Exhibit II

                             Joint Filing Agreement








                             JOINT FILING AGREEMENT
                            -------------------------
         In accordance with Rule 13d-1(k) promulgated under the Securities
Exchange Act of 1934, as amended, the undersigned hereby agree to the joint
filing on behalf of each of them of a statement on Schedule 13G (including
amendments thereto) with respect to the Common Stock, nominal value NLG 2.23 per
share, of Gucci Group N.V., a naamloze vennootschap incorporated under the laws
of The Netherlands, and that this Agreement may be included as an Exhibit to
such joint filing. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning it contained therein, but shall not be responsible
for the completeness and accuracy of the information concerning the other,
except to the extent that it knows or has reason to believe that such
information is inaccurate. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument.

         IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
the 10th day of February, 2004.

                                    CREDIT LYONNAIS

                                    /s/ Francis Caterini
                                    --------------------------------------------
                                    Name: Francis Caterini
                                    Title: Chief Financial Officer


                                    CREDIT AGRICOLE S.A.

                                    /s/ Eric Vandamme
                                    --------------------------------------------
                                    Name: Eric Vandamme
                                    Title: Head of Subsidiary and Investments of
                                    Credit Agricole S.A.