Gucci could go to court in next 20 days over tax evasion accusations

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Kering shares

Gucci has become further embroiled in a €1 billion tax avoidance case which is now likely to be sent to court in the next 20 days.

Prosecutors in Milan alleged last year that the luxury fashion retailer owed around €1 billion after paying taxes on profits made between 2010 and 2016 in Italy, but declaring them in Switzerland which has a more favourable tax regime.

A probe being spearheaded by a specialist financial crimes unit has now been completed, and the case will be sent to court within the next 20 days unless the two parties agree on a settlement or new evidence emerges.

Both Gucci’s current chief executive Marco Bizzarri and former chief executive Patrizio Di Marco are under investigation as part of the case.

Kering, which owns Gucci, said it was “confident about the correctness and transparency of its operating mode, and is cooperating actively with the competent authorities”.

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