Guccio Gucci, the great-grandson of the Gucci founder of the same name, has been arrested for alleged fraud worth €800,000. The entrepreneur's company Esperienza, which created the “To be G” handbag range, filed for bankruptcy in December 2013. Mr. Gucci is accused of removing €800,000 in cash and assets from his own company to pay off personal debts, before declaring bankruptcy. According to police, he transferred all the assets to a new company with a head office in Perugia. Gucci worked at the family company for 12 years before leaving in 1989. His grandfather Guccio Gucci originally founded the label as a family-owned saddlery and luggage shop in Florence in 1920, later adding handbags.