                                                                 EXHIBIT (A)(34)

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                                  PRESS RELEASE
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                                                           PARIS, APRIL 29, 2004


PPR RECEIVES SUSPENSION ORDER FROM CONSOB RELATING TO ITALY

Pinault-Printemps-Redoute S.A. (Euronext Paris: PRTP:PA) announced that it has
received an order from the Italian securities regulator CONSOB which assumes
that the offer PPR is making for all outstanding shares of Gucci is directed at
shareholders of Gucci resident in Italy and therefore seeks to suspend the offer
in Italy.

As indicated in its tender offer document, PPR states, and CONSOB has been so
informed, that its offer was never intended to be directed at Italian residents.
Therefore no tenders made by Gucci shareholders resident in Italy will be
processed, validated or settled. Representatives of PPR are discussing these
matters with CONSOB.


INVESTORS AND SECURITY HOLDERS ARE STRONGLY ADVISED TO READ THE TENDER OFFER
STATEMENT (AS UPDATED AND AMENDED) AND RECOMMENDATION/SOLICITATION STATEMENT (AS
UPDATED AND AMENDED) REGARDING THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. THESE STATEMENTS HAVE BEEN FILED BY PPR AND GUCCI GROUP WITH THE
U.S. SECURITIES AND EXCHANGE COMMISSION. INVESTORS AND SECURITY HOLDERS MAY
OBTAIN A FREE COPY OF THESE STATEMENTS AND OTHER FILED DOCUMENTATION AT
WWW.SEC.GOV. THESE STATEMENTS AND OTHER FILED DOCUMENTATION MAY BE OBTAINED FOR
FREE BY DIRECTING SUCH REQUESTS TO PPR'S INVESTOR RELATIONS DEPARTMENT AT +33 1
45 64 63 25, GUCCI GROUP'S INVESTOR RELATIONS DEPARTMENT AT +39 055 75 92 24 56,
OR ABN AMRO VIA EMAIL AT PROSPECTUS@NL.ABNAMRO.COM. THE UPDATED OFFER TO
PURCHASE, AS AMENDED (BUT NOT THE RELATED TRANSMITTAL DOCUMENTS) MAY ALSO BE
DOWNLOADED FROM PPR'S WEBSITE AT WWW.PPRFINANCE.COM.

THE DISTRIBUTION OF THE OFFER DOCUMENTS AND ANY SEPARATE DOCUMENTATION RELATING
TO THE TENDER OFFER AND THE MAKING OF THE TENDER OFFER MAY, IN SOME
JURISDICTIONS, BE RESTRICTED OR PROHIBITED BY APPLICABLE LAW. SUCH TENDER OFFER
IS NOT BEING MADE, DIRECTLY OR INDIRECTLY, IN OR INTO, AND MAY NOT BE ACCEPTED
FROM WITHIN, ANY JURISDICTION IN WHICH THE MAKING OF THE TENDER OFFER OR THE
ACCEPTANCE OF THE TENDER OFFER WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF THAT
JURISDICTION. PERSONS WHO COME INTO POSSESSION OF ANY OF THE OFFER DOCUMENTS
SHOULD INFORM THEMSELVES OF AND OBSERVE ALL OF THESE RESTRICTIONS. ANY FAILURE
TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES
LAWS OF THAT JURISDICTION. NONE OF PPR, GUCCI OR ANY OF THEIR RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, ADVISORS, AFFILIATES OR AGENTS ASSUME ANY
RESPONSIBILITY FOR ANY VIOLATION BY ANY PERSON OF ANY OF THESE RESTRICTIONS. ANY
HOLDER OF GUCCI SHARES WHO IS IN ANY DOUBT AS TO HIS OR HER POSITION SHOULD
CONSULT AN APPROPRIATE PROFESSIONAL ADVISER WITHOUT DELAY.


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PPR CONTACTS
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PRESS:                     Thomas Kamm              +33 1 45 64 63 46
                           Catherine Malek          +33 1 45 64 61 20

ANALYSTS/INVESTORS:        David Newhouse           +33 1 45 64 63 23
                           Alexandre de Brettes     +33 1 45 64 61 49

PRESS SITE:                www.pprlive.com
ANALYSTS/INVESTORS SITE:   www.pprfinance.com



U.S. DEALER MANAGER CONTACT INFORMATION
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  J.P. Morgan Securities Inc. 277 Park Avenue
  New York, NY 10172
  Toll free number: +1 888 622 6227
  Call collect number: +1 212 622 2299



INFORMATION AGENTS CONTACT INFORMATION
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  MacKenzie Partners, Inc.                Innisfree M&A Incorporated
  105 Madison Avenue                      501 Madison Avenue
  New York, New York 10016                20th Floor
  Call Toll-Free: +1 800 322 2885         New York, New York 10022
  or Call Collect: +1 212 929 5500        Call Toll-Free from the E.U.:
                                          00-800-7710-9971
                                          Call Toll-Free in the U.S. and Canada:
                                          +1 877 825 8772
                                          Call Collect from All Other Countries:
                                          +1 646 822 7428




