<SUBMISSION>
<ACCESSION-NUMBER>0001047469-03-021421
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20030630
<FILING-DATE>20030616
<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>6-K
<ACT>34
<FILE-NUMBER>001-14000
<FILM-NUMBER>03745315
</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>6-K
<SEQUENCE>1
<FILENAME>a2112929z6-k.htm
<DESCRIPTION>6-K
<TEXT>
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</HEAD>
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<FONT SIZE=3 ><A HREF="#03NYC5465_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=5><B>FORM 6-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B> SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>Report of Foreign Issuer  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> Pursuant to Rule&nbsp;13a-16 or 15d-16 of  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B> the Securities Exchange Act of 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>For the month of June&nbsp;2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>GUCCI GROUP N.V.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Rembrandt Tower<BR>
Amstelplein 1<BR>
1096 HA Amsterdam<BR>
The Netherlands<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant and address of principal executive offices) </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate
by check mark whether the registrant files or will file annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F.] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Form&nbsp;20-F
<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to
Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934.] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Yes
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;No <U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule&nbsp;12g3-2(b):] </FONT></P>

<P><FONT SIZE=2><B>Enclosure: Proxy Statement dated June&nbsp;13, 2003  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<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 Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </FONT></P>

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<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD COLSPAN=3><FONT SIZE=2>GUCCI GROUP N.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2><BR>
Date: 16 June&nbsp;2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><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></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Robert S. Singer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Chief Financial Officer</FONT></TD>
</TR>
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<P><FONT SIZE=2>Rembrandt
Tower<BR>
Amstelplein No.&nbsp;1<BR>
1096 HA Amsterdam<BR>
The Netherlands </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>June&nbsp;13,
2003 </FONT></P>

<P><FONT SIZE=2>Dear
Shareholder: </FONT></P>


<P><FONT SIZE=2>You
are cordially invited to attend the 2003 Annual General Meeting of Shareholders of Gucci Group N.V., which will be held at 11:00&nbsp;a.m. on Wednesday, July&nbsp;16, 2003, at the Amstel
Intercontinental Hotel, Professor Tulpplein, No 1, 1018 GX Amsterdam, The Netherlands. </FONT></P>

<P><FONT SIZE=2>We
have attached a notice of the Annual General Meeting, including the Agenda, and a Proxy Statement that contains information regarding the matters that will be considered at the meeting. We hope
that you will attend. If you plan to do so, please complete and sign the enclosed attendance form and return it as specified thereon. We will then add your name to the admission list for the meeting. </FONT></P>


<P><FONT SIZE=2>If
you are unable to attend, we would ask you to complete and sign the enclosed proxy card and return it in the envelope provided. </FONT></P>

<P><FONT SIZE=2>We
look forward to seeing you at the meeting or to receiving your proxy card. </FONT></P>

