FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of ~~the Securities Exchange Act of 1934~~

~~For~~ the ~~month~~Securities Exchange Act of ~~November 2003~~1934

For the period ended July 31, 2003

GUCCI GROUP N.V.

Rembrandt Tower

Amstelplein 1

1096 HA Amsterdam

The Netherlands

(Exact name of registrant and address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]

Form 20-F ý Form 40-F o

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]

Yes o No ý

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):]

~~Enclosure: Press~~HALF ~~Release~~YEAR ~~dated November 4,~~ 2003

~~GUCCI GROUP AND PPR ANNOUNCE~~1

DEFINANCIAL SOLESTATEMENTS AND FORD TO STEP DOWN NEXT YEARNOTES

~~Amsterdam,~~GUCCI ~~The~~GROUP ~~Netherlands and Paris, France, November 4, 2003: Gucci Group~~ N.V. (Euronext Amsterdam: GCCI.AS; NYSE: GUC) and Pinault-Printemps-Redoute (Euronext Paris: PRTP.PA) today announced that Domenico De Sole, President and Chief Executive Officer of Gucci Group and Tom Ford, Creative Director of Gucci Group and the Gucci and Yves Saint Laurent brands, have informed the Supervisory Board of Gucci Group that they do not intend to extend their contracts beyond their currently scheduled expiration date in 2004.

~~This~~Consolidated ~~decision follows several months of~~statements ~~negotiations in anticipation~~ of ~~the~~income ~~expiration of their contracts and Pinault-Printemps-Redoute’s previously announced tender offer~~ for the ~~outstanding~~ ~~shares~~six ofmonth ~~Gucci~~periods Group at a price of $85.52 per share to be completed in April 2004. Intensive efforts by the parties did not result in an agreement satisfactory to all concerned and, therefore, the parties concluded that the completion of the tender offer and the expiration of the executives’ employment agreements was the appropriate time for a change in senior management.ended:

~~Domenico~~(In Dethousands ~~Sole~~of ~~and Tom Ford have confirmed their commitment to remain in their positions until April~~Euros, ~~30 2004 in order to~~ ~~ensure~~except ~~the~~per ~~success~~share ~~of the coming collections~~ and a smooth transition. The independent members of the Supervisory Board have agreed to continue to serve on the Board until that date. Gucci Group’s Supervisory Board has established a Committee chaired by Serge Weinberg, Chairman of the Management Board of Pinaultshare-~~Printemps-Redoute, and~~amounts) ~~including Adrian Bellamy, Chairman of the Gucci Group Supervisory Board, and François Henri Pinault, Chairman of Artemis, to select successors to Messrs. De Sole and Ford.~~(unaudited)

“The members of the Supervisory Board and I owe a huge debt of gratitude to both Domenico and Tom” said Adrian Bellamy. “Naturally, we regret their decision, but we understand their reasons. It takes insight, discipline and exceptional talent to compete, excel and remain at the top in this business, as is the case with Domenico and Tom. Domenico has managed the company with precision always maintaining the correct balance of devotion to shareholders and colleagues alike. Tom’s exceptional creative talent and business acumen have earned the respect of everyone in the industry. Theirs has been the classic partnership in fashion: they will be sorely missed. On behalf of the entire Supervisory Board, we wish them well.”

	July 31, 2003		July 31, 2002
Net revenues	1,150,744		1,184,751
Cost of goods sold	390,729		375,327
Gross profit	760,015		809,424
Selling, general and administrative expenses	741,937		695,905
Goodwill and trademark amortization	60,399		61,675
Operating (loss) profit	(42,321	)	51,844
Other expenses, net	47		1,870
Financial income, net	12,430		30,812
Foreign exchange gain (loss), net	9,222		(1,247	)
(Loss) profit before income taxes and minority interests	(20,716	)	79,539
Income tax benefit (expense), net	38,647		(4,289	)
Net income before minority interests	17,931		75,250
Minority interests	(5,912	)	(3,105	)
Net income for the period	23,843		78,355

Net income per share of common stock—basic	0.24		0.77
Weighted average number of shares—basic	99,101,118		101,243,294
Net income per share of common stock—diluted	0.24		0.76
Weighted average number of shares and share equivalents—diluted	100,291,728		102,874,301

