Gucci turns 100 years old this year. Legend has it that the Italian fashion house's founder Guccio Gucci was an ardent admirer of the leather travel bags he came in contact with when he was working as a bellhop at the Savoy hotel in London. When he returned to Florence, Guccio opened his own leather goods shop, specialising in bags as well as leather equestrian equipment.
On Thursday, Gucci's creative director Alessandro Michele paid homage to both the Savoy and the house's equine heritage, as well as celebrating Gucci's milestone birthday with a collection titled Aria.
Michele, who has come to be known for his eccentric aesthetic and unusual props also sent a rabbit down the runway.
“Gucci was born under some kind of constellation, because the power it holds is nearly inexplicable,’’ Michele said in a video press conference.
The show took place in a film-set version of at the Savoy, while its title Aria refers to Italy's famed lyric opera.
Models walked down long-corridor runways outfitted with hundreds of flashing cameras nailed to the wall in the place of absent paparazzi. A medley of Gucci-themed pop songs – proof, if needed, of the brand's enduring relevance – provided the soundtrack.
Michele also borrowed references from the Tom Ford era and from French sister-brand Balenciaga, which is part of the same parent company, Kering.
“Tom understood right from the beginning that Gucci had some kind of magnetism, this cult power,” Michele said.
Tom Ford’s 1996 red velvet suit was reworked to include a leather harness and worn over a powder blue shirt, while a glittery silver suit came out emblazoned with both Gucci and Balenciaga.
Michele also put a spin on Gucci’s trademark equestrian references, including riding caps, fringed leather riding crops and spit-polished boots mixed with glamorous sequined evening wear. Elsewhere, models sported jewellery dangling, in true Michele form, from their noses.
This was the first collection of 2021 for Gucci, which announced it will no longer follow the traditional fashion calendar and only present two collections a year, in the case of Aria in the form of a video presentation in a year when the pandemic has all but shut down in-person shows.
Reflecting on the century marker, Michele said Gucci's magic is its ability to redefine itself over time, unbeholden to any strictly defined image. “I am trying to renew for the millionth time this brand, this name, this myth, this saga, because Gucci is a complex container that holds many, many things."
With additional reporting from Associated Press
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
More from Aya Iskandarani
Key facilities
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