<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-005305
<TYPE>SC TO-T/A
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20040428
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>PINAULT PRINTEMPS REDOUTE S A /FI
<CIK>0001142252
<IRS-NUMBER>000000000
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-T/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>18 PLACE HENRI BERGSON
<STREET2>75387 PARIS CE DEX 08
<CITY>FRANCE
<STATE>I0
<ZIP>00000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>18 PLACE HENRI BERGION
<STREET2>75008 PARIS CEDEX
<CITY>FRANCE
<STATE>I0
<ZIP>00000
</MAIL-ADDRESS>
</FILED-BY>
<SUBJECT-COMPANY>
<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>SC TO-T/A
<ACT>34
<FILE-NUMBER>005-49533
<FILM-NUMBER>04760193
</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>
</SUBJECT-COMPANY>
<SUBJECT-COMPANY>
<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>SC 13E3/A
<ACT>34
<FILE-NUMBER>005-49533
<FILM-NUMBER>04760194
</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>
</SUBJECT-COMPANY>
<DOCUMENT>
<TYPE>SC TO-T/A
<SEQUENCE>1
<FILENAME>x96448a5sctovtza.htm
<DESCRIPTION>AMENDMENT NO. 5 TO SCHEDULE TO
<TEXT>
<HTML>
<HEAD>
<TITLE>AMENDMENT NO. 5 TO SCHEDULE TO</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="20%">


<P align="center" style="font-size: 18pt"><B>SCHEDULE TO/A</B>


<P align="center" style="font-size: 10pt"><B>TENDER OFFER STATEMENT UNDER SECTION<BR>
14(D)(1) OR 13(E)(1) OF THE SECURITIES EXCHANGE ACT OF 1934</B>



<P align="center" style="font-size: 10pt"><B>(Amendment No.&nbsp;5)</B>


<P align="center" style="font-size: 24pt"><B>Gucci Group N.V.</B>

<DIV align="center" style="font-size: 10pt">(Name of Subject Company)</DIV>



<P align="center" style="font-size: 10pt"><FONT style="font-size:20pt"><B>Pinault-Printemps-Redoute S.A.</B></FONT><BR>
(Name of Filing Person&#151;Offerors)



<P align="center" style="font-size: 10pt"><FONT style="font-size:20pt"><B>Common Shares, Nominal Value <FONT face="'Times New Roman',times,serif">&#128;</FONT> 1.02 Per Share</B></FONT><BR>
(Title of Class of Securities)



<P align="center" style="font-size: 10pt"><B>401566104</B><BR>
(CUSIP Number of Class of Securities)



<P align="center" style="font-size: 10pt"><B>Serge Weinberg<BR>
Chairman and Chief Executive Officer<BR>
Pinault-Printemps-Redoute S.A.<BR>
10, avenue Hoche<BR>
75381 Paris Cedex 08<BR>
France<BR>
(011 33 1) 45 64 61 00</B><BR>
(Name, Address and Telephone Number of Person Authorized<BR>
to Receive Notices and Communications on Behalf of Filing Persons)



<P align="center" style="font-size: 10pt"><I>Copies to:</I>



<P align="center" style="font-size: 10pt"><B>David A. Katz, Esq.<BR>
Joshua R. Cammaker, Esq.<BR>
Wachtell, Lipton, Rosen &#038; Katz<BR>
51 West 52nd Street<BR>
New York, New York 10019<BR>
Telephone: (212)&nbsp;403-1000</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><FONT face="Wingdings">&#111;</FONT></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Check the appropriate boxes below to designate any transactions to which the statement relates:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>third-party tender offer subject to Rule&nbsp;14d-1.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><FONT face="Wingdings">&#111;</FONT></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>issuer tender offer subject to Rule&nbsp;13e-4.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>going-private transaction subject to Rule&nbsp;13e-3.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</B></TD>
</TR>


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</DIV>



<P>
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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Name of Reporting Person:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I.R.S. Identification Nos. of above persons (entities only):</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">PINAULT-PRINTEMPS-REDOUTE S.A.</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Check the Appropriate Box if a Member of a Group</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">(a) <FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">(b) <FONT face="Wingdings">&#120;</FONT></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">SEC Use Only:</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Source of Funds (See Instructions):</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">OO</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">5</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Check if Disclosure of Legal Proceedings Is Required Pursuant to Item&nbsp;2(d) or 2(e): <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Citizenship or Place of Organization</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">France</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD rowspan="11" align="center" valign="middle">Number of<br>
Shares<br>
Beneficially<br>
Owned By<br>
Each<br>
Reporting<br>
Person<br>
With</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left">7</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Sole Voting Power:</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">67,570,154</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left">8</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Shared Voting Power:</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">-0-</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left">9</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Sole Dispositive Power:</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">67,570,154</TD>
</TR>