~~“Gucci~~The ~~has~~accompanying ~~been~~notes ~~one~~are ~~of the great loves of my life” said Domenico De Sole “and my years with the Company have been~~ an ~~incredible journey. I would~~integral ~~like~~part to thank Tom, whose creative genius has made it all possible, as well as our extraordinary colleagues around the world. Thanks to their skill and dedication, we have been able to convert the small and troubled company I joined in 1984 into a world class luxury powerhouse, and in the process to create significant wealth for all our stakeholders. We owe a special word of ~~thanks~~ tothese ~~Adrian~~consolidated ~~Bellamy~~financial ~~and the other members of the Supervisory Board, whose wisdom and steadfast support have been critically important on many occasions~~statements. I will continue until my departure to devote my energies to our Company, whose prospects in our view have never been more promising. I am confident that our successors will build on the strong foundations that we will be leaving to them.”

“It is with great sadness that I contemplate my future without Gucci Group” said Tom Ford. “For the past 13 years, this company has been my life. I am confident that we are leaving behind one of the strongest teams in the industry and I will do my best in my remaining time within the company to ensure the future success of the Group. I could not be more proud of our work at Gucci or more proud of the exceptional team of colleagues that have contributed more than just their hard work; they have given their hearts in our quest for excellence. I am grateful to have had the opportunity to have shared the joy of success with such an outstanding group of individuals. I would like to thank Domenico for his extraordinary leadership, constant support and his friendship. I would also like to thank the members of the Supervisory Board and the entire staff of Gucci Group for their hard work and dedication.”2

~~Serge~~GUCCI ~~Weinberg~~GROUP ~~declared “We greatly regret not having been able to reach agreement with Domenico De Sole and Tom Ford~~N. ~~They are great talents~~V. In tandem, they did a remarkable job to turn around the Gucci brand and make Gucci Group a worldwide reference in the luxury goods universe. I wish to express my warmest appreciation for the work they accomplished. They have put in place excellent management and design teams. It is the strong intention of Pinault- Printemps-Redoute to continue to develop the Gucci Group and preserve the entrepreneurial and creative spirit that has made it great. I will see to it that the managers and designers within Gucci Group enjoy a large degree of autonomy, which we consider crucial to ensure the identity and creative expression of each brand. With its world-class brands, solid businesses, financial strength and talented individuals, Gucci Group, with PPR’s support, will thus have all the necessary elements to continue to pursue its development and reinforce PPR’s growth, profitability and international presence.”

~~Conference~~Consolidated ~~Call~~balance sheets at:

~~Pinault-Printemps-Redoute and Gucci Group will host a conference call today at 3:30 p.m.~~ (~~Continental~~In ~~Europe)~~thousands /of ~~2:30 p.m. (UK~~Euros) ~~/ 9:30 a.m. (EST). The call will be available by dialling + 44 (0)20 7019 9504 in the UK/Europe, or +1 (718) 354-1152 in North America.~~

To reserve a line and confirm your participation, please register at:

	July 31, 2003	January 31, 2003*
	(unaudited)
Assets

Current assets
Cash and cash equivalents	2,690,153	2,934,578
Trade receivables, net	310,589	331,834
Inventories, net	549,502	472,028
Deferred tax assets	236,918	191,219
Current value of hedge derivatives	115,791	110,559
Other current assets	327,892	326,186
Total current assets	4,230,845	4,366,404
Non-current assets
Long-term financial assets	246,472	256,089
Property, plant and equipment, net	955,072	912,497
Goodwill, trademarks, other intangible assets
and deferred charges, net	2,036,031	2,110,015
Deferred tax assets	76,515	72,452
Other non-current assets	64,776	63,150
Total non-current assets	3,378,866	3,414,203
Total assets	7,609,711	7,780,607

~~http://invite~~* Extracted from audited fiscal year 2002 balance sheet.~~taylor-rafferty.com/_ppr/4Nov~~

AThe ~~replay~~accompanying ofnotes ~~the~~are ~~teleconference~~an ~~will be~~integral ~~available~~part ~~shortly after the end~~ of ~~the~~these ~~conference~~consolidated ~~call~~financial ~~for one week at the following numbers: UK/Europe: +44 (0)20 7784 1024, North America: +1(718) 354-1112, Passcode: 711516#~~statements.

