WEBVTT - Businessweek Extra - House of Gucci

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<v Speaker 1>Broadcasting from the financial capital of the world Bloomberg eleve

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<v Speaker 1>in Frio in New York to Washington, d C. Bloomberg

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<v Speaker 1>to Boston, Bloomberg one oh six one to San Francisco,

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<v Speaker 1>Bloomberg nine sixty to the country Sirius XM Chado one

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<v Speaker 1>nine team, and around the globe the Bloomberg Business app

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<v Speaker 1>and Bloomberg Radio dot Com. This is Bloomberg Business Week.

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<v Speaker 1>I'm Carol Masser and I'm Tim Stannabeck. Welcome to the

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<v Speaker 1>Bloomberg Business Week Extra. This is a highlight from one

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<v Speaker 1>of our favorite interviews to him from the week, and

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<v Speaker 1>this week it's all about House of Gucci. And we're

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<v Speaker 1>not only talking about really Scott's star studded movie. Nope.

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<v Speaker 1>More than twenty years ago, before the Gucci Family story

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<v Speaker 1>hit the silver screen, Bloomberg Sarah Fordon wrote the book

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<v Speaker 1>about the real life saga that would turn into the

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<v Speaker 1>basis for the film. Sarah panned The House of Gucci

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<v Speaker 1>a sensational story of murder, madness, glamor in greed. She's

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<v Speaker 1>also team leader for Corporate Influence in Washington for Bloomberg News.

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<v Speaker 1>Sarah's peace in this week's Pursuit section brings a new

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<v Speaker 1>twice to the story that voice Sherry McLoughlin, who was

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<v Speaker 1>the romantic partner that gave fashion scion Marizio Gucci the

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<v Speaker 1>strength to leave his wife. It was a decision that

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<v Speaker 1>would get him killed back in. Sherry's story has not

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<v Speaker 1>been told until now. Sarah joined us along with Bloomberg

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<v Speaker 1>Pursuits editor Chris Rousing. Sarah, it's really great to have

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<v Speaker 1>you with us. Just just take us back and tell

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<v Speaker 1>us how so many years ago you became so immersed

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<v Speaker 1>in the story to begin with. Hi, Well, thanks for

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<v Speaker 1>having me. I mean, this was an incredible story that

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<v Speaker 1>just really drew me in because there were so many

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<v Speaker 1>twists and turns and this family fashion dynasty over three generations. Um,

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<v Speaker 1>it was a kind of story that if you made

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<v Speaker 1>it up, people wouldn't believe you. Um. It was so

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<v Speaker 1>so outrageous and so many surprising twists and turns. Well,

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<v Speaker 1>and I think about you know exactly. There were so

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<v Speaker 1>many twists and turns, and it is something that you

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<v Speaker 1>feel like, Okay, this would be a streaming service, but no,

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<v Speaker 1>it was reality. Um, you know, as you were putting

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<v Speaker 1>it together, because it played out in in real time right,

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<v Speaker 1>there was so much coverage. What is it that you

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<v Speaker 1>wanted to dig into? Well, I was really drawn to

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<v Speaker 1>the story by the figure of Mado Gucci, and I

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<v Speaker 1>was covering him as a as a beat reporter em

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<v Speaker 1>Milan and his vision to um pilot his family company

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<v Speaker 1>from sort of an over licensed um, sort of cheapened

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<v Speaker 1>brand to a top tier luxury brand. He wanted to

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<v Speaker 1>make Gucci like Italy's heir Mas Um, So he wanted

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<v Speaker 1>to be sophisticated, he wanted excellent craftsmanship. He brought in Um,

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<v Speaker 1>you know, American creative director and designer, and his his

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<v Speaker 1>vision was to take it way up market only Um.

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<v Speaker 1>As he started putting it into place, he had cut

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<v Speaker 1>off the cash cows. He had um not really given

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<v Speaker 1>consumers a chance to figure out that there was a

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<v Speaker 1>new Gucci and the company was just heading towards bankruptcy.