<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left">10</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Shared Dispositive Power:</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">-0-</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">11.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Aggregate Amount Beneficially Owned by Each Reporting Person:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">67,570,154</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">12.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Check if the Aggregate Amount in Row (11)&nbsp;Excludes Certain Shares (See Instructions):</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">13.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Percent of Class&nbsp;Represented by Amount in Row (11):</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">66.83% (based upon outstanding shares)</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="1" valign="top" align="left">14.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Type of Reporting Person (See Instructions):</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">CO</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1. Summary Term Sheet.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;12. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;13. Information Required by Schedule&nbsp;13E-3.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">Signature</A></TD></TR>
<TR><TD colspan="9"><A HREF="x96448a5exv99waw32.htm">EX-99.A.32: ADVERTISEMENT</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;5 (this &#147;Amendment No.&nbsp;5&#148;) amends and supplements the
Tender Offer Statement and Schedule&nbsp;13E-3 Transaction Statement on Schedule&nbsp;TO
filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on April
1, 2004, as amended by Amendment No.&nbsp;1 filed on April&nbsp;2, 2004, Amendment No.&nbsp;2
filed on April&nbsp;19, 2004, Amendment No.&nbsp;3 filed on April&nbsp;22, 2004 and Amendment
No.&nbsp;4 filed on April&nbsp;23, 2004 (as amended, the &#147;Schedule&nbsp;TO&#148;), by
Pinault-Printemps-Redoute S.A., a <I>soci&#233;t&#233; anonyme </I>with a management board and
supervisory board and organized under the laws of the Republic of France
(&#147;PPR&#148;). This Schedule&nbsp;TO relates to the offer by PPR to purchase any and all
outstanding Common Shares, nominal value <FONT face="'Times New Roman',times,serif">&#128;</FONT> 1.02 per share (the &#147;Shares&#148;), of
Gucci Group N.V. that are not beneficially owned by PPR, at $85.52 per Share
net to the seller in cash, upon the terms and subject to the conditions set
forth in the Offer to Purchase, dated April&nbsp;1, 2004 (as amended, the &#147;Offer to
Purchase&#148;) and in the related Letter of Transmittal, copies of which were filed
previously with the Schedule&nbsp;TO as Exhibits (a)(1) and (a)(2), respectively.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;5 may be downloaded from PPR&#146;s website at
<I>www.pprfinance.com</I>.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The item numbers and responses thereto below are in accordance with the
requirements of Schedule&nbsp;TO. Capitalized terms used and not defined herein
shall have the meanings ascribed to such terms in the Offer to Purchase.

<!-- link2 "Item&nbsp;1. Summary Term Sheet." -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left" style="font-size: 10pt"><B>Item&nbsp;1. Summary Term Sheet.</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section entitled &#147;Summary&#148; of the Offer to Purchase is hereby amended
by deleting the first paragraph under &#147;When and how will I be paid for my
tendered Shares?&#148; and replacing such paragraph in its entirety as follows:

<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subject to the terms and conditions of the Offer, no later
than April&nbsp;30, 2004, we will transfer to the Depositaries payment
for all Shares validly tendered and not withdrawn in the Offer. If
we provide a subsequent offering period, we will pay for any Shares
tendered in such subsequent offering period periodically as those
Shares are tendered. We do, however, reserve the right, subject to
compliance with applicable law, to delay the acceptance of validly
tendered Shares for payment to the extent required under any
applicable law. If we delay our acceptance for payment of the
Shares after April&nbsp;30, 2004, in order to comply with applicable law
or court order, we will promptly implement a transaction having the
same economic result as that which would have resulted upon
consummation of the Offer in accordance with the Settlement
Agreement and Restated SIA.&#148;
<!-- link2 "Item&nbsp;12. Exhibits." -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left" style="font-size: 10pt"><B>Item&nbsp;12. Exhibits.</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;12
is hereby amended and supplemented by adding thereto the following:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(a)(32)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertisement
of Gucci dated April&nbsp;28, 2004&#148;

