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gucci propriétaireIn 1971, soon after his graduation, Arnault began work for his father's company. Three years later, after he convinced his father to shift the focus of the company to real estate, Ferret-Savinel sold the industrial construction division and was renamed Ferinel. Following the acquisition of a textile company and relocation of its headquarters, the company renamed the real estate branch to the George V Group. The real estate assets were later sold to Compagnie Générale des Eaux (CG.After Gucci began producing ready-to-wear in the mid-1960s, it opened its first clothing-dedicated store at 699 Fifth Avenue in New York City in 1972. The 1970s also saw the beginning of its collection presentations, frequently set at the St. Regis.
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