The accusations of financial irregularities levelled against Gucci NV and Pinault-Printemps-Redoute SA (PPR) by rival luxury group LVMH are "unworthy", PPR chairman Serge Weinberg told French daily Le Figaro in an interview Thursday.

"It's about time Bernard Arnault understood that he has another competitor in the luxury sector, and that it's irreversible," Weinberg said, referring to PPR.

LVMH has alleged PPR - unknown to shareholders - has awarded FRF6bn ($796m) in stock options to Gucci officials. PPR has denied the allegations.

Weinberg said: "I have never lied to the market and I don't intend to start."

He said four million stock options were given to Gucci creative director Tom Ford with the knowledge of shareholders and these were justified by the designer's talent.

LVMH late Wednesday said it intends to file a complaint against Gucci with the US Securities and Exchange Commission over the stock-option plan. This followed a suit filed by Gucci against LVMH for defamation earlier in the day.

These latest developments would not affect the PPR-Gucci tie-up, Weinberg said.

PPR holds a 42 per cent stake in Gucci, acquired last year when it acted as a white knight to see off a hostile takeover bid for the Italian fashion house mounted by LVMH.

LVMH has a 20.6 per cent stake in Gucci, and is seeking to annul the PPR-Gucci tie-up.