<!-- link2 "Item&nbsp;13. Information Required by Schedule&nbsp;13E-3." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;13. Information Required by Schedule&nbsp;13E-3.</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by deleting the second bullet point under &#147;Recommendation of the
Independent Directors, the Gucci Supervisory Board and the Gucci Management
Board; Fairness of the Offer <B>&#151; </B>Fairness of the Offer <B>&#151; </B>The Independent
Directors&#148; and replacing such bullet point in its entirety as follows:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><I>&#147;</I><FONT face="wingdings" size="1">l</FONT></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I> Morgan Stanley and UBS Fairness Opinions. </I>The
Independent Directors took into account presentations from
Morgan Stanley and UBS to the Independent Directors, and the
opinions of Morgan Stanley and UBS, each dated March&nbsp;29, 2004,
to the effect that, based upon and subject to certain
considerations and assumptions, the Offer Price to be received
by the Public Shareholders in the Offer was fair from a
financial point of view to the Public Shareholders as a whole.
See &#147;Special Factors &#150; Opinions of Gucci&#146;s Financial Advisors.&#148;
A copy of the opinions rendered by Morgan Stanley and UBS,
including the assumptions made by Morgan Stanley and UBS in
arriving at their respective opinions, are attached to this
Offer to Purchase as Annexes A and B, respectively, and are
incorporated herein by reference. Shareholders are urged to
read these opinions in their entirety. Following receipt of
the opinions of each of Morgan Stanley and UBS and following
presentations by each of Morgan Stanley and UBS, the
Independent Directors adopted the conclusions of, and analysis
performed by, each of Morgan Stanley and UBS and concluded
that, based upon and subject to the considerations and
assumptions contained in the opinions of Morgan Stanley and
UBS, the Offer Price to be received by the Public Shareholders
that are unaffiliated with PPR and Gucci was fair from a
financial point of view to such shareholders as a whole. The
Independent Directors were aware that Morgan Stanley was paid a
fee of <FONT face="'Times New Roman',times,serif">&#128;</FONT> 1.0&nbsp;million and that UBS was paid a fee of $1.0
million upon the delivery of their respective written fairness
opinions, that Morgan Stanley and UBS may be entitled to
certain other fees and expenses and that Morgan Stanley had
provided advice to Gucci during the negotiations that
culminated in the Settlement Agreement. The payment of fees to
Morgan Stanley and UBS upon delivery of their written fairness
opinions did not impact the Independent Directors&#146; decision to
rely on the opinions of Morgan Stanley and UBS.&#148;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">-1-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by deleting the last paragraph under &#147;Recommendation of the
Independent Directors, the Gucci Supervisory Board and the Gucci Management
Board; Fairness of the Offer <B>&#151; </B>Fairness of the Offer <B>&#151; </B>The Independent
Directors&#148; and replacing such paragraph in its entirety as follows:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;There have been no other firm offers by third parties to
acquire Gucci within the last two years with which to compare the
Offer. The Independent Directors were of the view that the best
measure of Gucci&#146;s value would be based on the continuing operation
of Gucci as a going concern. Therefore, the Independent Directors
believe that neither the book value nor the liquidation value of
Gucci is a meaningful measure of the fair market value of the
Shares, and no appraisal or liquidation value was sought for
purposes of valuing the Shares. However, the Offer Price of $85.52
is significantly in excess of Gucci&#146;s net book value per Share of <FONT face="'Times New Roman',times,serif">&#128;</FONT>
47.25 at January&nbsp;31, 2003.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by deleting the second bullet point under &#147;Recommendation of the
Independent Directors, the Gucci Supervisory Board and the Gucci Management
Board; Fairness of the Offer <B>&#151; </B>Fairness of the Offer <B>&#151; </B>The Gucci Supervisory
Board and Management Board&#148; and replacing such bullet point in its entirety as
follows:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><I>&#147;</I><FONT face="wingdings" size="1">l</FONT></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD>the factors referred to above as having been taken into
account by the Independent Directors, including the receipt by
Gucci&#146;s Supervisory Board of the opinions of UBS and Morgan
Stanley, respectively, to the effect that, based upon and
subject to the assumptions stated therein, the Offer Price to
be received by the Public Shareholders in the Offer is fair
from a financial point of view to the Public Shareholders as a
whole and the analysis presented by UBS and Morgan Stanley to
the Independent Directors and Gucci&#146;s Supervisory Board. Each
of the Management Board and the Supervisory Board adopted the
conclusions of, and analysis performed by, the Independent
Directors; and&#148;</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by adding the following paragraph after the first paragraph
under &#147;Opinions of Gucci&#146;s Financial Advisors <B>&#151; </B>Opinion of Morgan Stanley&#148;:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Morgan Stanley advised Gucci in connection with the
negotiation of the Settlement Agreement and the Restated SIA.
Morgan Stanley, acting on behalf of Gucci, participated in meetings
with representatives of PPR, during which the terms of the
Settlement Agreement and the Restated SIA were agreed among the
parties. Representatives of Morgan Stanley attended a meeting of
the Independent Directors on September&nbsp;5, 2001 and provided an
update to the Independent Directors on the status of negotiations
among LVMH, PPR and Gucci. Morgan Stanley noted that a resolution
with respect to the LVMH shareholder litigation would remove Gucci&#146;s
principal competitor from its stock register and free Gucci to
pursue its multi-brand strategy without interference from LVMH.
Representatives of Morgan Stanley attended a meeting of the
Independent Directors on September&nbsp;9, 2001 and were asked at that
meeting to present their views on the settlement arrangements.
Representatives of Morgan Stanley noted, among other things, that
the terms of the settlement arrangements had several advantages for
Gucci and its shareholders, including the reduction in overhang in
Gucci shares, the premium that would be available to shareholders
over the then-unaffected price of Gucci shares, the fact that a
special cash dividend would be paid to shareholders excluding PPR,
the fact that shareholders would have the opportunity to receive
substantially similar value to that received by LVMH, the fact that
shareholders would have downside protection with respect to the
price of their Shares and the fact that Gucci management would be
free to focus on the Gucci businesses without the distraction of the
LVMH shareholder litigation.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by deleting the first paragraph immediately following the last
bullet point under &#147;Position of the Purchaser Regarding Fairness of the Offer;
Reasons for the Offer <B>&#151; </B>Position of the Purchaser Regarding Fairness of the
Offer&#148; and replacing such paragraph in its entirety as follows:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Following the receipt of the opinion of JPMorgan, PPR adopted
the conclusions of, and the analysis performed by, JPMorgan and
concluded that, based upon and subject to the considerations and
assumptions contained in the opinion of JPMorgan, the Offer Price to
be received by the shareholders that are unaffiliated with PPR and
Gucci is fair from a financial point of view to such shareholders as
a whole.&#148;