~~Gucci~~(continued Group N.V. is one of the world’s leading multi-brand luxury goods companies. Through the Gucci, Yves Saint Laurent, Sergio Rossi, Boucheron, Roger & Gallet, Bottega Veneta, Bédat & Co., Alexander McQueen, Stella McCartney and Balenciaga brands, the Group designs, produces and distributes high-quality personal luxury goods, including ready-to-wear, handbags, luggage, small leather goods, shoes, timepieces, jewelry, ties and scarves, eyewear, perfume, cosmetics and skincare products. The Group directly operates stores in major markets throughout the world and wholesales products through franchise stores, duty-free boutiques and leading department and specialty stores. The shares of Gucci Group N.V. are listed on ~~the~~ ~~New~~next ~~York Stock Exchange and on the Euronext Amsterdam Stock Exchange.~~page)

~~PPR is a leading retail group in Europe through companies such as Printemps, Redcats, Conforama and Fnac, and a major player in the luxury goods sector through its 67.~~3% stake in Gucci Group. PPR has a presence in over 65 countries. In 2002, PPR generated EUR 27.4 billion in sales, EUR 1 827 million in EBIT and EUR 1 589 million in net income. The Group totalled over 108 000 employees in 2002. PPR is listed on the Paris stock exchange.

2GUCCI GROUP N.V.

~~Under~~Consolidated ~~the safe harbor provisions to the U.S. Private~~balance ~~Securities~~sheets Litigation Reform Act of 1995, Gucci Group cautions investors that any forward-looking statements or projections made by or regarding the Gucci Group, including those made in this press release, are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied. Factors that may affect the Gucci Group’s operations are discussed in the Company’s Annual Report on Form 20-F for 2002, as amended, filed with the U.S. Securities and Exchange Commission. In addition, Gucci Group has no obligation to update any forward-looking statement.at:

~~GUCCI~~(In ~~GROUP~~thousands ~~CONTACTS:~~of Euros)

For business media inquiries:	For fashion media:
	July 31, 2003		January 31, 2003*
Tomaso Galli	Lisa Schiek
	(unaudited)
Director of Corporate Communications	Director of Communication
Liabilities and shareholders’ equity
Gucci Group N.V.	Gucci Group N.V.
Current liabilities
+39 02 8800 5555	+44 207 898 3000
Bank overdrafts and short-term loans	544,348		630,534
Share capital reimbursement payable to shareholders	1,347,005		—
Trade payables and accrued expenses	474,490		478,479
Deferred tax liabilities and income tax payable	140,941		151,750
Other current liabilities	109,659		119,262
Total current liabilities	2,616,443		1,380,025
Non-current liabilities
Long-term financial payables	1,323,861		1,202,411
Pension liabilities and severance indemnities	53,664		50,831
Long-term tax payable and deferred tax liabilities	349,482		373,159
Other long-term liabilities	39,815		38,182
Total non-current liabilities	1,766,822		1,664,583
Total liabilities	4,383,265		3,044,608
Minority interests	54,793		64,566
Shareholders’ equity
Share capital	104,804		104,688
Contributed surplus	1,428,292		2,790,401
Retained earnings	1,145,388		968,745
Treasury stock, at cost	(262,911	)	(173,274	)
Accumulated other comprehensive income	732,237		754,119
Net result for the period	23,843		226,754
Total shareholders’ equity	3,171,653		4,671,433
Total liabilities, minority interests and shareholders’ equity	7,609,711		7,780,607

~~For~~* Extracted ~~investors~~from /audited ~~analysts~~fiscal ~~inquiries:~~year ~~Cedric~~2002 ~~Magnelia~~balance ~~/ Enza Dominijanni Directors of Investor Relations Gucci Group N~~sheet.~~V. +39 055 7592 2456~~

~~For~~The ~~additional~~accompanying ~~information~~notes ~~please~~are ~~visit~~an integral ~~www~~part of these consolidated financial statements.~~guccigroup.com~~

PPR CONTACTS
Press:	Thomas Kamm	33 1 44 90 63 46
	Juliette Psaume	33 1 44 90 63 02
Analysts/Investors:	David Newhouse	33 1 44 90 63 23
	Alexandre de Brettes	33 1 44 90 61 49
Press site:	www.pprlive.com
Analysts/investors sites:	www.pprfinance.com

3GUCCI GROUP N.V.

