Gucci Group management would favour a full takeover bid for the company at the right price, chairman and chief executive Domenico De Sole told Il Sole 24 Ore.

De Sole said a final decision would be up to the group's shareholders - Gucci is 42 per cent-controlled by retailer Pinault-Printemps-Redoute SA (F.PPR) - and hopes the uneasy relationship with Louis Vuitton Moet Hennessy LVMH can be resolved this year. LVMH holds 20 per cent of Gucci.

De Sole also said the group will continue to look for acquisition opportunities but wasn't in a hurry.

"Valentino is an excellent company and a great brand. But I won't say anymore," De Sole said.