Gucci is faltering (WSJ: requires subscription) after being reinvented in the 1990s after being bought by the LVMH group:

The two rescued Gucci from near bankruptcy in the 1990s. They bought back thousands of product licenses from manufacturers who were sullying the brand by plastering its logo on key chains and umbrellas. They opened Gucci-owned stores, for which Mr. Ford created a common look, going so far as cutting decorative flowers to exactly the same height.

In 1995, Mr. Ford unveiled a breakthrough collection. Gone were Gucci's traditional loafers. The new Gucci woman wore tight-fitting, hip-riding pants and a peacock-colored shirt unbuttoned to the navel. The look catapulted Gucci back into the fashion columns.

But recently fewer customers have been splurging for their high-priced purses and loafers:

Gucci, one of fashion's biggest success stories in the 1990s, has hit a rough patch. Reduced global travel at a time of economic stagnation, terrorism and war talk has hammered an industry that counts on free-spending tourists for much of its sales.