~~SIGNATURES~~Condensed consolidated statements of cash flows for the six month periods ended:

~~Pursuant~~(In ~~to the~~thousands ~~requirements~~ of ~~the Securities Exchange Act of 1934, the registrant has~~Euros) ~~duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~(unaudited)

			GUCCI GROUP N.V.
		July 31, 2003		July 31, 2002
Date:	4 November 2003		By:	/s/ Robert S. Singer
Cash flow (used in) provided by operating activities
			Name:	Robert S. Singer
Net result for the period		23,843		78,355
			Title:	Chief Financial Officer
Depreciation		48,702		41,969
Amortization		72,160		71,159
Fixed assets write-off for restructuring		9,304		—
Net change in assets and liabilities		(176,889	)	(114,691	)
Cash flow (used in) provided by operating activities		(22,880	)	76,792
Cash flow used in investing activities		(139,744	)	(177,649	)
Cash flow (used in) provided by financing activities
Issuance of long-term debt, net		157,609		241,858
Dividends		(49,797	)	(50,709	)
Share capital reimbursement payable to shareholders		(1,347,005	)	—
Shares repurchased		(281,573	)	(48,876	)
Proceeds from the exercise of stock options and other movements		176,087		38,289
Cash flow (used in) provided by financing activities		(1,344,679	)	180,562
(Decrease) increase in cash, net of short-term financial indebtedness		(1,507,303	)	79,705
Effect of exchange rates on cash (short-term financial indebtedness), net		2,059		26,180
Cash and cash equivalents, net of short-term financial indebtedness, at the beginning of the period		2,304,044		2,199,749
Cash and cash equivalents, net of short-term financial indebtedness, at the end of the period		798,800		2,305,634
Cash and cash equivalents, net of short-term financial indebtedness, comprise the following:
Cash and cash equivalents		2,690,153		2,728,148
Bank overdrafts and short-term loans		(544,348	)	(422,514	)
Share capital reimbursement payable to shareholders		(1,347,005	)	—
Cash and cash equivalents, net		798,800		2,305,634

4The accompanying notes are an integral part of these consolidated financial statements.

GUCCI GROUP N.V.

Statement of changes in consolidated shareholders’ equity and comprehensive income:

(In thousands of Euros, except number of shares)

	Number of shares		Share capital		Contributed surplus		Retained earnings		Treasury stock, at cost		Accumulated other comprehensive income		Net result of the period		Total
Balance at January 31, 2002	100,722,403		103,654		2,795,369		707,515		(60,142	)	699,492		312,535		4,558,423
Appropriation of result for 2001	—		—		—		261,826		—		—		(261,826	)	—
Dividends	—		—		—		—		—		—		(50,709	)	(50,709	)
Shares released from treasury for option exercise	1,239,607		—		(3,198	)	—		40,870		—		—		37,672
Shares repurchased	(550,000	)	—		—		—		(48,876	)	—		—		(48,876	)
Other	—		—		—		617		—		—		—		617
Net income for the period	—		—		—		—		—		—		78,355		78,355
Other comprehensive income:
- Hedging reserve	—		—		—		—		—		63,234		—		63,234
- Fair value reserve	—		—		—		—		—		7,969		—		7,969
- Foreign currency adjustments (including tax of € (4.9) million)	—		—		—		—		—		(30,858	)	—		(30,858	)
Total other comprehensive income	—		—		—		—		—		40,345		—		40,345
Comprehensive income	—		—		—		—		—		—		—		118,700
Balance at July 31, 2002	101,412,010		103,654		2,792,171		969,958		(68,148	)	739,837		78,355		4,615,827
Shares issued for option exercise	7,940		8		394		—		—		—		—		402
Shares released from treasury for option exercise	54,667		—		(260	)	—		3,877		—		—		3,617
Shares repurchased	(1,250,595	)	—		—		—		(109,623	)	—		—		(109,623	)
Other	11,229		1,026		(1,904	)	(1,213	)	620		—		—		(1,471	)
Net income for the period	—		—		—		—		—		—		148,399		148,399
Other comprehensive income:
- Hedging reserve	—		—		—		—		—		43,347		—		43,347
- Fair value reserve	—		—		—		—		—		(2,762	)	—		(2,762	)
- Foreign currency adjustments (including tax of € 12.6 million)	—		—		—		—		—		(26,303	)	—		(26,303	)
Total other comprehensive income	—		—		—		—		—		14,282		—		14,282
Comprehensive income	—		—		—		—		—		—		—		162,681
Balance at January 31, 2003	100,235,251		104,688		2,790,401		968,745		(173,274	)	754,119		226,754		4,671,433
Share capital increase	1,387,116		(1,387,116	)	—		—		—		—		—		—
Return of Capital to Shareholders	—		(1,387,116	)	40,111		—		—		—		—		(1,347,005	)
Appropriation of result for 2002	—		—		—		176,957		—		—		(176,957	)	—
Dividends	—		—		—		—		—		—		(49,797	)	(49,797	)
Shares repurchased	(3,203,987	)	—		—		—		(281,573	)	—		—		(281,573	)
Shares released from treasury for option exercise	2,579,114		—		(24,052	)	—		193,441		—		—		169,389
Shares issued for option exercise	113,695		116		6,582		—		—		—		—		6,698
Other	35,918		—		2,366		(314	)	(1,505	)	—		—		547
Net income for the period	—		—		—		—		—		—		23,843		23,843
Other comprehensive income:
- Hedging reserve	—		—		—		—		—		(3,992	)	—		(3,992	)
- Fair value reserve	—		—		—		—		—		499		—		499
- Foreign currency adjustments (including tax of € (0.1) million)	—		—		—		—		—		(18,389	)	—		(18,389	)
Total other comprehensive income	—		—		—		—		—		(21,882	)	—		(21,882	)
Comprehensive income	—		—		—		—		—		—		—		1,961
Balance at July 31, 2003	99,759,991		104,804		1,428,292		1,145,388		(262,911	)	732,237		23,843		3,171,653