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

<P><FONT SIZE=2><B>
<IMG SRC="g219512.jpg" ALT="LOGO" WIDTH="142" HEIGHT="126">
  </B></FONT></P>

<P><FONT SIZE=2>Domenico
De Sole,<BR>
President and Chief Executive Officer </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>Gucci Group NV, Rembrandt Tower, Amstelplein 1, 1096 HA Amsterdam, The Netherlands, tel 31-20-462 1700, fax 31-20-465 3569<BR>
Trade Register in Amsterdam 33223151 VAT number NL 800859261B01 </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc5465_notice_of_the_annual_general_meeting_of_shareholders"> </A>
<A NAME="toc_dc5465_1"> </A>
<BR></FONT><FONT SIZE=2><B>NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS    <BR>    </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>Notice
is hereby given of the Annual General Meeting of Shareholders (the "Annual Meeting") of Gucci Group N.V. (the "Company"), which will be held at 11:00&nbsp;a.m. on Wednesday, July&nbsp;16,
2003, at the Amstel Intercontinental Hotel, Professor Tulpplein, No 1, 1018 GX Amsterdam, The Netherlands. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agenda for the Annual Meeting, containing proposals made by the Supervisory Board and the Management Board, shall be as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Call
to Order and Opening by the Chairman of the Supervisory Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Report
of the Chief Executive Officer and Management Board on the course of the Company's business and the conduct of its affairs during, and the Dutch statutory accounts for, the
fiscal year ended January&nbsp;31, 2003 ("Fiscal 2002").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Report
of the Supervisory Board on the statutory accounts for Fiscal 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Statutory
Accounts for Fiscal 2002:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2>Proposal
to adopt the statutory accounts for Fiscal 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve the management performed by the Management Board and the supervision performed by the Supervisory Board during Fiscal 2002, including discharge from liability in
respect of their respective duties during Fiscal 2002.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Proposal
to set the number of members of the Supervisory Board at eight and to appoint eight persons as members of the Supervisory Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>Proposal
to appoint three persons as members of the Management Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>Proposal
to extend the authority of the Management Board to repurchase shares of the Company's share capital for a period of 18&nbsp;months (until January&nbsp;16, 2005).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>Proposal
to amend the Articles of Association of the Company in order to return capital and authorization to effectuate such amendments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2>Proposal
to retain PricewaterhouseCoopers as the Company's Auditor
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve the Company's countrywide Incentive Stock Option Plan and amend the Company's Incentive Stock Option Plans, including to increase by 1,250,000 common shares the
number of common shares reserved for issuance thereunder.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.</FONT></DT><DD><FONT SIZE=2>Questions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>12.</FONT></DT><DD><FONT SIZE=2>Adjournment.
</FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the statutory accounts for Fiscal 2002, the reports of the Supervisory Board and the Management Board, the lists of nominees for appointment to the Supervisory Board and the
Management Board (including various details with respect to such members), the draft deeds of amendment of the Articles of Association and the information sent to the holders of registered shares can
be obtained free of charge by shareholders and other persons entitled to attend the Annual Meeting at the offices of the Company at Rembrandt Tower, Amstelplein No.&nbsp;1, 1096 HA Amsterdam, The
Netherlands, at KAS BANK N.V., Spuistraat 172, 1012 VT Amsterdam, The Netherlands (department of corporate action), and at The Bank of New York, 101 Barclay Street, 22<SUP>nd</SUP> Floor West, New
York, NY 10286, U.S.A. (offices of Mr.&nbsp;Vinu Kurian). </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered
shareholders desiring to exercise voting rights in person are requested to complete and sign the enclosed attendance form or proxy card, and send it to The Bank of New York at
the address listed thereon (and, in the case of the proxy card, in the envelope provided), such that the attendance form or proxy card will be received by The Bank of New York by no later than
3:00&nbsp;p.m., New York time, on July&nbsp;15, 2003. June&nbsp;6, 2003, has been selected as the notional record date for the purpose of soliciting proxies from the registered holders of shares
of New York registry, many of whom are expected to mark proxies in accordance with the instructions of beneficial owners of shares of New York registry as of that date. However, in accordance with
Dutch law, only persons who are registered shareholders on the day of the Annual Meeting are entitled to vote, in person or by proxy, and registered shareholders may only vote shares held of record on
the day of the Annual Meeting. Consequently, proxies will only be valid to the extent of shares held by registered shareholders on the day of the Annual Meeting, and voting instructions on any proxies
given with respect to a greater number of shares will be followed in the same proportion as is indicated on the proxy card, but only with respect to the number of shares held of record on the day of
the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>June&nbsp;13,
2003<BR>
The Management Board </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de5465_gucci_group_n.v._rembrandt_tow__guc02962"> </A>
<A NAME="toc_de5465_1"> </A>
<BR></FONT><FONT SIZE=2><B>GUCCI GROUP N.V.<BR>  Rembrandt Tower<BR>  Amstelplein No.&nbsp;1<BR>  1096 HA Amsterdam<BR>  The Netherlands    <BR>    </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de5465_proxy_statement_for_the_annual__pro03253"> </A>
<A NAME="toc_de5465_2"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY STATEMENT FOR THE<BR>  ANNUAL GENERAL MEETING OF SHAREHOLDERS<BR>  TO BE HELD ON JULY 16, 2003    <BR>    </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement and the accompanying Notice of the Annual General Meeting of Shareholders and Agenda are being mailed to shareholders of Gucci Group N.V. (the "Company" or "Gucci")
on or about June&nbsp;13, 2003, in connection with the solicitation by the Company of proxies for use at the Annual General Meeting of Shareholders of the Company to be held on July&nbsp;16, 2003
at 11:00&nbsp;a.m. at the Amstel Intercontinental Hotel, Professor Tulpplein, No 1, 1018 GX Amsterdam, The Netherlands, and at any adjournments thereof (the "Annual Meeting"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's 2002 Annual Report to Shareholders (the "Annual Report"), containing the Company's audited consolidated financial statements (and the statutory accounts) for the fiscal