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<v Speaker 1>And as while this was going on, Sarah, this is

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<v Speaker 1>Chris Um. You know, there was this whole personal side

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<v Speaker 1>of the saga where he was going through a divorce

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<v Speaker 1>from his wife, Patricia Reggiani, who was played by Lady

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<v Speaker 1>Gaga in the film, and where he was at least

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<v Speaker 1>for part of the time in a romantic relationship with Sherry,

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<v Speaker 1>which is what our stories about exactly. So my I

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<v Speaker 1>realized that I was, you know, it's one thing to

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<v Speaker 1>write a business story for um, you know, for for

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<v Speaker 1>a newspaper, UM. But I realized that there was there

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<v Speaker 1>was a narrative here that had the qualities of a novel.

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<v Speaker 1>And it was by blending the family saga with the

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<v Speaker 1>business story that I felt that this story really really

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<v Speaker 1>came to ship to life. And I interviewed more than

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<v Speaker 1>a hundred people for the book. Talked to family members,

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<v Speaker 1>I talked to you know, current and former employees of Gucci.

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<v Speaker 1>But the one person who slipped away was Mariza Gucci's

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<v Speaker 1>girlfriend at the time, UM well, for seven years. Her

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<v Speaker 1>name was Sherry McLoughlin. She was an American former model

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<v Speaker 1>who worked in the fashion industry. But they actually met

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<v Speaker 1>sailing in Sudania, um as the Italian team was preparing

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<v Speaker 1>for the America's Cup. So Sherry didn't want to talk

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<v Speaker 1>to me at the time that I was writing the book.

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<v Speaker 1>She didn't know what kind of book I was going

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<v Speaker 1>to write, and she ducked my phone calls and didn't

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<v Speaker 1>answer my emails. Well, she came out of the woodwork. Um.

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<v Speaker 1>A few months ago when the stills from the movie

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<v Speaker 1>set started breaking the internet, and I realized as we

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<v Speaker 1>chatted that she was ready to tell her story. All right,

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<v Speaker 1>so you go up to Chris, and you go, Chris,

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<v Speaker 1>I've got the story. Is that? Well, like, tell me

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<v Speaker 1>how this came together? Well, it's Um. It's actually really

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<v Speaker 1>exciting to see it out in pursuit today because I

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<v Speaker 1>was very uncertain whether Bloomberg would be interested in the

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<v Speaker 1>story because it seemed like such a non Bloomberg story, right,

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<v Speaker 1>it was really about the personal side, um. And yet

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<v Speaker 1>Sherry had been you know, at mad too side when

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<v Speaker 1>he was going through some of the toughest uh fights

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<v Speaker 1>of his of his life, both with his financial partner

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<v Speaker 1>invest Corps and with his family. You know, he was

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<v Speaker 1>battling for you know, the his uncle sent the financial

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<v Speaker 1>police after him, Um was an accusation that he hadn't

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<v Speaker 1>signed his father hadn't signed the shares um, you know,

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<v Speaker 1>giving him the control and sent him, you know, escaping

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<v Speaker 1>and a motorcycle across the border into Switzerland where there

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<v Speaker 1>was no extradition. So he was really really grappling with

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<v Speaker 1>a lot at the time, and she was the person

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<v Speaker 1>who who was at his side trying to help him

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<v Speaker 1>the whole time. All right, question for you, Chris, were

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<v Speaker 1>you like, yeah, of course I'm interested. Well, yeah, I

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<v Speaker 1>think I think maybe Sarah thought it felt a little

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<v Speaker 1>gossipy for Business Week, and I love gossip, especially especially

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<v Speaker 1>because this gossip really actually informed major news events and

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<v Speaker 1>also obviously this crime. And it was a perspective that

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<v Speaker 1>Sarah was really excited about hearing and getting out there.

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<v Speaker 1>And Sherry's not in the movie her She's not portrayed

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<v Speaker 1>in the movie because no one knew her story, and

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<v Speaker 1>so this is really like a missing piece of of

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<v Speaker 1>the saga. And it also includes all these great details,

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<v Speaker 1>Like Sarah mentioned the the publicity stills that broke the internet.

