Domenico de Sole, president chief executive and chairman of the Gucci Group management board, has written to the Financial Times in the UK:

Sir, I write to object in the strongest terms to your Observer item ‘Ouch Gucci’ (July 4). In it you suggest that I was reluctant to give information to an analyst on our regular post-results conference call and, moreover, that some unseen censor restrained me in giving the requested information. Both suggestions are false and it is highly regrettable that you should publish them without first trying to ascertain the truth.

At Gucci we pride ourselves on observing the highest standards of disclosure in the luxury goods industry. The analyst in question, Claire Kent of Morgan Stanley, asked me about trends in our wholesale trading. As the transcript of the question and answer I attach with this letter conclusively demonstrates, I gave a clear and unambiguous answer. Indeed, for all to hear, I told her that wholesale sales in constant currency were down 6.4% in the quarter and went on to explain why.

I say ‘for all to hear’ because the roster of attendees on the call does not show a Financial Times journalist present, although the press is welcome to listen to our quarterly investor calls.

Published Financial Times, July 10