<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by deleting the third paragraph immediately following the last
bullet point under &#147;Position of the Purchaser Regarding Fairness of the Offer;
Reasons for the Offer <B>&#151; </B>Position of the Purchaser Regarding Fairness of the
Offer&#148; and replacing such paragraph in its entirety as follows:

<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;There have been no other firm offers by third parties to
acquire Gucci within the last two years with which to compare the
Offer. PPR did not consider Gucci&#146;s net book value, liquidation
value or going-concern value to be relevant to its determination of
fairness. PPR plans to make Gucci the focal point of its
multi-brand luxury goods strategy. For this reason, PPR does not
evaluate, and has not evaluated, any aspect of Gucci&#146;s business with
reference to Gucci&#146;s book, liquidation or going concern value, and
did not consider these factors in the context of the Offer.
Moreover, the Offer Price was contractually determined in 2001.
However, the Offer Price of $85.52 is significantly in excess of
Gucci&#146;s net book value per Share of <FONT face="'Times New Roman',times,serif">&#128;</FONT> 47.25 at January&nbsp;31, 2003.&#148;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby further amended by adding the following paragraphs to the end of
&#147;Interests of Certain Persons in the Offer&#148;:

<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Gucci and Brian Blake, Executive Vice President of Gucci Group
and Chief Executive Officer of Boucheron, have entered into a
separation agreement pursuant to which Mr.&nbsp;Blake&#146;s employment with
Gucci will terminate May&nbsp;1, 2004. Under the terms of the separation
agreement, Mr.&nbsp;Blake will receive as severance an amount equal to
his base salary through October&nbsp;14, 2005, the expiration date of his
employment contract, less applicable taxes and withholdings. In
addition, Mr.&nbsp;Blake will receive health insurance coverage upon
reaching the age of 55, and is entitled to receive a portion of his
compensation on a deferred basis. Pursuant to the separation
agreement, all of Mr.&nbsp;Blake&#146;s unvested options were deemed to have
vested on April&nbsp;1, 2004. Mr.&nbsp;Blake is entitled to exercise his
stock options during the Offer period and for 180&nbsp;days following May
1, 2004. Any options that are not exercised within such period will
be cancelled and will no longer be exercisable by Mr.&nbsp;Blake.