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<v Speaker 1>You might remember the first stills that came out were

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<v Speaker 1>of Lady Gaga and Adam Driver playing Marizio and Patrizia,

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<v Speaker 1>and they were in Italy and it was so like

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<v Speaker 1>Italian and eighties and he's wearing white ski pants and

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<v Speaker 1>and Sherry told us that he always wore white ski

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<v Speaker 1>pants because he was a terrible skier, so he would

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<v Speaker 1>fall and by when he would get down to like

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<v Speaker 1>the wine fueled lunch with everybody. No one would know

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<v Speaker 1>that he felt because he was wearing white so smart,

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<v Speaker 1>which is a great little detail. That's the kind of

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<v Speaker 1>thing that's in this story. Great. And she also she

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<v Speaker 1>told me that he was terrified that Patricia was going

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<v Speaker 1>to have him killed. And he always used to say

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<v Speaker 1>to her, I know, Patricia wants to kill me. And

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<v Speaker 1>so she didn't take him seriously at the time because

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<v Speaker 1>she thought he was being being Italian and being over

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<v Speaker 1>Jim Attic And then lo and behold, you know, look

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<v Speaker 1>what happened. So it's been take us back more than

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<v Speaker 1>twenty years ago, when you were working on this book

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<v Speaker 1>and you not being actually able to speak to Sherry,

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<v Speaker 1>because she actually did approach you. You write after the

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<v Speaker 1>book was out, tell us about that interaction. That was

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<v Speaker 1>really an incredible moment. So I had I had really

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<v Speaker 1>given up on I had had to give up on her.

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<v Speaker 1>My manuscript was going into press and she hadn't responded.

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<v Speaker 1>So I limited, um, you know, my treatment of her

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<v Speaker 1>just to just a few lines in the book. And

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<v Speaker 1>I knew from other people that she had existed, but

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<v Speaker 1>I didn't really have any any contours of the relationship

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<v Speaker 1>or how how they had met or you know what

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<v Speaker 1>time they spent together. And the book came out in

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<v Speaker 1>two thousand and then the paperback edition came out in

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<v Speaker 1>two thousand one, and I was in New York presenting

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<v Speaker 1>the paperback edition at the Exilarly Bookstore and I had

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<v Speaker 1>finished signing books and everybody was just about leaving, and

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<v Speaker 1>I noticed a tall blonde woman instead of standing hanging

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<v Speaker 1>back looking at me. And after the last person left,

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<v Speaker 1>she came up to me with tears in her eyes

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<v Speaker 1>and she said, Hi, Sarah, I'm Sherry McLoughlin. If I

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<v Speaker 1>had known you were going to write such a wonderful book,

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<v Speaker 1>I would have talked to you. And she gave me

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<v Speaker 1>a big hug and we both cried, and then and

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<v Speaker 1>then she left. And you know, at that point, the

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<v Speaker 1>book was out and there had already been an update,

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<v Speaker 1>so there wasn't going to be another update, and literally

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<v Speaker 1>we went our separate ways for twenty years until you know,

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<v Speaker 1>the movie still started coming out and she she direct

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<v Speaker 1>messaged me and we started talking. Having written the book

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<v Speaker 1>and talked to so many people like you said, um, Sarah,

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<v Speaker 1>and then sitting down and talking with her, what's changed?

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<v Speaker 1>And you're thinking about this story. Well, I think that

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<v Speaker 1>she really, Um, she helped me understand a little bit

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<v Speaker 1>more why Maudito was the way he was. And um,

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<v Speaker 1>there are a lot of people around him who who

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<v Speaker 1>wanted him to get help, wanted him to give up control.

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<v Speaker 1>They could see that things weren't going well. And she

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<v Speaker 1>said that he was bound and determined that he he

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<v Speaker 1>had to prove to his father and to his grandfather

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<v Speaker 1>that he was going to be able to turn Gucci around,

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<v Speaker 1>and he didn't want anyone else to do it for him. Um.

