French retailer Pinault Printemps Redoute SA will have to shell out 7.1 billion euros to buy Italian fashion house Gucci, PPR chief executive Serge Weinberg has revealed.

In an interview in Thursday's edition of Le Figaro he said the price tag - which includes the cost of covering stock options for around a hundred Gucci managers including chief executive Domenico de Sole and creative director Tom Ford - had been reduced by about 1 billion euros by the recent fall in the US dollar.

Weinberg justified the price tag saying that the Italian fashion house is still growing strongly.