year ended January&nbsp;31, 2003 ("Fiscal 2002") is enclosed herewith. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the Articles of Association of the Company and Dutch law, copies of the statutory accounts for Fiscal 2002, the reports of the Supervisory Board and the Management
Board, the lists of nominees for appointment to the Supervisory Board and the Management Board, the draft deeds of amendment of the Articles of Association and the information sent to the holders of
registered shares can be obtained free of charge by shareholders and other persons entitled to attend the Annual Meeting at the offices of the Company at Rembrandt Tower, Amstelplein No.&nbsp;1,
1096 HA Amsterdam, The Netherlands, at KAS BANK N.V., Spuistraat 172, 1012 VT Amsterdam, The Netherlands (department of corporate clients), and at The Bank of New York, 101 Barclay Street,
22<SUP>nd</SUP>&nbsp;Floor West, New York, NY 10286, U.S.A. (offices of Mr.&nbsp;Vinu Kurian). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
entire cost of soliciting proxies for the Annual Meeting will be borne by the Company, including expenses in connection with preparing and mailing proxy solicitation materials. The
Company also will reimburse brokerage houses and other custodians, nominees and fiduciaries for reasonable expenses incurred in sending proxy solicitation materials to the beneficial owners of shares
of New York registry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not subject to the proxy solicitation rules contained in Regulation&nbsp;14A under the U.S. Securities Exchange Act of 1934. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will file shortly with the U.S. Securities and Exchange Commission an annual report on Form&nbsp;20-F for Fiscal 2002. The Company will furnish without charge
copies of the annual report on Form&nbsp;20-F to any shareholder requesting a copy in writing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de5465_procedures_for_attending_the_a__pro03306"> </A>
<A NAME="toc_de5465_3"> </A>
<BR></FONT><FONT SIZE=2><B>PROCEDURES FOR ATTENDING THE ANNUAL MEETING<BR>  AND FOR VOTING IN PERSON OR BY PROXY    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to attend, address and vote at the Annual Meeting, registered shareholders are requested to advise the Company in writing, in accordance with the
procedures stated in the Notice of Annual General Meeting of Shareholders, of their intention to attend the Annual Meeting. Under Dutch law, registered shareholders may exercise their shareholder
rights only for those common shares registered in their name on the day of the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
items set forth in the Agenda, including the proposals to be considered by the shareholders, were proposed by the Management Board and approved by the Supervisory Board. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of May&nbsp;31, 2003, there were 99,245,160 voting shares outstanding. In addition, the Company held 3,470,898 shares in Treasury. The shares held by the Company will not be voted
at the Annual Meeting. A shareholder may cast one vote per share at the Annual Meeting. No quorum requirement applies at the Annual Meeting. Proposals made by the Supervisory Board or the Management
Board shall be validly adopted if approved by an absolute majority of the votes cast at the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
cannot be voted at the Annual Meeting unless the registered shareholder is present in person or is represented by a written proxy. For those registered shareholders who are unable
to attend the Annual Meeting in person, the enclosed proxy card naming The Bank of New York as proxyholder, with full power of substitution, is a means by which such registered shareholders may
authorize the voting of their shares at the Annual Meeting. If the proxy in the enclosed form is duly executed and returned, all shares represented thereby in accordance with the procedure specified
in the Notice of Annual General Meeting of Shareholders will be voted, and, where specification is made by the holder of shares on the form of proxy, will be voted by the proxyholders in accordance
with such specification. If no specification is made in the proxy, the proxy will be voted by the proxyholders FOR items four, five (including FOR the appointment of Ms.&nbsp;Barbizet,
Mr.&nbsp;Bellamy, Mr.&nbsp;Benedetti, Dr</FONT><FONT SIZE=2><B>.</B></FONT><FONT SIZE=2> Domeniconi, Mr.&nbsp;Marteau, Mr.&nbsp;Pinault, Mr.&nbsp;Vuursteen and Mr.&nbsp;Weinberg as
members of the Supervisory Board), six (including FOR the appointment of Messrs.&nbsp;De Sole, Ford and Cooiman as members of the Management Board), seven, eight, nine and ten. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event a registered shareholder wishes to use any other form of proxy, such proxy shall be voted in accordance with the specification given therein. Such shareholder is requested
to notify the Company on or prior to July&nbsp;15, 2003 of such shareholder's intention to attend the Annual Meeting and to exercise shareholder rights. The shares for which the proxy is given must
be registered in the name of the shareholder on the date of the Annual Meeting. The proxyholder shall present the duly executed proxy to obtain admission to the Annual Meeting and exercise the
shareholder rights represented by such proxy. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person who has executed and delivered a proxy and who subsequently wishes to revoke such proxy may do so by delivering a subsequently dated proxy or by giving written notice of
revocation, which in each case must be received by The Bank of New York (marked to the attention of: Mr.&nbsp;Vinu Kurian), 101 Barclay Street, 22<SUP>nd</SUP> Floor West, New York, NY 10286,
U.S.A., on or before 3:00&nbsp;p.m. (local New York time), on July&nbsp;15, 2003. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de5465_agenda_item_four_(a)__adoption__age02397"> </A>
<A NAME="toc_de5465_4"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM FOUR (A):<BR>  <BR>    ADOPTION OF STATUTORY ACCOUNTS FOR FISCAL 2002    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Dutch Civil Code requires the preparation of the Company's audited balance sheet as of the end of each fiscal year and its statement of income for such fiscal
year, prepared in accordance with statutory accounting principles (the "statutory annual accounts"). Under Section&nbsp;2:406 of the Dutch Civil Code, the statutory annual accounts consist of the
annual accounts of the Company on a stand-alone basis and the consolidated accounts of the Company and all of its subsidiaries. Since the Company changed its reporting currency to Euros on
February&nbsp;1, 2002, the statutory accounts have also been prepared in Euros. It is proposed to adopt the statutory annual accounts for Fiscal 2002. Copies of the Company's statutory annual
accounts, the report of the Management Board and the report of the Supervisory Board can be obtained free of charge by shareholders and other persons entitled to attend the Annual Meeting at the
offices of the Company at Rembrandt Tower, Amstelplein No.&nbsp;1, 1096 HA Amsterdam, The Netherlands, at the offices of KAS BANK N.V., Spuistraat 172, 1012 VT Amsterdam, The Netherlands (department
of corporate clients) and at the offices of The Bank of New York, 101 Barclay Street, 22<SUP>nd</SUP> Floor West, New York, NY 10286, U.S.A. (offices of Mr.&nbsp;Vinu Kurian), from the date
hereof until the close of the Annual Meeting. </FONT></P>