The accompanying notes are an integral part of these consolidated financial statements.

All amounts (unless otherwise indicated) are in thousands of Euros

Note 1—Basis of presentation

The consolidated balance sheet as of July 31, 2003, the consolidated statements of income, the condensed consolidated statements of cash flows and the statements of changes in consolidated shareholders’ equity and comprehensive income of Gucci Group N.V. (the “Group”; the “Company”) for the six months ended July 31, 2003 and 2002 are unaudited. In the opinion of the management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of these interim financial statements have been included herein. The results of these interim periods are not necessarily indicative of the results for the entire year. The balance sheet at January 31, 2003 is extracted from the balance sheet in the Annual Report for the 2002 fiscal year (“2002 Annual Report”).

The 2003 semi-annual consolidated financial statements have been prepared in accordance with IAS 34 - “Interim Financial Reporting”. In the preparation of these financial statements, the Group has followed the same accounting policies used in the Company’s 2002 Annual Report. The semi-annual consolidated financial statements as at and for the period ended July 31, 2003 should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2002 Annual Report.

Note 2—Segment Information

The following table presents information about the Company by segment of activity:

	July 31, 2003		July 31, 2002
Gucci Division (excluding Gucci Timepieces)
Revenues from external customers	624,151		664,784
Revenues from other segments	6,071		6,710
Total revenues	630,222		671,494
Operating profit before goodwill amortization	141,324		172,961
Goodwill amortization	1,209		4,701
Operating profit after goodwill amortization	140,115		168,260
Gucci Group Watches ¹
Revenues from external customers:
Gucci	57,550		73,716
Other Brands	11,602		13,544
Total revenues from external costumers	69,152		87,260
Revenues from other segments	7,861		7,994
Total revenues	77,013		95,254
Operating profit before goodwill amortization	6,111		25,823
Goodwill amortization	7,935		6,409
Operating (loss) profit after goodwill amortization	(1,824	)	19,414
Yves Saint Laurent
Revenues from external customers	68,084		66,810
Revenues from other segments	12		—
Total revenues	68,096		66,810
Operating (loss) before goodwill and trademark amortization	(41,824	)	(31,807	)
Goodwill and trademark amortization	11,543		11,549
Operating (loss) after goodwill and trademark amortization	(53,367	)	(43,356	)

¹ The Gucci Group Watches segment includes the production and wholesale distribution of Gucci and other brand watches.

(continued)

(Segment information continued)

	July 31, 2003		July 31, 2002
YSL Beauté ¹
Revenues from external customers	256,776		256,984
Revenues from other segments	66		46
Total revenues	256,842		257,030
Operating (loss) before goodwill and trademark amortization	(25,249	)	(9,091	)
Goodwill and trademark amortization	26,109		26,211
Operating (loss) after goodwill and trademark amortization	(51,358	)	(35,302	)
Other operations ²
Revenues from external customers	132,581		108,913
Revenues from other segments	19,771		14,131
Total revenues	152,352		123,044
Operating (loss) before goodwill and trademark amortization	(42,875	)	(26,653	)
Goodwill and trademark amortization	13,603		12,805
Operating (loss) after goodwill and trademark amortization	(56,478	)	(39,458	)
Corporate Operating costs	(19,620	)	(17,888	)
Elimination
Revenues from other segments	(33,781	)	(28,881	)
Operating loss before goodwill and trademark amortization	211		174
Operating loss after goodwill and trademark amortization	211		174
Consolidated
Revenues from external customers	1,150,744		1,184,751
Operating profit before goodwill and trademark amortization	18,078		113,519
Goodwill and trademark amortization	60,399		61,675
Operating (loss) profit after goodwill and trademark amortization	(42,321	)	51,844

