What I've found is that the Gucci prices here are about 10% less than in the states and if you plan well enough you can get the tax refund of about 10% by going to the customs officer at the airport or train on your way out of the EU. They stamp your receipt and then you will get the additional 10% back on your credit card but you have to be prepared to show the officer your purchases to match the receipt. Bottom line is that you can buy a Gucci purse for a little cheaper in Europe but it's not that big a difference unless you buy a lot, but the main difference for me is that there are different styles in Europe than in the states. On my last trip I bought a Gucci purse that wasn't carried in the US for another year.
If you're in Florence, there is a Gucci outlet (www.themall.it) about 45 minutes away that has really good prices on Gucci shoes, wallets, etc. and a small selection of purses (about 40% off retail) but it's hit and miss on selection. They also carry some lower quality Gucci for those who want a Gucci for $150 EURO.