<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gucci and Robert Singer, Executive Vice President of Gucci
Group and Chief Financial Officer, have entered into a termination
agreement pursuant to which Mr.&nbsp;Singer&#146;s employment with Gucci will
terminate April&nbsp;30, 2004. In connection with the termination of his
employment, Mr.&nbsp;Singer will be paid an amount equal to 24&nbsp;months of
his base salary, two times his average annual bonus based on the
bonuses paid to him in the last three years, two times the value of
the average number of options granted to him in the last three
years, and his severance pay entitlement under Italian law. In
addition, Gucci and Mr.&nbsp;Singer have agreed that from May&nbsp;1, 2004 to
December&nbsp;31, 2005, Mr.&nbsp;Singer will be available to provide
consulting services to Gucci.&#148;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;Special Factors&#148; of the Offer to Purchase is
hereby amended by adding the following subsection:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Certain Projected Financial Information</B>

<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gucci does not, as a matter of course, make public forecasts or
projections as to future sales, expenses, earnings or other income
statement data. However, in this case, Gucci provided both Gucci&#146;s
and PPR&#146;s financial advisors with certain analyses prepared by
Gucci&#146;s management, which included the projected financial
information set forth below. Such information has been set forth
below for the limited purpose of giving Shareholders access to this
projected financial information from Gucci&#146;s management that was
available for review by both Gucci&#146;s and PPR&#146;s financial advisors in
connection with the Offer.

<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The projected financial information set forth below, at the
time of its preparation during November 2003, represented Gucci management&#146;s best judgment as to the most
likely future financial results of Gucci. However, the projected
financial information necessarily reflects numerous assumptions with
respect to general business and economic conditions and other
matters, many of which are inherently uncertain or beyond Gucci&#146;s or
PPR&#146;s control, and does not take into account any changes in Gucci&#146;s
operations, strategy, management, business or capital structure
which may have occurred after their preparation or which may result from the
Offer or from PPR&#146;s actions with respect to Gucci after the
completion of the Offer. <B>The projected financial information has not
been updated since it was produced in November 2003, and assumptions
may have changed since that date.</B> It is not possible to predict whether the
assumptions made in preparing the projected financial information
will be valid, and actual results may prove to be

<P align="center" style="font-size: 10pt">-3-
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<DIV style="font-family: 'Times New Roman',Times,serif">





<P align="left" style="margin-left:3%; font-size: 10pt">materially higher or lower than those contained in the
projections. The inclusion of this information should not be
regarded as an indication that Gucci, PPR or anyone else who
received this information considered it a reliable predictor of
future events, and this information should not be relied on as such.
None of PPR, Gucci or any of their respective representatives
assumes any responsibility for the validity, reasonableness,
accuracy or completeness of the projected financial information, and
Gucci has made no representations to PPR regarding such information.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
projected financial information is based on assumptions of Gucci
management, including:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue growth of 9.3% in 2004, 12.1% in 2005 and 9.6% in 2006 for
the Gucci Group on a consolidated basis.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gross margins for the Gucci Group on a consolidated basis of 67.3%
in 2004, 67.1% in 2005 and 67.2% in 2006.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating expenses as a percentage of revenues for the Gucci Group
on a consolidated basis of 54.4% in 2004, 53.2% in 2005 and 51.5% in
2006.</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Foreign exchange assumptions: <FONT face="'Times New Roman',times,serif">&#128;</FONT> 1.00 = US$1.20, &#163;0.72, &#165;130, 1.6
Swiss Francs and HK$9.4 for each of 2004, 2005 and 2006.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>Gucci Projected Financial Information</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(in
millions of euros)</I>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Gucci Group</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>FY 2004 Budget</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>FY 2005 Plan</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>FY 2006 Plan</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,877.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,224.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,535.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gross margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,935.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,164.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,375.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,566.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,716.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,822.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EBITA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">553.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Capital
expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.9</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="margin-left:6%; font-size: 10pt"><B><I>Cautionary Statement Concerning Forward-Looking Statements</I></B>



