Hopes of an end to the ongoing power struggle for the control of the Italian fashion house Gucci were dashed yesterday as French retail conglomerate Pinault Printemps Redoute announced that it was not considering a buy out. Rumours had been circling that the French luxury goods group, which currently holds a 42 per cent stake in Gucci, had been considering a $10bn deal to take full control of the Gucci line, including the 20 per cent stake held by luxury group rivals Moet Hennessey Louis Vuitton.