Italian fashion house Gucci has recently confirmed its offices in Milan and Florence were raided over investigations of tax evasion. According to The Guardian, a statement was issued to Italian newspaper La Stampa by the company’s French owner Kering.
The luxury group, also responsible for Yves Saint Laurent, Balenciaga, and Puma, stated: “Gucci is providing its full cooperation to the respective authorities and is confident about the correctness and transparency of its operations.” In the paper’s report, police allegedly spent three days searching the offices for evidence amid suspicions that Gucci has made profits made from sales in Italy that were declared in Switzerland across several years.
In conducting their tax affairs abroad, prosecutors suspect the brand saved up to €1.3 billion (approx. $1.5bn) in domestic tax. That being said, Gucci isn’t the only fashion brand to come under investigation. Back in 2014, Prada was probed over a decade-long tax avoidance totaling €470 million ($554m) and Giorgio Armani in the same year for the sum of €270 million, ($318m).
For more on Italian fashion houses, Prada recently unveiled a concept store in Miami design district.
- Main and Featured Image:Liu Jun / Getty Images