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The projected financial information contains forward-looking
statements that involve risks and uncertainties. Such information
has been included in this Offer to Purchase for the limited purpose
of giving shareholders access to projections by Gucci&#146;s management
that were made available to both Gucci&#146;s and PPR&#146;s financial
advisors. Such information was prepared by Gucci&#146;s management in
November 2003 for
internal use and not with a view to publication. The foregoing
projected financial information was based on assumptions of Gucci
management as of November 2003 concerning
Gucci&#146;s products and business prospects in 2004 through 2006,
including the assumption that Gucci would continue to operate under
the same ownership structure and management team as then existed.
This projected financial information was also based on other
revenue, expense and operating assumptions. Information of this type
is based on estimates and assumptions that are inherently subject to
significant economic and competitive uncertainties and
contingencies, all of which are difficult to predict and many of
which are beyond Gucci&#146;s control. Such uncertainties and
contingencies include, but are not limited to: changes in the
economic conditions in which Gucci operates; greater than
anticipated competition or price pressures; new product offerings;
better or worse than expected customer growth resulting in the need
to expand operations and make capital investments; and the impact of
investments required to enter new markets. Accordingly, there can
be no assurance that the projected results would be realized or that
actual results would not be significantly higher or lower than those
set forth above. In addition, the projected financial information
was not prepared with a view to public disclosure or compliance with
the published guidelines of the SEC or the guidelines established by
the American Institute of Certified Public Accountants regarding
projections and forecasts, and are included in this Offer to
Purchase only because such information was made available to both
Gucci&#146;s and PPR&#146;s financial advisors by Gucci. Neither PPR&#146;s nor
Gucci&#146;s independent accountants have examined, complied or applied
any agreed upon procedures to this information, and, accordingly,
assume no responsibility for this information. Neither PPR nor
Gucci nor any other party assumes any responsibility for the
accuracy or validity of the foregoing projected financial
information. Gucci has not updated this information since it was
produced in November 2003, and neither PPR nor Gucci intends to provide any updated
information with respect to any forward-looking statements.&#148;


<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The section entitled &#147;The Offer&#148; of the Offer to Purchase is hereby
amended by deleting the last sentence of the sole paragraph under &#147;6. Certain
United States Federal Income Tax and Netherlands Tax Consequences &#151; United
States Federal Income Tax Consequences&#148; and replacing such sentence in its
entirety as follows:



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;We expect neither PPR nor Gucci to recognize gain or loss for U.S. federal
income tax purposes pursuant to the Offer.&#148;



<P align="center" style="font-size: 10pt">-5-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "Signature" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Signature</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">PINAULT-PRINTEMPS-REDOUTE S.A.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">/s/ Serge Weinberg</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade width="75%" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Serge Weinberg</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Date: April 28, 2004</TD>
</TR>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>Exhibit&nbsp;Index</B>


<DIV align="left">
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    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99(a)(32)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Advertisement of Gucci dated April&nbsp;28, 2004</TD>
</TR>


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<P align="center" style="font-size: 10pt">&nbsp;
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<DOCUMENT>
<TYPE>EX-99.A.32
<SEQUENCE>2
<FILENAME>x96448a5exv99waw32.htm
<DESCRIPTION>EX-99.A.32: ADVERTISEMENT
<TEXT>
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<TITLE>EX-99.A.32: ADVERTISEMENT</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;99(a)(32)</B>

<P align="left" style="font-size: 10pt"><B>Advertisement dated April&nbsp;28, 2004:</B>


<P align="left" style="font-size: 10pt">Gucci Group N.V. maakt hierbij bekend dat Pinault-Printemps-Redoute S.A:
(&#147;PPR&#148;) op 23 april 2004, ter naleving van effectenwetgeving in de Verenigde
Staten van Amerika (&#147;VS&#148;) een persbericht heeft uitgegeven inzake aanvullende
informatie ter zake van het door haar uitgebrachte bod op alle gewone aandelen
in Gucci Group N.V. Het persbericht van PPR, de aanvullende informatie, het
bijgewerkte biedingsbericht, alsmede het op 28 april 2004 ter naleving van
effectenwetgeving in de VS nader bijgewerkte biedingsbericht zijn beschikbaar
op de website van PPR (www.pprfinance.com) en de website van Gucci Group N.V.
(www.guccigroup.com).


<P align="left" style="font-size: 10pt">English Translation&#151;For Informational Purposes Only:


<P align="left" style="font-size: 10pt">Gucci Group N.V. hereby announces that Pinault-Printemps-Redoute S.A. (&#147;PPR&#148;)
on April&nbsp;23, 2004 in observance of the securities laws in the United States of
America (&#147;US&#148;) issued a press release regarding additional information with
respect to the offer made by it on all common shares in the capital of Gucci
Group N.V. The press release, the additional information, the amended offer
document and the offer document as further amended on April&nbsp;28, 2004 in
observance of the securities laws in the US are available on PPR&#146;s web site
(www.pprfinance.com) and Gucci Group N.V.&#146;s web site (www.guccigroup.com).




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