¹As of February 1, 2003 the Boucheron fragrance operation was integrated with YSL Beauté. Boucheron fragrance segment information for the period ended July 31, 2002, which had been included in Other Operations, was reclassified to YSL Beauté as if the integration had occurred on February 1, 2002.

² The Other Operations segment includes revenues from operations which individually are not material to the Group.

Inter-segment transactions are priced on an arm’s length basis in a manner similar to transactions with third parties.

Note 3—Inventories, net

Inventories, net of allowances for excess and obsolete items, were as follows:

	July 31, 2003	January 31, 2003
Finished goods	394,399	333,919
Work in progress	33,362	29,054
Raw materials	121,741	109,055
Inventories, net	549,502	472,028

Note 4—Other current assets

Other current assets consisted of the following:

	July 31, 2003	January 31, 2003
VAT reimbursement receivables	148,241	149,029
Prepaid expenses	93,564	88,468
Prepaid tax	25,631	30,924
Other	60,456	57,765
Other current assets	327,892	326,186

Note 5—Long-term financial assets

Long-term financial assets on July 31, 2003 consisted of the following bonds:

	S&P Rating	Nominal value ('000)	Fair value € ('000)	Yield		Expiration date
KFW International Finance	AAA	US$245,000	218,309	2.29	%	24/01/2005
DEXIA Municipal Agency	AAA	€ 27,175	28,163	4.25	%	12/01/2007
Total			246,472

During the period movements in long-term financial assets were as follows:

Balance at January 31, 2003	256,089
Change during the period of the fair value	499
Currency translation	(10,116	)
Balance at July 31, 2003	246,472

Note 6—Goodwill, trademarks, other intangible assets and deferred charges, net

Goodwill, trademarks, other intangible assets and deferred charges, net were as follows:

	July 31, 2003	January 31, 2003
Trademarks	1,161,004	1,197,094
Goodwill	651,317	672,145
Other intangible assets and deferred charges	223,710	240,776
Total	2,036,031	2,110,015

Note 7—Bank overdrafts and short-term loans

Bank overdrafts and short-term loans at July 31, 2003 and January 31, 2003 consisted of the following:

	July 31, 2003				January 31, 2003
Currency	Nominal currency value*	Amount in Euro	Weighted average interest rate		Nominal currency value*	Amount in Euro	Weighted average interest rate
US Dollars	70,815	62,568	2.73	%	100,482	92,901	1.63	%
Euro	182,805	182,805	2.32	%	208,863	208,863	3.03	%
Japanese Yen	32,250,537	237,626	0.48	%	30,050,245	232,641	0.30	%
Swiss Franc	52,680	34,066	0.79	%	104,483	71,183	1.08	%
Other	N/A	27,283			N/A	24,946
Total	N/A	544,348	1.41	%	N/A	630,534	1.63	%

* In thousands

The other balances are composed of numerous small balances held by the Group’s individual subsidiaries.

Credit lines:

On July 31, 2003, the Group had a syndicated multi-currency revolving credit facility amounting to € 667 million expiring on July 21, 2005, subject to an interest rate of LIBOR + 0.30% per annum and a commitment fee on the undrawn portion of 0.15% per annum.

The facility is subject to the following financial covenants:

• the ratio of Net Financial Indebtedness to the Net Worth should not be greater than 1:1;

• the ratio of Net Financial Indebtedness to Earning Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) should not be greater than 3:1;

• the ratio of EBITDA to Financial Expenditure, net of any financial income, should not be less than 4:1.

The terms used in the financial covenants are defined in the syndicated loan agreement and may differ from similar terms used in the financial statements.

On July 31, 2003, all of the covenants were satisfied.

Moreover, Gucci Group NV is obliged to ensure that the aggregate total assets of certain Group subsidiaries, which are guarantors of the facility, represent no less than 85% of the total assets of the Group.

