The famous house of Gucci was founded by Guccio Gucci back in 1906. By the time the 70's had rolled around, the company was in serious financial trouble and there was infighting and bad blood running rampant in the family. Maurizio was the grandson of founder Guccio and had managed to retain 50% of the business after the death of his father. He allied with his cousin Paulo, and the two finally turned the company around. It was Maurizio who had hired a relatively new designer at the time, Tom Ford, to help revive the label in the 90's. On the eve of his big debut though, Maurizio was gunned down outside his apartment building. In 1998, Maurizio's ex-wife was convicted of the murder (she was later retried but her conviction was upheld with a reduced sentence).
Fox has already lined up Charles Randolph (The Interpreter) to begin working on the script as soon as the writer's strike is over. According to Variety, the story "chronicles the wild and glamorous story of the Gucci family in the 1970s and '80s". Scott is currently shooting the drama Body of Lies with Leonardo DiCaprio and Russell Crowe on location in Morocco, before heading off to work on the revisionist Robin Hood flick, Nottingham. So since Scott has plenty of work left to do and a script has yet to be written, it could be awhile before Scott and company can get this project underway.