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The Italian tax police is reported to have visited Gucci’s Milan offices for fiscal checks as part of an investigation into alleged tax evasion according to La Stampa.
“Gucci confirms that it is providing its full cooperation to the respective authorities and is confident about the correctness and transparency of its operations,” said Gucci in a statement in response to an article published by Italy’s daily newspaper La Stampa, which claims the Milan public prosecutor suspects the fashion house of declaring several years’ worth of Italian sales in Switzerland; saving around €1.3 billion in domestic tax. The three-day checks are said to have been carried last week at Gucci’s Milan offices and its Florence headquarters.
Following a recent revival, the brand currently is the biggest contributor to profits and revenue of French luxury conglomerate Kering, reporting a 49.4% rise in sales in the third quarter of 2017. Read more here.
In 2013, Italian fashion brand Prada paid €470 million to the Italian tax service after previously declaring a decade's worth of home revenue abroad.
Source: Reuters/The Local