of the Luxembourg subsidiaries of Gucci Group&nbsp;N.V., (xi)&nbsp;the Gucci Group&nbsp;N.V.
Amended and Restated Incentive Stock Option Plan and (xii)&nbsp;the Gucci International&nbsp;N.V. Amended and Restated Incentive Stock Option Plan, (xiii)&nbsp;the Incentive Stock Option Plan
for employees of the Korean subsidiaries of Gucci Group&nbsp;N.V., (xiv)&nbsp;the Incentive Stock Option Plan for employees of the Spanish subsidiaries of Gucci Group&nbsp;N.V. and
(xv)&nbsp;the Incentive Stock Option Plan for employees of the Singaporean subsidiaries of Gucci Group&nbsp;N.V. (the "</FONT><FONT SIZE=2><B>Plans</B></FONT><FONT SIZE=2>").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.2</B></FONT></DT><DD><FONT SIZE=2>Prints of e-mailed copies, as received by me on 13&nbsp;December&nbsp;2003, of (i)&nbsp;a general form of an option
contract, (ii)&nbsp;an Italian form of an option contract, (iii)&nbsp;a French form of an option contract, (iv)&nbsp;a form of an option contract for the members of the supervisory board and
(v)&nbsp;a Korean form of an option contract (each an "</FONT><FONT SIZE=2><B>Option Contract</B></FONT><FONT SIZE=2>" and together the "</FONT><FONT SIZE=2><B>Option
Contracts</B></FONT><FONT SIZE=2>").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.3</B></FONT></DT><DD><FONT SIZE=2>A photocopy of a notarial copy of the Company's deed of incorporation, a photocopy of a notarial copy of the deed of the Company's
transformation from a private company with limited liability into a limited liability company and the Company's articles of association as most recently amended on 8&nbsp;August&nbsp;2002
according to the trade register extract referred to in paragraph&nbsp;3.4, all as filed with the chamber of commerce and industry for Amsterdam (the "</FONT><FONT SIZE=2><B>Chamber of
Commerce</B></FONT><FONT SIZE=2>").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.4</B></FONT></DT><DD><FONT SIZE=2>A faxed copy of a trade register extract regarding the Company provided by the Chamber of Commerce and dated
23&nbsp;January&nbsp;2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.5</B></FONT></DT><DD><FONT SIZE=2>A photocopy of the minutes of the Company's general meeting of shareholders held on 22&nbsp;June&nbsp;2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.6</B></FONT></DT><DD><FONT SIZE=2>A faxed copy of an undated resolution of the Company's supervisory board (</FONT><FONT SIZE=2><I>raad van
commissarissen</I></FONT><FONT SIZE=2>), received by me on 8&nbsp;January&nbsp;2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.7</B></FONT></DT><DD><FONT SIZE=2>A faxed copy of an undated resolution of the Company's managing board (</FONT><FONT SIZE=2><I>directie</I></FONT><FONT SIZE=2>),
received by me on 8&nbsp;January&nbsp;2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.8</B></FONT></DT><DD><FONT SIZE=2>A faxed copy of an undated resolution of the Company's remuneration committee, received by me on 8&nbsp;January&nbsp;2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.9</B></FONT></DT><DD><FONT SIZE=2>A faxed copy of a final draft of a registration statement on Form&nbsp;S-8, received by me on
12&nbsp;January&nbsp;2003, relating to the Shares (excluding the documents incorporated in the registration statement by reference and any annexes to it) (the "</FONT><FONT SIZE=2><B>Registration
Statement</B></FONT><FONT SIZE=2>"). </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<A NAME="page_fp2199_1_3"> </A>
<UL>