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

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Article&nbsp;35.2 of the Articles of Association of the Company, subject to adoption of the statutory annual accounts by the shareholders at the Annual Meeting, the
Supervisory Board has declared a cash dividend from the profits earned in Fiscal 2002 of Euro 0.50 per share. If so approved, it is expected that shares will begin trading ex-dividend in
both Amsterdam and New York on July&nbsp;18, 2003, and the dividend will be paid shortly thereafter. </FONT></P>

<UL>

<P><FONT SIZE=2><B> The Supervisory and Management Boards Recommend A Vote FOR Item Four (A).  </B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_four_(b)__approval__age08495"> </A>
<A NAME="toc_dg5465_1"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM FOUR (B):<BR>  <BR>    APPROVAL OF THE MANAGEMENT AND SUPERVISION<BR>  PERFORMED BY THE MANAGEMENT BOARD AND THE<BR>  SUPERVISORY BOARD, INCLUDING DISCHARGE FROM<BR>  LIABILITY IN RESPECT OF THE EXERCISE OF
THEIR<BR>  DUTIES DURING FISCAL 2002    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with previous years and in accordance with principles of corporate governance, the adoption of the statutory accounts for Fiscal 2002 (item four
(A)) and the approval of the management performed by the Management Board and the supervision performed by the Supervisory Board are included on the agenda for the Annual Meeting as separate items. It
is proposed to approve the management performed by the Management Board and the supervision performed by the Supervisory Board during Fiscal 2002 and to discharge the Management Board and the
Supervisory Board from liability in respect of the exercise of their duties during Fiscal 2002. The discharge only applies to matters actually stated in the statutory annual accounts, or otherwise
made public. </FONT></P>

