Italy's Giorgio Armani previous year committed to stop using fur, saying technological progress meant there was no longer any justification for cruelty to animals, while US brand Calvin Klein took the plunge in 1994.
Marco Bizzarri, president and CEO of Gucci, has announced that the Italian fashion house is going to stop producing fur, according to The Hollywood Reporter.
Gucci's move follows a similar initiative by Italian rivals Armani, which a year ago pledged to drop fur from its collections.
Bizzarri said the new approach was made possible thanks to Gucci's creative director, Alessandro Michele, who was appointed in 2015.
"In selecting a new creative director I wanted to find someone who shared a belief in the importance of the same values".
Bizzarri told Vogue of the decision: "We've been talking about it, Alessandro [Michele] and I, for a few months".
Current Gucci fur items will be auctioned off, with proceeds benefiting LAV and the HSUS.
UBS added that should Kering's Puma brand be sold off the company would sit in a cash positive position and, at current P/E (price over earnings) levels, would trade at a greater than 10 percent discount to the sector.
Joh Vinding, the alliance's chairman, said: "Gucci is taking a bold stand for animals, showing the world that the future of fashion is fur-free".
Its fur-free policy includes mink, coyote, raccoon, dog, fox, rabbit, and karakul (otherwise known as Swakara, Persian lamb or astrakhan) and all others species specially bred or caught for fur.
Kitty Block, president of Humane Society International, welcomed the brand's "compassionate" decision.
Animal rights campaigners said they hoped the move by the Italian fashion house could have a knock-on effect, although it is far from the first label to stop using fur.
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