Maurizio Gucci was born on 26 September 1948 in Florence, Italy, the only child of actors Rodolfo Gucci and Sandra Ravel. His grandfather, Guccio Gucci, had founded the Gucci fashion house. In 1972, Maurizio married Patrizia Reggiani and moved to New York City to work for the family company alongside his uncle, Aldo Gucci. The couple had two daughters, Alessandra, born in 1976, and Allegra, born in 1981.
Gucci returned to Milan in 1982. The following year, after becoming the company's majority shareholder following his father's death, he launched a legal battle against Aldo Gucci for control of the fashion house. In 1986, he fled to Switzerland after Aldo accused him of forging his late father's signature to avoid inheritance taxes; Maurizio was initially found guilty but was later acquitted. In 1988, the Bahrain-based investment fund Investcorp acquired 47.8 percent of Gucci, and Maurizio was named chairman of the Gucci group the following year. Amid financial losses between 1991 and 1993 — attributed in part to extravagant spending on the company's Florence and Milan headquarters — he sold his remaining shares to Investcorp in 1993 for $170 million, ending the Gucci family's ownership of the company.
Gucci's marriage to Reggiani deteriorated in the mid-1980s. On 22 March 1985, he sent word through a friend that he would not be returning home and considered the marriage over; the couple lived separately afterward. He later had relationships with American model Sheree McLaughlin Loud, from 1984 to 1990, and with Paola Franchi, beginning in 1990. His divorce from Reggiani was finalized in 1994.
On 27 March 1995, Gucci was shot and killed by a hired hitman on the steps outside his office as he arrived at work. He was buried in St. Moritz, Switzerland. In 1998, Reggiani was convicted of arranging the murder; prosecutors said her motives were a mixture of jealousy, money, and resentment toward her former husband. She served 18 years in prison and was released in October 2016.