<P><FONT SIZE=2>In
addition, I have obtained the following confirmations given by telephone on the date of this opinion: </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.10</B></FONT></DT><DD><FONT SIZE=2>Confirmation from the Chamber of Commerce that the trade register extract referred to in this paragraph&nbsp;3 is up to date in all
material respects.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>3.11</B></FONT></DT><DD><FONT SIZE=2>Confirmation from the office of the bankruptcy division (</FONT><FONT SIZE=2><I>faillissementsgriffe</I></FONT><FONT SIZE=2>) of the
Amsterdam district court that the Company is not registered as having been declared bankrupt or granted suspension of payments. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>My
examination has been limited to the text of the documents and I have not investigated the meaning and effect of any document governed by a law other than Dutch law under that other law. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4</B></FONT></DT><DD><FONT SIZE=2><B>Assumptions</B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>For
the purpose of this opinion, I have made the following assumptions: </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.1</B></FONT></DT><DD><FONT SIZE=2>All copy documents conform to the originals and all originals are genuine and complete.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.2</B></FONT></DT><DD><FONT SIZE=2>Each signature is the genuine signature of the individual concerned.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.3</B></FONT></DT><DD><FONT SIZE=2>The minutes and extracts from minutes referred to in paragraph&nbsp;3 are a true record of the proceedings described in them in duly
convened, constituted and quorate meetings and the resolutions set out in those minutes and any other resolutions referred to in paragraph&nbsp;3 (i)&nbsp;were validly passed and remain in full
force and effect without modification, and (ii)&nbsp;comply with the requirements of reasonableness and fairness (</FONT><FONT SIZE=2><I>redelijkheid en billijkheid</I></FONT><FONT SIZE=2>) under
Dutch law. Any confirmation referred to in paragraph&nbsp;3 is true.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.4</B></FONT></DT><DD><FONT SIZE=2>The Registration Statement has been or will be filed with the SEC in the form referred to in paragraph&nbsp;3.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.5</B></FONT></DT><DD><FONT SIZE=2>The Plans, as acknowledged and agreed in the resolutions referred to in paragraph&nbsp;3, have been acknowledged and agreed in the
forms referred to paragraph&nbsp;3 and each Option Contract has been or will have been entered into in the appropriate form referred to in paragraph&nbsp;3, except that the names and other
information regarding the parties to each Option Contract and the number of Shares to which it applies, may vary.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.6</B></FONT></DT><DD><FONT SIZE=2>Each Option Contract is within the capacity and powers of, and has been or will have been validly authorised and signed by each party
and validly acknowledged and agreed to by the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.7</B></FONT></DT><DD><FONT SIZE=2>When validly signed by all parties, each Option Contract is valid, binding and enforceable on each party under any applicable law
(including, to the extent applicable, Dutch law).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.8</B></FONT></DT><DD><FONT SIZE=2>The nominal amount of the Shares and any agreed share premium will have been validly paid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.9</B></FONT></DT><DD><FONT SIZE=2>The Shares will have been issued in the form and manner prescribed by the Company's articles of association at the time of issue.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.10</B></FONT></DT><DD><FONT SIZE=2>The Company's authorised share capital (</FONT><FONT SIZE=2><I>maatschappelijk kapitaal</I></FONT><FONT SIZE=2>) at the time of each
issue will be sufficient to allow for the issue of the Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.11</B></FONT></DT><DD><FONT SIZE=2>The options granted under the Plans and the Shares have been or will have been offered, issued and accepted by the optionee under the
Option Contract in accordance with any applicable law (including, for the avoidance of doubt, Dutch law).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>4.12</B></FONT></DT><DD><FONT SIZE=2>No options to acquire Shares will be granted under any of the Plans after 22&nbsp;June&nbsp;2005. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<A NAME="page_fp2199_1_4"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>5</B></FONT></DT><DD><FONT SIZE=2><B>Opinion</B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Based
on the documents and confirmations referred to and the assumptions in paragraphs&nbsp;3 and 4 and subject to the qualifications in paragraph&nbsp;6 and to any matters not disclosed to me, I
am of the following opinion: </FONT></P>

