(Bloomberg) -- Gucci, a legendary Italian house once synonymous with larger-than-life luxury, long ago fell from its rarefied perch.

French conglomerate Kering was seen as a white knight when in 1999 it swooped in to buy Gucci out from under LVMH. But as the years passed, the once evenly matched competitors became less so. While Kering was overly reliant on Gucci for sales, a more diversified LVMH soared in value to $450 billion—ten times that of Kering.

About 50% of Kering’s sales come from Gucci, which means when the brand does poorly, the company follows. In the mini-documentary Gucci Falls Off the Catwalk, Bloomberg Originals takes a close look at how laissez faire management and unsuccessful marketing strategies landed Gucci in the discount bin—and how Kering is now trying to pull it back out again.

While Gucci had plenty of hit products over the years, industry observers say the brand failed to transcend fashion to true luxury in the way LVMH has made famous with brands such as Louis Vuitton. Gucci often made too many versions of the same product to maximize short-term profit, leaving it overexposed. In Gucci Falls Off the Catwalk, we explain how Kering Chief Executive Officer François-Henri Pinault has promised to restore the brand’s luxury luster. 

Read More: Billionaire Pinaults Fight to Pull Gucci Off the Discount Rack

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