<UL>

<P><FONT SIZE=2><B> The Supervisory and Management Boards Recommend A Vote FOR Item Four (B).  </B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_five__proposal_to___age04173"> </A>
<A NAME="toc_dg5465_2"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM FIVE:<BR>  <BR>    PROPOSAL TO SET THE NUMBER OF<BR>  THE SUPERVISORY BOARD AT EIGHT,<BR>  TO APPOINT EIGHT MEMBERS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;18.1 of the Articles of Association of the Company provides that the Supervisory Board shall consist of such number of members as the general
meeting of shareholders may from time to time determine, with a minimum of three members. On May&nbsp;24, 2003, the Supervisory Board approved a resolution setting the number of members of the
Supervisory Board at eight for the time being. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;18.1
of the Articles of Association of the Company further stipulates that Supervisory Directors are appointed by the general meeting of shareholders, upon the Supervisory
Board having made a non-binding nomination for each vacancy. The Supervisory Directors are appointed for a 1&nbsp;year term. Pursuant to Article&nbsp;18.2, persons who are appointed to
the Supervisory Board at the Annual Meeting will serve until they are replaced by a vote of shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;24, 2003, the Supervisory Board approved a resolution making non-binding nominations of the following persons for appointment to the Supervisory Board: </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patricia Barbizet</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Barbizet is a member of the Supervisory Board. Ms.&nbsp;Barbizet is Chief Executive Officer of
Artemis S.A. In addition, Ms.&nbsp;Barbizet is chairman of the supervisory board of Pinault Printemps Redoute ("PPR"). Ms.&nbsp;Barbizet is also a member of the boards of several operating
companies affiliated with Artemis S.A. and PPR, respectively. She is 48&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrian D. P. Bellamy</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Bellamy is a member of the Supervisory Board and serves as its Chairman and as a member of
its Remuneration Committee and its Audit Committee. Mr.&nbsp;Bellamy is </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>Executive
Chairman of The Body Shop International&nbsp;PLC, Chairman of Reckitt Beckinser&nbsp;plc, a director of The GAP,&nbsp;Inc., Williams-Sonoma,&nbsp;Inc., and The Robert Mondavi
Corporation. Mr.&nbsp;Bellamy was Chairman and Chief Executive Officer of DFS Group Limited, a specialty retailer. He is 61&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aureliano Benedetti</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Benedetti is a member of the Supervisory Board and serves as a member of its Audit Committee.
Mr.&nbsp;Benedetti currently serves as the Chairman of the board of directors of Cassa di
Risparmio di Firenze SpA, Centro Vita Assicurazioni SpA, Eptaconsors SpA. In addition, Mr.&nbsp;Benedetti is Vice Chairman of the Board of Directors and the Executive Committee of A.B.I. (Italian
Banking Association). He also serves as a member of the Board of directors of several industrial and financial companies. He is 67&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reto F. Domeniconi</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Domeniconi is a member of the Supervisory Board. He has been a director of Nestle S.A. from
1996, when he stepped down as Executive Vice President in charge of Finance, Control and Administration (a position he had held since 1985) until 2001. Dr.&nbsp;Domeniconi is also a member of the
boards of directors of several international industrial and financial companies. He is 67&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patrice Marteau</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Marteau is a member of the Supervisory Board. Mr.&nbsp;Marteau has been Corporate Secretary and
Chief Financial Officer of PPR since 1995, when he stepped down as Corporate Secretary and Chief Financial Officer of FNAC, a PPR subsidiary. Prior to joining the PPR group, Mr.&nbsp;Marteau, among
other things, served as Executive Vice President, Asia Pacific Region, responsible for the development and management of operating units, and as Corporate Controller with Danone. Prior to joining
Danone in 1984, he held several financial accounting positions with Pechiney. He is 55&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fran&ccedil;ois Henri Pinault</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Pinault is a member of the Supervisory Board. Mr.&nbsp;Pinault is General
Partner and Manager of Financi&egrave;re Pinault (parent of Artemis S.A.). In addition, Mr.&nbsp;Pinault is Managing Director of Artemis S.A. and a member of the Supervisory Board of PPR. He
is also a member of the Board of several operating companies affiliated with Artemis S.A. and PPR. He is 40&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karel Vuursteen</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Vuursteen is a member of the Supervisory Board, Chairman of its Audit Committee, and a member of
its Remuneration Committee. Mr.&nbsp;Vuursteen has been Chief Executive Officer of Heineken N.V. He also serves as a director of AB Electrolux, Randstad Holding N.V., Ahold&nbsp;N.V., Akzo
Nobel&nbsp;N.V. and ING&nbsp;Group&nbsp;N.V. In addition, Mr.&nbsp;Vuursteen is Vice Chairman of the supervisory board of Nyenrode University. Prior to joining Heineken in 1991,
Mr.&nbsp;Vuursteen served as Chief Executive Officer of Philips Lighting Company, North America, a subsidiary of Philips Electronics N.V. He is 61&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serge Weinberg</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Weinberg is a member of the Supervisory Board and serves as a member of its Remuneration Committee.
Mr.&nbsp;Weinberg is Chief Executive Officer and Chairman of the Management Board of PPR since 1995. Between 1990 and 1995, he served as Chief Executive Officer of Compagnie Fran&ccedil;aise
de l'Afrique Occidentale, a major trading company which later merged with the Pinault group, and, subsequently, Rexel. Prior to joining the PPR group in 1990, Mr.&nbsp;Weinberg served as President
and CEO of Havas Tourisme and as Executive Director and member of the Board of Pallas Finance. Mr.&nbsp;Weinberg is also a member of the Board of several operating companies affiliated with PPR and
a member of AFEP (Association Fran&ccedil;aise des Entreprises Priv&eacute;es). He is 52&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is proposed that the members of the Supervisory Board be set at eight for the time being and that Ms.&nbsp;Barbizet, Mr.&nbsp;Bellamy, Mr.&nbsp;Benedetti, Dr.&nbsp;Domeniconi,
Mr.&nbsp;Marteau, Mr.&nbsp;Pinault, Mr.&nbsp;Vuursteen and Mr.&nbsp;Weinberg be appointed members of the Supervisory Board. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Articles of Association of the Company include provisions that require the Company to indemnify a member of the Supervisory Board against certain liabilities incurred for actions
taken by a member in his capacity as such. In addition, the Company has obtained insurance coverage for the benefit of the members of the Supervisory Board for certain of such liabilities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
list of nominees can be obtained free of charge by shareholders and other persons entitled to attend the Annual Meeting at the offices of the Company at Rembrandt Tower, Amstelplein
No.1, 1096 HA Amsterdam, The Netherlands, at KAS BANK N.V., Spuistraat 172, 1012 VT Amsterdam, The Netherlands (department of corporate actions), and at The Bank of New York, 101 Barclay Street,
22<SUP>nd</SUP>&nbsp;Floor West, New York, NY 10286, U.S.A. (offices of Mr.&nbsp;Vinu Kurian) from the date hereof until the close of the Annual Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Supervisory and Management Boards Recommend a Vote FOR Item Five, Including The Appointment of Ms.&nbsp;Barbizet, Mr.&nbsp;Bellamy, Mr.&nbsp;Benedetti,
Dr.&nbsp;Domeniconi, Mr.&nbsp;Marteau, Mr.&nbsp;Pinault, Mr.&nbsp;Vuursteen and Mr.&nbsp;Weinberg As Members Of The Supervisory Board.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_six__appointment_o__age03206"> </A>
<A NAME="toc_dg5465_3"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM SIX:<BR>  <BR>    APPOINTMENT OF THREE PERSONS AS<BR>  MEMBERS OF THE MANAGEMENT BOARD    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;11.1 of the Articles of Association of the Company provides that the Management Board shall consist of such number of members as may be determined
by the Supervisory Board. On May&nbsp;24, 2003, the Supervisory Board approved a resolution setting the number of members of the Management Board at three for the time being. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;11.2
stipulates that members of the Management Board are appointed by the general meeting of shareholders upon the Supervisory Board having made non-binding
nominations for each vacancy. Management Directors are appointed for a 1&nbsp;year term. Pursuant to Article&nbsp;11.1, persons who are appointed Managing Directors at the Annual Meeting will
serve until they are replaced by vote of the shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;24, 2003, the Supervisory Board set the number of members of the Management Board at three for the time being and approved a resolution making non-binding
nominations of Messrs.&nbsp;De Sole, Ford and Cooiman, the incumbent members of the Management Board. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domenico De Sole</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;De Sole is currently the Chairman of the Management Board and the President and Chief Executive
Officer of the Company. He was appointed President and Chief Executive Officer in July&nbsp;1995. He also serves as a member of the Board of Directors of certain of the Company's operating
subsidiaries. From October&nbsp;1994 until his appointment as Chief Executive Officer, Mr.&nbsp;De Sole was the Chief Operating Officer of Gucci. From 1984 to 1994, Mr.&nbsp;De Sole was
President and Chief Executive Officer of Gucci America,&nbsp;Inc., Gucci's largest retail subsidiary. He is 60&nbsp;years of age. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas Ford</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Ford is the Creative Director of the Gucci Group and the Chief Designer for the Gucci and Yves Saint
Laurent brands. Mr.&nbsp;Ford began his career with the Company in 1990 as Gucci's chief women's ready-to-wear designer, before becoming Design Director. Mr.&nbsp;Ford was
the Design Director of Perry Ellis Women's America Division from 1988 to 1990 and Senior Designer of Cathy Hardwick from 1986 to 1988. He is 41&nbsp;years of age. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aart Cooiman</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Cooiman has been an executive of "Staten" Trust en Administratiekantoor B.V. since 1976. He is
60&nbsp;years of age. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is proposed that Messrs.&nbsp;De Sole, Ford and Cooiman be appointed members of the Management Board as follows: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="39%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Domenico De Sole</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Chairman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Tom Ford</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Vice Chairman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>Aart Cooiman</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Member</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Supervisory and Management Boards Recommend A Vote FOR Item Six, Including The Appointment of Messrs.&nbsp;De Sole, Ford and Cooiman As Members Of The
Management Board.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_seven__extension_o__age04217"> </A>
<A NAME="toc_dg5465_4"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM SEVEN:<BR>  <BR>    EXTENSION OF AUTHORITY FOR<BR>  MANAGEMENT BOARD TO REPURCHASE<BR>  COMMON SHARES UNTIL JANUARY 16, 2005    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Dutch law and Article&nbsp;4.1 of the Articles of Association of the Company, the Company and its subsidiaries may, subject to certain Dutch statutory
provisions, repurchase up to one-tenth of the Company's issued share capital. Any such purchases are subject to the approval of the Supervisory Board and the authorization of the general
meeting of shareholders of the Company, which authorization may not continue for more than 18&nbsp;months. Prior to the initial public offering of the Company's common shares in October&nbsp;1995,
the general meeting of shareholders authorized the Management Board to repurchase up to 10% of the outstanding share capital of the Company for 18&nbsp;months from September&nbsp;26, 1995. Such
18-month period has been extended by each subsequent general meeting of shareholders, most recently the 2002 general meeting which extended the authority to January&nbsp;15, 2004. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is proposed to extend the authorization previously granted by the shareholders to the Management Board to repurchase up to 10% of the outstanding share capital of the Company for an
additional 18-month period from the date of the Annual Meeting, expiring on January&nbsp;16, 2005. </FONT></P>