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<v Speaker 1>I think that to me, you know, made me understand

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<v Speaker 1>why he was so kind of almost stubborn about doing

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<v Speaker 1>it his way. How does she feel now, not necessarily

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<v Speaker 1>being included in this story and not being included in

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<v Speaker 1>the film portrayal of your book? You know, she she

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<v Speaker 1>really came out now because she said, you know, the

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<v Speaker 1>story is so sad, and you know Madio failed and

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<v Speaker 1>then he was killed, and it's just such a sad story.

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<v Speaker 1>She said, I just feel like this man needs a

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<v Speaker 1>little bit when people need to know that there he

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<v Speaker 1>did have some happiness in his life and and those

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<v Speaker 1>happy moments were some of the moments that they spent together,

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<v Speaker 1>and and she said, you know, they laughed a lot.

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<v Speaker 1>You know, here was a guy who was you know,

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<v Speaker 1>had legions of lawyers and all kinds of calamitous things

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<v Speaker 1>happening in his and his work and family life. Um,

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<v Speaker 1>but with share he was able to laugh and and

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<v Speaker 1>be lighthearted and and uh and have fun. So I

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<v Speaker 1>think she wanted to show that he was he was

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<v Speaker 1>actually um, you know, had had some joy in his life,

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<v Speaker 1>even though it didn't look like it from the outside.

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<v Speaker 1>So joy in their life together and laughter. As you said,

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<v Speaker 1>I do wonder too though Sherry in some ways blame

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<v Speaker 1>herself for what for his ultimate death. You know, I

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<v Speaker 1>don't think she blames herself because it was her. It

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<v Speaker 1>was her decision to end the relationships. She could see

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<v Speaker 1>that he was completely a meshed in his family and

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<v Speaker 1>his affairs, and she she wanted to have a life

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<v Speaker 1>and to have a family and to settle down, and

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<v Speaker 1>she could see that wasn't happening. But I have had

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<v Speaker 1>several other people who who knew him, knew the family,

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<v Speaker 1>knew the story. Several people have told me that they

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<v Speaker 1>thought that if if he had stayed with Sherry, he

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<v Speaker 1>might still be alive today. Because his ex wife Patricia

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<v Speaker 1>somehow didn't fear or didn't feel threatened by Sherry the

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<v Speaker 1>way she did by his his later girlfriend Paula. What

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<v Speaker 1>did you learn about what Sherry and Marizio did together, Well,

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<v Speaker 1>it's kind of a fairy tale lifestyle that they had.

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<v Speaker 1>She she moved to New York and had a small

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<v Speaker 1>apartment there, and he would fly her on the Concorde,

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<v Speaker 1>which existed back then. It was three hours to either

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<v Speaker 1>Paris or London, and then she would go with him.

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<v Speaker 1>She was helping him to restore a beautiful historic three

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<v Speaker 1>masts and sailing yacht that he had bought UM that

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<v Speaker 1>was in sort of in the shambles. It was in

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<v Speaker 1>bad shape. It had been owned by Stavus Niakos, and

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<v Speaker 1>that I had been used by UM the Dutch government

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<v Speaker 1>and Star the Danish government as a training ship for

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<v Speaker 1>for sailors, young sailors. And so they would go to

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<v Speaker 1>Paulo mad Majorca, or to Las Bazzio, to Breman and

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<v Speaker 1>you know, be there while the work was being done

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<v Speaker 1>on the creole Um. They went to St. Mare. It's

0:12:20.240 --> 0:12:22.559
<v Speaker 1>a skied. He would pick her up in his ferrati

0:12:22.760 --> 0:12:25.760
<v Speaker 1>and get pulled over during two hundred kilometers an hour,

0:12:25.880 --> 0:12:28.720
<v Speaker 1>and it was very much the kind of lifestyles of

0:12:28.760 --> 0:12:32.319
<v Speaker 1>the rich and famous. Well, yeah, I do wander too.

