Luxury goods giant Gucci Group NV on Friday acquired the remaining 35 per cent stake in Gucci Singapore Pte Ltd and Gucci (Malaysia) Sdn Bhd held by joint venture partner F J Benjamin Holdings Ltd (PFJB).

The company said in a press release it currently operates five shops-in-shop operations in Singapore and two in Malaysia. Financial details were not disclosed.

Gucci president and CEO, Domenico De Sole, said: "South East Asia is a very important region for our industry, and Singapore and Malaysia are increasingly exciting centres.

"The acquisition of full control over our operations there indicates our commitment to further develop the Gucci brand in markets which we believe have good potential for future growth."