<UL>

<P><FONT SIZE=2><B> The Supervisory and Management Boards Recommend A Vote FOR Item Seven.  </B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_eight__return_of_c__age05685"> </A>
<A NAME="toc_dg5465_5"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM EIGHT:<BR>  <BR>    RETURN OF CAPITAL<BR>  BY WAY OF AMENDMENT TO THE ARTICLES OF ASSOCIATION AND GRANT AUTHORIZATION TO EFFECTUATE SUCH AMENDMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;19, 1999, the Company and Pinault Printemps Redoute ("PPR") entered into a Strategic Investment Agreement ("SIA"), under which PPR invested
approximately $2.9&nbsp;billion in the Company in
exchange for approximately 40% of the Company's stock. The Company pursued an investment plan acquiring Sanofi Beaute S.A., Yves Saint Laurent Parfums S.A., Sergio Rossi S.A., Bottega Veneta S.p.A.,
Boucheron S.A., Balenciaga S.A., Bedat S.A., an interest in Stella McCartney Limited and Autumnpaper Limited (Alexander McQueen) for an investment of approximately $1.6&nbsp;billion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;10, 2001, the Company entered into a settlement of the uninvited bid of LVMH- Mo&euml;t Henessy Louis Vuitton ("LVMH") to acquire control of the
Company. At the same time, the Company and PPR entered into a Revised and Restated Strategic Investment Agreement ("RSIA"). Pursuant to both Agreements, a payment above the level of ordinary dividends
may not be declared without approval of a majority of the Independent Directors. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Supervisory Board and the Independent Directors noted that the Company is deeply involved in development of newly acquired brands and does not currently anticipate additional
significant </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>acquisitions.
The Board and the Independent Directors further noted that the Company has surplus cash, which is invested in low risk, low return financial instruments and is therefore earning yields
substantially below the requirements of investors in the luxury sector. The Board, including the Independent Directors, believe that a return of capital will create a more efficient capital structure
and that an early return of capital is in the interests of shareholders. The Board, including the Independent Directors, further determined that a return of Euro 13.50 per share would leave the
Company with a very strong balance sheet, with gross cash and cash equivalents well above Euro 1&nbsp;billion and, based on current business plans, would result in net debt approaching zero by year
end, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to effectuate this return of capital, the Supervisory Board has recommended that the shareholders resolve to increase the nominal value of the shares of the Company from Euro
1.02 to Euro 14.52 and, thereafter, reduce the nominal value of the shares to Euro 1.02, returning the difference between the increased nominal value of Euro 14.52 and the ultimate nominal value of
Euro 1.02 to shareholders as a return of capital. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders will be asked to authorize any and all lawyers and paralegals practising with the law firm of De Brauw Blackstone Westbroek N.V., the Company's Dutch corporate counsel,
to apply for the required ministerial declarations of no-objection to the draft deeds of amendment of the Articles of Association, to amend such drafts as may appear necessary to obtain
the declarations of no-objection, as well as to execute the notarial deeds of amendment to the Articles of Association. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
an affirmative vote of Shareholders and in compliance with Dutch statutory procedures, the Company expects to pay Euro 13.50 per share on the Euronext Amsterdam shares on
October&nbsp;2, 2003 and on the New York Stock Exchange (NYSE) shares promptly thereafter. The Euronext Amsterdam shares and NYSE shares both will commence trading ex-payment on
September&nbsp;26, 2003.
The record date for the NYSE shares will be September&nbsp;30, 2003. The return of capital to holders of NYSE shares will be converted from Euro to US Dollars at the US Dollar reference exchange
rate against the Euro, posted by the European Central Bank shortly after 2.15pm (CET) on October&nbsp;2, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;2.4
of the RSIA requires that PPR make a cash public offer for all Gucci Group N.V. shares at a "put price" of US$ 101.50 from March&nbsp;22 to April&nbsp;30, 2004. In
accordance with Article&nbsp;2.6 of the RSIA, the Independent Directors determined that the put price will be reduced by the per share US dollar equivalent of Euro 13.50, adjusted for the time value
of money between the date of payment on the Euronext Amsterdam shares, October&nbsp;2, 2003, and the final day of the public offer period, April&nbsp;30, 2004. The per share US dollar equivalent
of Euro 13.50 will be determined by the US Dollar reference exchange rate against the Euro, posted by the European Central Bank shortly after 2.15pm (CET) on October&nbsp;2, 2003. The time value of
money will be set at 3-month US Dollar LIBOR fixed on October&nbsp;2, 2003, increased by 100 basis points. </FONT></P>

<UL>

<P><FONT SIZE=2><B> The Supervisory and Management Boards Recommend A Vote FOR Item Eight.  </B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_nine__retention_of__age03194"> </A>
<A NAME="toc_dg5465_6"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM NINE:<BR>  <BR>    RETENTION OF PRICEWATERHOUSECOPPERS AS THE COMPANY'S AUDITOR    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers has served as the Auditor for the Company since the Initial Public Offer in 1995. In its report on Corporate Governance the NYSE stated: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
audit committee should . . . consider whether, in order to assure continuing auditor independence, there should be regular rotation of the . . . audit firm itself. We do not mandate
periodic rotation of auditors because we believe that mandatory rotation may undercut the effectiveness of the independent auditor and the quality of the audit. The transitions between auditors would
disrupt the audit process, deprive auditors of "institutional memory," and make the new auditors more dependent </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>on
management for information. The audit committee should make its own decision as to whether the company is obtaining high-quality audits and whether rotation of the auditor would be
helpful for the particular company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has considered the matter and recommended to the full Supervisory Board, which has approved the recommendation, that PricewaterhouseCoopers be retained as the
Company's auditor. </FONT></P>

