In 1978, Patrizia Reggiani (Lady Gaga), a charming young Italian woman, is employed as an office manager for her father's modest trucking business. Her life takes a significant turn when she crosses paths with Maurizio Gucci (Adam Driver), a law student and heir to the Gucci fashion legacy, thanks to his father Rodolfo (Jeremy Irons). With her relentless pursuit, Patrizia manages to charm the socially awkward Maurizio into a romantic relationship, even encouraging him to ask her out directly. Meanwhile, Rodolfo, who is suspicious of Patrizia's intentions, warns Maurizio of her potential interest in his wealth, threatening to sever his ties to the Gucci fortune should he choose to marry her. However, love prevails, and Maurizio ultimately decides to leave his family's legacy behind for Patrizia.
The couple's wedding unfolds, leading Maurizio to take a position at the Reggiani trucking business. As Patrizia becomes pregnant, she sees their child as a doorway to mend family ties. She shares the news with Maurizio's Uncle Aldo (Al Pacino), who welcomes the couple into the world of Gucci, teaching Patrizia about the ins and outs of the fashion empire, from the leather farms to the glamorous retailers. Aldo, residing in New York, invites them to celebrate his birthday in the city, and it is there that Patrizia witnesses the allure of the Japanese market through Aldo's dealings.
At the same time, Aldo introduces Patrizia to his son Paolo (Jared Leto), who lacks talent but dreams of being a designer for Gucci. As Maurizio reconnects with his terminally ill father before his passing, Rodolfo drafts a will reinstating Maurizio, but a critical oversight—the lack of a signed transfer—leads Patrizia to forge her father-in-law's signature to secure a 50% stake in Gucci.
Ambition fuels Patrizia's desire for control, leading her to plot against Aldo and Paolo to swell her share. When she discovers counterfeit Gucci products flooding the market, she confronts Aldo, who reveals his intention of making Gucci a well-known brand rather than a luxury one. Seeking guidance from a psychic named Pina (Salma Hayek), Patrizia draws Maurizio into the company’s affairs, persuading him of Aldo’s detrimental influence.
As tensions rise, Paolo gathers evidence of Aldo’s tax evasion, trading it for a chance to design under Gucci's name. Aldo is arrested, while Patrizia pins the blame on Paolo by manipulating police actions against him. Despite their efforts, Maurizio and Patrizia can't acquire Paolo's shares, leading Maurizio to escape with his family to Switzerland, where he rekindles a connection with his old acquaintance Paola Franchi (Camille Cottin). Frustrated by Patrizia's overreach, Maurizio resolves to divorce her, seeking both personal and business independence.
While Maurizio struggles to maintain Gucci's legacy, a significant deal involving Investcorp arises that draws Paolo back into the fray. Upon Aldo’s return from prison, he learns the grim truth of Maurizio’s schemes, leading to mounting family conflict. Eventually, Patrizia, feeling betrayed and desperate, enlists Pina to take drastic action against her husband—resulting in a hash of tragic consequences when hit-men execute Maurizio in broad daylight.
The film concludes by shedding light on the fates of key figures: Aldo succumbs to cancer in 1990, while Paolo faces hardship post-sale. Patrizia, Pina, and the hired assassins bear the brunt of justice, receiving lengthy prison sentences. Ultimately, Gucci thrives under Investcorp, devoid of any family ties, illustrating the depths of ambition and betrayal in the glittering world of fashion.
