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Gucci Group, parent company of the Gucci brand, surprised investors late on Tuesday by announcing that Lee would resign at the end of the year, after more than 12 years with the group, "to pursue other interests."

"His departure has absolutely nothing to do with Gucci's results," a spokeswoman for Gucci Group said. "It was Mark's decision not to renew his contract, she said, adding that he wished to spend more time in New York.