<UL>

<P><FONT SIZE=2><B> The Supervisory and Management Boards Recommend A Vote FOR Item Nine.  </B></FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg5465_agenda_item_ten__amendment_to___age04323"> </A>
<A NAME="toc_dg5465_7"> </A>
<BR></FONT><FONT SIZE=2><B>AGENDA ITEM TEN:<BR>  <BR>    AMENDMENT TO THE COMPANY'S<BR>  INCENTIVE STOCK OPTION PLANS AND ADOPTION OF COUNTRYWIDE PLANS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's Incentive Stock Option Plan consists of several substantially similar plans adopted by the Company and certain of its subsidiaries (collectively,
the "Incentive Plan"). The purpose of the Incentive Plan is to enable the Company and its subsidiaries to attract, retain and motivate officers, directors and employees by awarding options to purchase
common shares or by awarding stock appreciation rights. The Incentive Plan is administered by a committee of the Supervisory Board. The committee has the authority, among other things, to grant
options and to determine the terms and conditions of the options, including the vesting schedule and terms of forfeiture or termination of options, subject to such limitations, if any, as may be
included in the Incentive Plan or under applicable law. The committee considers recommendations made by the Chief Executive Officer. The exercise price for options is payable in cash. The options may
or may not meet the criteria necessary to qualify for beneficial tax treatment to the optionees under applicable tax laws, including incentive stock option treatment under Section&nbsp;422 of the
U.S. Internal Revenue Code of 1986, and the committee may determine whether to issue options that do or do not satisfy such criteria. The tax consequences of the grant and exercise of options for the
Company and its subsidiaries, on the one hand, and for the holders of options, on the other hand, differ from country to country. The Incentive Plan may be amended, suspended or terminated by the
Supervisory Board (or the board of directors of the relevant subsidiary of the Company), provided that no amendment may alter or impair the rights of the holder of any option without such holder's
consent. The approval of the general meeting of shareholders is not required for the amendment, suspension or termination of the Incentive Plan, except as expressly otherwise provided in the
amendments described below. The Incentive Plan terminates on September&nbsp;26, 2005 and no further options may be granted thereafter, subject to possible extension of the term of the Incentive Plan
by the Supervisory Board. Termination of the Incentive Plan shall not affect options granted prior to the termination date and shall not affect the rights of the holders of such options. The rules of
the Incentive Plan in certain countries, including France, may differ in certain respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the approval by the shareholders at the Annual Meeting, the Incentive Plan has been amended to increase the number of common shares reserved for issuance under the Incentive
Plan and
to make certain technical changes. When originally adopted in September&nbsp;1995, the Incentive Plan provided for the reservation of a total of 2,514,444 common shares for issuance. At subsequent
annual general meetings, the shareholders approved amendments of the Incentive Plan to provide for the reservation of additional common shares, increasing the total number of common shares reserved
under the Incentive Plan to 17,264,444. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
various times up to June&nbsp;1, 2003, the Company granted options under the Incentive Plan to over 1000 employees to purchase an aggregate of 16,964,207 common shares (net of
cancellation) at exercise prices ranging from U.S.$15.00 per share to U.S.$128.00 per share. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June&nbsp;1, 2003, by reason of options granted and options cancelled through such date, the Company only had the capacity to grant further options with respect to 300,237 common
shares. In order to give the Supervisory Board the flexibility to provide additional equity-based financial incentives and compensation to existing and future officers, directors and employees,
particularly in light of the Company's previously announced acquisition program, it is proposed that the Incentive Plan be amended to provide for the reservation of a further 1,250,000 common shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to approval by the shareholders at the Annual Meeting, on December&nbsp;17, 2002, the Company adopted countrywide stock option plans in replacement of individual company by
company plans. The Company has too many subsidiaries for it practically to prepare a plan for each one. However, due to local law considerations, plans must vary in minor ways from country to country.
The Board therefore adopted single countrywide plans for all subsidiaries in countries having multiple subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the Incentive Plans appear as exhibits to a Registration Statement on Form&nbsp;S-8 that has been filed with the U.S. Securities and Exchange Commission (the
"Commission"). The Company will provide copies of the Incentive Plans (as proposed to be amended) and of the Registration Statement on Form&nbsp;S-8 without charge to any shareholder
requesting a copy in writing. In addition, the Registration Statement on Form&nbsp;S-8, including copies of the Incentive Plans and any other exhibits thereto, as well as other
information regarding the Company, may be inspected and copied at the public reference facilities maintained by the Commission at Judiciary Plaza, 450 Fifth Street, N.W., Room 1300, Washington, D.C.
20549. In addition, such material and other information concerning the Company can be inspected and copied at the New York Stock Exchange, 20 Broad Street, New York, New York 10005. </FONT></P>

<UL>

<P><FONT SIZE=2><B> The Supervisory and Management Boards Recommend A Vote FOR Item Ten.  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign, date and return the accompanying attendance form or proxy card at your first convenience. </FONT></P>

<P><FONT SIZE=2><B>The Management Board  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Domenico De Sole,<BR>
Chairman of the Management Board </FONT></P>

<P><FONT SIZE=2>June&nbsp;13,
2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>TO:<BR>
The Bank of New York.<BR>
101 Barclay Street,<BR>
22<SUP>nd</SUP> Floor West,<BR>
New York, NY 10286,<BR>
U.S.A.<BR>
(offices of Mr.&nbsp;Vinu Kurian)<BR>
Facsimile: 001 212 571-3050 </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di5465_gucci_group_n.v._annual_genera__guc02276"> </A>
<A NAME="toc_di5465_1"> </A>
<BR></FONT><FONT SIZE=2><B>GUCCI GROUP N.V.<BR>  <BR>    Annual General Meeting of Shareholders<BR>  <BR>    July&nbsp;16, 2003    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, holder of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;registered (Type
II)&nbsp;shares (with share certificate
numbers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) of Gucci
Group N.V. (the "Company"), hereby notifies the Company that he/she/it wishes to attend and to exercise his/her/its shareholder rights at the Annual General Meeting of Shareholders of the Company to
be held at the Amstel Intercontinental Hotel, Professor Tulpplein, No 1, 1018 GX Amsterdam, The Netherlands on Wednesday July&nbsp;16, 2003, at 11:00&nbsp;a.m., or any adjournment or adjournments
thereof, and requests that the Company add his/her/its name to the admission list for the Annual General Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registered shareholder realizes that he/she/it can only exercise his/her/its shareholder rights for the shares registered in his/her/its name on the day of the Annual
General Meeting of Shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
witness whereof the undersigned has duly executed this form/causes this form to be duly executed by its authorized officers
at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003.   </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2>(Signature
of registered shareholder) </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2>(Signature
of registered shareholder) </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2>(Print
full name of registered shareholder) </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the shares are held jointly, each registered holder must sign. </FONT><FONT SIZE=2><I>Notification should be received no later than 3:00&nbsp;p.m. (New York time) on
July&nbsp;15, 2003 at the office of The Bank of New York.</I></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=3><B>GUCCI GROUP N.V.<BR>  </B></FONT><FONT SIZE=2><B>Proxy Appointment and Voting Instruction Card<BR>
(Must be presented at the meeting or received by mail prior to 3:00 p.m. on July 15, 2003)  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registered holder of Common Shares of New York Registry, &euro;1.02 nominal value each, of Gucci Group N.V., hereby appoints The Bank
of New York, through its agents and with full power of substitution and resubstitution, or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as a proxy of
the undersigned to attend and address the Annual General Meeting of
Shareholders of Gucci Group N.V. to be held in Amsterdam, The Netherlands, on July 16, 2003 and, in general, to exercise all rights the undersigned could exercise in respect of such Common Shares if
personally present there at upon all matters which may properly come before such Meeting and every adjournment thereof, and instructs such proxy to endeavor, in so far as practicable, to vote or cause
to be voted the Common Shares of Gucci Group N.V of New York Registry registered in the name of the undersigned on the books of the New York Transfer Agent and Registrar as of the close of business on
June 6, 2003 at such Meeting in respect of the resolutions specified on the reverse side hereof. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>NOTE:</B></FONT></DT><DD><FONT SIZE=2><B>Please direct your proxy how it is to vote by placing an X in the appropriate box opposite the resolutions specified on the reverse side hereof. If no
direction is given, the proxy will be voted in accordance with the recommendations of the Management Board. If you do not fill in the blank provided above, then you will have appointed The Bank of New
York, as Registrar, as your proxy.  </B></FONT></DD></DL>
<BR><BR>