At July 31, 2003 the Group had additional available lines of credit, which were not firm commitments, totaling € 671.4 million (€ 619.7 million as at January 31, 2003).

Note 8—Long-term financial payables

Long-term financial payables at July 31, 2003 and January 31, 2003 consisted of the following:

	Floating rate										Fixed rate		Total		Capital		Total		Total
	€		CHF		US$		GBP		Yen		Yen		loans		leases		July 31 2003		January 31 2003

Due between:															(*	)
- 1 and 2 years	275,881		86,745		216,469		1,565		27,262		59,822		667,744		1,794		669,538		121,995
- 2 and 3 years	5,679		65,404				1,565		12,526		12,702		97,876		2,043		99,919		629,502
- 3 and 4 years	140,679		737				1,565		12,526		59,859		215,366		2,267		217,633		211,443
- 4 and 5 years	6,759		737				1,565		3,684		164,272		177,017		2,334		179,351		108,527
Due beyond 5 years	34,397		18,525				12,058				1,282		66,262		90,190		156,452		127,097
	463,395		172,148		216,469		18,318		55,998		297,937		1,224,265		98,628		1,322,893		1,198,564
Other																	968		3,847
Total																	1,323,861		1,202,411
Weighted average interest rate	2.96	%	0.91	%	1.50	%	4.29	%	0.41	%	0.77	%	1.79	%	6.35	%	2.13	%	2.33	%

* Calculated as the present value of minimum lease payments under financial leases due beyond twelve months after July 31, 2003.

The other balances are composed of numerous small balances held by the Group’s individual subsidiaries.

The recorded value of long-term liabilities approximates fair value.

Note 9—Shareholders’ equity

Share Capital

During the period the Group repurchased 3,203,987 shares for an aggregate cost of € 281.6 million. The repurchased shares will be held in treasury and reissued to the Company’s employees upon the exercise of their stock options pursuant to the Company’s stock option plan.

Dividend paid

On May 24, 2003, the Supervisory Board approved a dividend of € 0.50 per common share. Following approval of the Annual Accounts by shareholders at the Annual General Meeting on July 16, 2003, the Company paid the dividend. In 2002 the dividend distributed was US$ 0.50 per share.

The Shareholders at the Annual General Meeting on July 16, 2003 approved the distribution of € 13.50 per share in the form of a return of capital. The payment of the € 13.50 per share to the Euronext Amsterdam (AEX) shares occurred on October 2, 2003; the payment of US$ 15.78 (the US dollar equivalent of € 13.50) to shares registered on the New York Stock Exchange (NYSE) occurred promptly thereafter. The aggregate amount paid to shareholders was € 1,347.0 million. As a result of the payments, the US$ 101.50 per share “put price” that PPR is committed to offer for all Gucci Group shares in April 2004 was reduced by US$ 15.98 per share. This amount was calculated as follows:

• US$ 15.78: The US dollar per share equivalent of € 13.50 determined by the € 1/US$ 1.1692 exchange rate published by the European Central Bank shortly after 2:15pm Central European Time on October 2, 2003.

• US$ 0.20: The US dollar denominated time value of money determined by applying 2.15% (3-month US dollar LIBOR fixed on October 2, increased by 100 basis points) to US$ 15.78 over the period from October 2, 2003 to April 30, 2004.

Hedging reserve

During the period the movements of the Hedging reserve were as follows:

Balance at January 31, 2003	98,529
Realized change in the value of Cash flow hedges related to transactions completed during the period	(55,268	)
Total change of fair value of Cash flow hedges during the period	51,062
Tax on changes during the period	214
Balance at July 31, 2003	94,537

Fair value reserve

During the period the movements of the Fair value reserve were as follows:

Balance at January 31, 2003	2,712
Change of the fair value of available-for-sale investments during the period	499
Currency translation	(106	)
Balance at July 31, 2003	3,105

Foreign currency adjustments

During the period the movements of the Foreign currency adjustments reserve were as follows:

Balance at January 31, 2003	(287,571	)
Translation of opening net equity and consolidation adjustments	(25,940	)
Translation of result for the period	1,625
Translation of long-term inter-company accounts receivable	5,926
Balance at July 31, 2003	(305,960	)

Net income per share

The numerator for the calculation of both the basic and fully diluted net income per share is “Net income for the period”.