0:12:32.400 --> 0:12:34.400
<v Speaker 1>Like when you first sat down with her, like, what

0:12:34.440 --> 0:12:37.679
<v Speaker 1>was the first question you asked her? Well, she just

0:12:37.720 --> 0:12:39.840
<v Speaker 1>told me. She just started talking, she said, Sarah, I

0:12:39.880 --> 0:12:44.120
<v Speaker 1>can't stop dreaming about Marizio. She said, the movie Coming

0:12:44.120 --> 0:12:47.280
<v Speaker 1>Back just made her kind of go back to all

0:12:47.559 --> 0:12:51.440
<v Speaker 1>all so many you know, interactions that they've had. You've

0:12:51.440 --> 0:12:55.760
<v Speaker 1>seen the movie, I have, I have, and um, tell

0:12:55.840 --> 0:12:58.960
<v Speaker 1>us your thoughts on it. Oh, it's it's fantastic. It's

0:12:59.440 --> 0:13:03.280
<v Speaker 1>it's a big family drama, but it's also got some

0:13:03.400 --> 0:13:06.040
<v Speaker 1>satire and some farce in it, so it's not a

0:13:06.160 --> 0:13:09.760
<v Speaker 1>dark movie at all. Um. Many of the characters are

0:13:09.840 --> 0:13:15.880
<v Speaker 1>larger than life, especially Maudita's uncle and his cousin and

0:13:16.240 --> 0:13:20.880
<v Speaker 1>um it's Mado is the one who who changes the

0:13:20.920 --> 0:13:22.920
<v Speaker 1>most during the course of the movie, and you can

0:13:22.960 --> 0:13:27.400
<v Speaker 1>actually see him evolve from this very shy, kind of insecure,

0:13:28.160 --> 0:13:31.160
<v Speaker 1>um young man who falls in love with Patrizia to

0:13:31.960 --> 0:13:36.200
<v Speaker 1>then coming into his own you know, controlling his fighting

0:13:36.240 --> 0:13:40.560
<v Speaker 1>with his relatives and kind of taking taking over sort

0:13:40.559 --> 0:13:43.520
<v Speaker 1>of what he thinks Gucci needs to be Does it

0:13:43.559 --> 0:13:46.800
<v Speaker 1>feel like the story that twenty years ago you wrote

0:13:48.840 --> 0:13:52.240
<v Speaker 1>It does? Oh, it's very much the arc of the story.

0:13:52.760 --> 0:13:56.640
<v Speaker 1>And they actually even go, um, you know, pretty deeply

0:13:56.800 --> 0:14:01.040
<v Speaker 1>into into the business foundation, which I was ap eyes. Um,

0:14:01.040 --> 0:14:03.120
<v Speaker 1>but I do see it as intrinsic to the story.

0:14:03.200 --> 0:14:06.600
<v Speaker 1>So you do get to see Namir Kardar, who was

0:14:07.040 --> 0:14:10.200
<v Speaker 1>the head of the invest Corps, Madricia's financial partner. You

0:14:10.240 --> 0:14:13.000
<v Speaker 1>do get to see Dominico de Sole, who became the

0:14:13.400 --> 0:14:17.080
<v Speaker 1>CEO of Gucci after Madzio. You get to see the

0:14:17.160 --> 0:14:21.480
<v Speaker 1>first blockbuster fashion show, Um, that was staged by Tom Ford,

0:14:21.600 --> 0:14:24.200
<v Speaker 1>that that put Gucci on the fashion map. They recreate

0:14:24.320 --> 0:14:28.800
<v Speaker 1>this amazing show with an Amber Valletta and a big white,

0:14:28.800 --> 0:14:33.560
<v Speaker 1>bright spotlight. UM. Yeah, it's sensational. Hey, I'm I'm want

0:14:33.560 --> 0:14:36.000
<v Speaker 1>to end and just talk a little more about Sherry

0:14:36.160 --> 0:14:39.240
<v Speaker 1>and what she's doing now, because you did describe the

0:14:39.280 --> 0:14:42.240
<v Speaker 1>relationship that she had with Mauricio sort of lifestyles of

0:14:42.480 --> 0:14:45.520
<v Speaker 1>the rich and famous years ago. What's she doing now?