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<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=1>GUCCI GROUP N.V.<BR>
P.O. BOX 11478<BR>
NEW YORK, N.Y. 10203-0478</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2>To change your address, please mark this box.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
To include any comments, please mark this box.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>Please
complete and date this proxy on the reverse side and return it promptly in the accompanying envelope. </FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Call
to Order and Opening by the Chairman of the Supervisory Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Report
of the Chief Executive Officer and Management Board on the course of the Company's business and the conduct of its affairs during, and the Dutch statutory accounts for, the
fiscal year ended January 31, 2003 ("Fiscal 2002").
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Report
of the Supervisory Board on the statutory accounts for Fiscal 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Statutory
Accounts for Fiscal 2002:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2>Proposal
to adopt the statutory accounts for Fiscal 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>b.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve the management performed by the Management Board and the supervision performed by the Supervisory Board during Fiscal 2002, including discharge from liability in
respect of their respective duties during Fiscal 2002.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Proposal
to set the number of members of the Supervisory Board at eight and to appoint eight persons as members of the Supervisory Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>Proposal
to appoint three persons as members of the Management Board.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>Proposal
to extend the authority of the Management Board to repurchase shares of the Company's share capital for a period of 18 months (until January 16, 2005).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>Proposal
to amend the Articles of Association of the Company in order to return capital and authorization to effectuate such amendments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2>Proposal
to retain PricewaterhouseCoopers as the Company's Auditor.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve the Company's Countrywide Incentive Stock Option Plan and amend the Company's Incentive Stock Option Plans, including to increase by 1,250,000 common shares the
number of common shares reserved for issuance thereunder.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.</FONT></DT><DD><FONT SIZE=2>Questions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>12.</FONT></DT><DD><FONT SIZE=2>Adjournment. </FONT></DD></DL>
<BR>
<P ALIGN="CENTER"><FONT SIZE=1><B>- DETACH PROXY CARD HERE -<BR>  </B></FONT></P>

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<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=5><B><FONT FACE="WINGDINGS">&#111;</FONT></B></FONT></TD>
<TD WIDTH="30%"><FONT SIZE=1><BR>
Mark, Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope.</FONT></TD>
<TD WIDTH="30%" ALIGN="CENTER"><FONT SIZE=4><B><FONT FACE="WINGDINGS">&#253;</FONT><BR> </B></FONT><FONT SIZE=1>Votes must be indicated<BR>
(x) in Black or Blue ink.<BR></FONT>
</TD>
<TD WIDTH="30%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>FOR</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1>AGAINST</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>FOR</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1>AGAINST</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>FOR</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1>AGAINST</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1><BR>
1.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
5.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
10.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1><BR>
2.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
6.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
11.</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1><BR>
3.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
7.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
12.</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1><BR>
4a.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
8.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=1><BR>
4b.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
9.</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="16%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<TD WIDTH="42%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD COLSPAN=5><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=5 ALIGN="CENTER"><FONT SIZE=5><B>SCAN LINE</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=5><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=5><B><BR>&nbsp;</B></FONT></TD>
<TD COLSPAN=5><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=5><B><BR>
&nbsp;</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=5><B><BR>&nbsp;</B></FONT></TD>
<TD COLSPAN=5><BR><FONT SIZE=1>The Voting Instruction must be signed by the person in whose name the relevant Receipt is registered on the books of the Depositary. In the case of a Corporation, the Voting Instruction must be executed by a duly
authorized Officer or Attorney.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=1><BR>
Date</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=1><BR>
Share Owner sign here</FONT></TD>
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Co-Owner sign here</FONT></TD>
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<BR>
<P><br><A NAME="03NYC5465_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi5465_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc5465_1">NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de5465_1">GUCCI GROUP N.V. Rembrandt Tower Amstelplein No. 1 1096 HA Amsterdam The Netherlands</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de5465_2">PROXY STATEMENT FOR THE ANNUAL GENERAL MEETING OF SHAREHOLDERS TO BE HELD ON JULY 16, 2003</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de5465_3">PROCEDURES FOR ATTENDING THE ANNUAL MEETING AND FOR VOTING IN PERSON OR BY PROXY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de5465_4">AGENDA ITEM FOUR (A): ADOPTION OF STATUTORY ACCOUNTS FOR FISCAL 2002</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg5465_1">AGENDA ITEM FOUR (B): APPROVAL OF THE MANAGEMENT AND SUPERVISION PERFORMED BY THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD, INCLUDING DISCHARGE FROM LIABILITY IN RESPECT OF THE EXERCISE OF THEIR DUTIES DURING
FISCAL 2002</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg5465_2">AGENDA ITEM FIVE: PROPOSAL TO SET THE NUMBER OF THE SUPERVISORY BOARD AT EIGHT, TO APPOINT EIGHT MEMBERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg5465_3">AGENDA ITEM SIX: APPOINTMENT OF THREE PERSONS AS MEMBERS OF THE MANAGEMENT BOARD</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg5465_4">AGENDA ITEM SEVEN: EXTENSION OF AUTHORITY FOR MANAGEMENT BOARD TO REPURCHASE COMMON SHARES UNTIL JANUARY 16, 2005</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg5465_5">AGENDA ITEM EIGHT: RETURN OF CAPITAL BY WAY OF AMENDMENT TO THE ARTICLES OF ASSOCIATION AND GRANT AUTHORIZATION TO EFFECTUATE SUCH AMENDMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg5465_6">AGENDA ITEM NINE: RETENTION OF PRICEWATERHOUSECOPPERS AS THE COMPANY'S AUDITOR</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg5465_7">AGENDA ITEM TEN: AMENDMENT TO THE COMPANY'S INCENTIVE STOCK OPTION PLANS AND ADOPTION OF COUNTRYWIDE PLANS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di5465_1">GUCCI GROUP N.V. Annual General Meeting of Shareholders July 16, 2003</A></FONT><BR>
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</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
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