Options granted in accordance with the Company’s Incentive Stock Option Plan are the only items which can dilute net income per share. The denominator used in “Basic net income per share” and “Diluted net income per share” is calculated using the treasury stock method as shown in the following table:

	July 31, 2003	January 31, 2003
Denominator in calculating basic net income per share	99,101,118	101,060,751
Add: In the money options outstanding	6,506,955	6,913,971
Less: Treasury shares (*)	5,316,345	5,551,804
Denominator in calculating diluted net income per share	100,291,728	102,422,918

* Theoretical treasury shares which would be acquired from proceeds of exercise of all in the money options outstanding.

2,702,750 options to purchase shares of common stock with an average strike price of US$ 114.56 were outstanding as at July 31, 2003, but were not included in the computation of diluted net income per share (2,474,000 as at January 31, 2003) because their exercise price was greater than the average market price of the common shares during the period; accordingly, the inclusion of these 2,702,750 options would have been anti-dilutive in the calculation.

Note 10—Hedging contracts

During the period, the Group entered into derivative transactions to cover its foreign exchange exposure related to anticipated future transactions in currencies other than Euro, the reporting currency of the Group.

The notional values of the contracts outstanding at July 31, 2003 and January 31, 2003 were the following:

July 31, 2003	Forward	Combination options	Total

US Dollars	179,883	589,899	769,782
Japanese Yen	166,024	519,191	685,215
English Pound	189,487	—	189,487
Hong Kong Dollars	98,246	—	98,246
Korean Won	13,707	—	13,707
Total	647,347	1,109,090	1,756,437

January 31, 2003	Forward	Combination options	Total

US Dollars	152,934	543,091	696,025
Japanese Yen	145,532	526,121	671,653
English Pound	149,934	—	149,934
Hong Kong Dollars	94,495	—	94,495
Korean Won	4,109	—	4,109
Total	547,004	1,069,212	1,616,216

Certain subsidiaries of the Group entered into forward contracts in relation to trade accounts receivable and payable and financial receivables and payables, denominated in the currencies indicated below.

The contracts outstanding at July 31, 2003 and January 31, 2003 were as follows:

	July 31, 2003	January 31, 2003
Currencies

US Dollar	284,888	487,653
Japanese Yen	27,604	22,704
Swiss Franc	79,655	111,976
English Pound	70,015	52,322
Other currencies	27,131	16,600
Total	489,293	691,255

All contracts mature at various dates from August 1, 2003 to January 31, 2005.

All derivatives contracts are entered into with major financial institutions and, consequently, the Group does not expect default by the counter-parties.

Note 11—Subsequent events

On November 4, 2003 Domenico De Sole, Chief Executive Officer, and Tom Ford, Creative Director, announced that they do not intend to extend their contracts beyond their currently scheduled expiration date in 2004. Gucci Group’s Supervisory Board has established a committee to select their successors. Both Mr. De Sole and Mr. Ford confirmed their commitment to remain in their positions until April, 30 2004 in order to facilitate the transition to new management.

PricewaterhouseCoopers

Accountants N.V.

Accountants

Prins Bernhardplein 200

1097 JB Amsterdam

P.O. Box 94071

1090 GB Amsterdam

The Netherlands

Telephone +31 (20) 568 66 66

Facsimile +31 (20) 568 68 88

Report of Independent Accountants

We have reviewed the accompanying consolidated balance sheet of Gucci Group N.V. as of July 31, 2003 and the related consolidated statements of income, changes in shareholders' equity and comprehensive income, and cash flows for the six-month periods ended July 31, 2003 and 2002. These financial statements are the responsibility of the Group's management.

We conducted our reviews in accordance with International Standards on Auditing issued by the International Federation of Accountants and with standards established by the American Institute of Certified Public Accountants.

A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated interim financial statements for them to be in conformity with International Accounting Standard 34 (Interim Financial Reporting).

November 12, 2003

PricewaterhouseCoopers is the tradename of amongst others the following companies: PricewaterhouseCoopers Accountants N.V. (registered with the Traderegister under number 34180285), PricewaterhouseCoopers Belastingadviseurs N.V. (registered with the Traderegister under number 34180284) and PricewaterhouseCoopers Corporate Finance & Recovery N.V. (registered with the Traderegister under number 34180287) en PricewaterhouseCoopers Firm Services B.V. (registered with the Traderegister under number 34180289). The services rendered by these companies are governed by General Terms & Conditions, which include provisions regarding our liability. These General Terms & Conditions are filed with the Amsterdam Chamber of Commerce and can also be viewed at www.pwcglobal.com/nl

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