0:14:45.560 --> 0:14:48.160
<v Speaker 1>What's her life like now? Yes, so Sherry kind of

0:14:48.240 --> 0:14:53.240
<v Speaker 1>left that whole fashion, glamor luxury world and she is

0:14:53.600 --> 0:14:57.640
<v Speaker 1>living in Connecticut. Um, she you know, as many people

0:14:57.680 --> 0:15:01.480
<v Speaker 1>struggled through through COVID. She lost her job and she's

0:15:01.520 --> 0:15:04.760
<v Speaker 1>got a job now with a geese management company that

0:15:04.920 --> 0:15:09.320
<v Speaker 1>uses border colleagues to clear property of geese, which will

0:15:09.360 --> 0:15:12.400
<v Speaker 1>become a big annoyance up there. Um. And she actually

0:15:12.480 --> 0:15:15.320
<v Speaker 1>loves this job because she's very much an outdoor person,

0:15:15.880 --> 0:15:18.840
<v Speaker 1>you know, as as I say in the in the article,

0:15:18.920 --> 0:15:22.920
<v Speaker 1>she was an expert skier and sailor. She loves the outdoors,

0:15:22.920 --> 0:15:25.880
<v Speaker 1>she loves working with the dogs, and so she's in

0:15:25.920 --> 0:15:28.200
<v Speaker 1>a very living, in very different life than the one

0:15:28.280 --> 0:15:31.400
<v Speaker 1>she lived with Modi too. Final thought, wrote the book

0:15:31.520 --> 0:15:34.520
<v Speaker 1>years ago, movies out and you've got to get to

0:15:34.560 --> 0:15:37.600
<v Speaker 1>a voice that hadn't been heard from before. Final thoughts

0:15:37.640 --> 0:15:41.280
<v Speaker 1>for our listeners, Well, I think it's it's it's one

0:15:41.280 --> 0:15:45.600
<v Speaker 1>of these compelling stories that really withstands the test of time.

0:15:45.640 --> 0:15:48.360
<v Speaker 1>And these are kind of eternal themes. So even though

0:15:48.920 --> 0:15:54.120
<v Speaker 1>a lot of the events happened in you know, the sixties, seventies, eighties, nineties, Um,

0:15:54.160 --> 0:15:56.440
<v Speaker 1>I think the story is still fresh, fresh today, and

0:15:56.880 --> 0:15:58.840
<v Speaker 1>I think I think it's gonna appeal to a lot

0:15:58.880 --> 0:16:02.080
<v Speaker 1>of people. Go the book. You've been listening to Bloomberg

0:16:02.120 --> 0:16:04.840
<v Speaker 1>Business Week Extra. That was Sarah Ford, an author of

0:16:04.840 --> 0:16:07.960
<v Speaker 1>the House of Gucci, a sensational story of murder, madness, glamor,

0:16:08.040 --> 0:16:11.160
<v Speaker 1>and greed. She's team leader for Corporate Influence in Washington

0:16:11.200 --> 0:16:13.640
<v Speaker 1>for Bloomberg New She joined us along with Bloomberg Pursuits

0:16:13.680 --> 0:16:16.240
<v Speaker 1>editor Chris Rouser. Be sure to listen to our Bloomberg

0:16:16.280 --> 0:16:19.200
<v Speaker 1>Business Week Daily radio program. It airs live Monday through

0:16:19.200 --> 0:16:21.960
<v Speaker 1>Friday at two pm Wall Street Time on Bloomberg Radio.

0:16:22.120 --> 0:16:24.560
<v Speaker 1>Watch US two on our daily broadcast on YouTube. Just

0:16:24.600 --> 0:16:27.600
<v Speaker 1>search Bloomberg Global News. You can also see me on

0:16:27.640 --> 0:16:30.920
<v Speaker 1>Bloomberg Quicktake, available on Bloomberg dot com, slash qt, and

0:16:30.960 --> 0:16:34.600
<v Speaker 1>streaming platforms like Roku, Apple TV, Samsung TV, and more.

0:16:34.800 --> 0:16:37.240
<v Speaker 1>I'm Tim Stenebeck. Catch more of our interviews just check

0:16:37.240 --> 0:16:40.560
<v Speaker 1>out our podcast feed. I'm Carol Masser. This is Bloomberg