MILAN (Reuters) – Milan prosecutors have wrapped up their probe into alleged tax evasion of around 1 billion euros ($1.13 billion) by fashion group Gucci, paving the way for a formal request for a trial, a judicial source said on Tuesday.
The prosecutors suspect Gucci, which is part of French luxury group Kering (PA:), may have paid taxes on profits generated by sales in Italy in another country with a more favorable tax regime.
Gucci Chief Executive Marco Bizzarri and former CEO Patrizio Di Barco are under investigation in the case, the source added.
The lawyers for the two executives could not immediately be reached for comment.
Gucci’s parent Kering said it was “confident about the correctness and transparency of its operating mode, and is cooperating actively with the competent authorities”.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.