<P><FONT SIZE=2>The
Shares have been duly authorised and, when issued, will have been validly issued in accordance with Dutch law and fully paid. The holders of the Shares will not be liable for the Company's
obligations, except in the case of abuse of the Company's legal personality and other exceptional circumstances. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>6</B></FONT></DT><DD><FONT SIZE=2><B>Qualifications</B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>This
opinion is subject to the following qualifications: </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>6.1</B></FONT></DT><DD><FONT SIZE=2>This opinion is subject to any limitations arising from bankruptcy, insolvency, liquidation, moratorium, reorganisation and other laws
of general application relating to or affecting the rights of creditors.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>6.2</B></FONT></DT><DD><FONT SIZE=2>The trade register extract referred to in paragraph&nbsp;3 does not provide conclusive evidence that the facts set out in it are
correct. However, under the 1996 Trade Register Act (</FONT><FONT SIZE=2><I>Handelsregisterwet 1996</I></FONT><FONT SIZE=2>), subject to limited exceptions, a company cannot invoke the incorrectness
or incompleteness of its trade register registration against third parties who were unaware of it.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>6.3</B></FONT></DT><DD><FONT SIZE=2>The confirmation from the office of the bankruptcy division referred to in paragraph&nbsp;3 does not provide conclusive evidence that
the Company has not been declared bankrupt or granted suspension of payments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>7</B></FONT></DT><DD><FONT SIZE=2><B>Reliance</B></FONT></DD></DL>
<UL>

<P><FONT SIZE=2>This
opinion is solely for your benefit and solely for the purpose of the Registration. It is not to be transmitted to anyone else nor is it to be relied upon by anyone else or for any other purpose
or quoted or referred to in any public document or filed with anyone without my written consent, except that it may be filed with the SEC as an exhibit to the Registration Statement (but I do not
admit that I am a person whose consent for that filing and reference is required under Section&nbsp;7 of the United States Securities Act of 1933, as amended). </FONT></P>

</UL>

<P><FONT SIZE=2>Yours
faithfully, </FONT></P>

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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>J.M. VAN DIJK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2><B>J.M. van Dijk</B></FONT><FONT SIZE=2><BR>
for De Brauw Blackstone Westbroek N.V.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<P><br><A NAME="02LON2199_22">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_fp2199_1">Exhibit 5</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_fp2199_2">Gucci Group N.V. Registration under the Securities Act of 1933 of 1,250,000 common shares in the share capital of Gucci Group N.V.</A></FONT><BR>

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<TYPE>EX-23.1
<SEQUENCE>24
<FILENAME>a2096661zex-23_1.htm
<DESCRIPTION>EX-23.1
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<A NAME="toc_fr2199_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 23.1    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fr2199_consent_of_independent_accountants"> </A>
<A NAME="toc_fr2199_2"> </A>
<BR></FONT><FONT SIZE=2><B>CONSENT OF INDEPENDENT ACCOUNTANTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Gucci Group N.V. of our report dated May&nbsp;27, 2002
relating to the financial statements, which appear in the Fiscal 2001 Annual Report to Shareholders of Gucci Group N.V., which is incorporated in the Gucci Group N.V. Annual Report on Form 20-F for
the year ended January&nbsp;31, 2002. We also consent to the incorporation by reference of our report dated May&nbsp;27, 2002 relating to the financial statement schedules, which appears on such
Annual Report on Form 20-F. </FONT></P>

<P><FONT SIZE=2>Amsterdam,
The Netherlands<BR>
January 27, 2003 </FONT></P>

<P><FONT SIZE=2><B>
<IMG SRC="g77838.jpg" ALT="GRAPHIC" WIDTH="592" HEIGHT="79">
  </B></FONT></P>

<P><FONT SIZE=2>PricewaterhouseCoopers
Accountants N.V. </FONT></P>

<HR NOSHADE>
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<UL>
<FONT SIZE=2><A HREF="#toc_fr2199_1">Exhibit 23.1</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_fr2199_2">CONSENT OF INDEPENDENT ACCOUNTANTS</A></FONT><BR>
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