Multi-brand luxury goods company, Gucci, has acquired the remaining 35 per cent stake in Gucci Australia from joint venture partner, F J Benjamin Holdings.

No financial details of the transaction were disclosed.

Gucci Australia will now operate as a fully owned subsidiary of the Gucci division. President and chief executive officer of the Gucci Group, Domenico De Sole said: "Taking full control of the Australian joint venture reaffirms our commitment to our brands and to the Australian market where we see significant potential for further development.

"Gucci already has an established position in Sydney and Melbourne and we plan to open a new store in Queensland's Gold Coast by the end of the year."

Earlier this month, Gucci announced that its Gucci division had performed particularly well with first quarter revenues up 11.5 per cent.