Kering, the French luxury giant that owns brands such as Gucci, Saint Laurent, Balenciaga, Alexander McQueen, Bottega Veneta, Boucheron, Brioni, Pomellato would be ready to pay 1,3-1,4 billion euros to the Italian tax authorities in order to put an end to a dispute concerning unpaid taxes in our country by the Gucci brand. He reveals it Reuters, according to which the agreement should be signed in the first days of May and will save the company around 500 million in interest and penalties.
In the event that the figure is confirmed it would represent the most "expensive" settlement ever reached between a company and the Italian tax authorities.
The story refers to a dispute by the Guardia di Finanza, according to which the giant led by Francois-Henry Pinault would have implemented a alleged evasion of around 1,4 billion euro through the Swiss subsidiary Luxury Good International on undeclared revenues of 14,5 billion between 2010 and 2016, i.e. until fiscal year 2017. The charges mainly refer to Gucci, whose offices in Milan and Florence were raided by the police at the end of 2017. According to the prosecutor's office, the revenues of the Kering Luxury Goods International galaxy which markets Gucci products, and which is based in Cvenire in the Canton of Ticino, should have been taxed in Italy and not in Switzerland. In the same context, the managing director, Marco Bizzarri, and the former CEO, Patrizio Di Marco are under investigation for omitted tax return.
Kering has always denied any evasion, declaring that it has complied with the rules and that it has carried out its activities in full compliance with all tax obligations, agreeing to cooperate with the tax authorities.
In a note released today, April 25, the company claims to have meetings with the Revenue Agency in a climate of collaboration but "at this stage no agreement was reached on any specific figure”.
