Skip to main content

Gucci May Face Trial Following Alleged Tax Evasion

It was almost a year ago that Gucci’s head offices were raided after the luxury brand was suspected of tax evasion. Now it seems the case may finally go to trial.

Milan officers recently finished up their investigation into the company and now allege that the brand owes the Italian tax authorities around €1 billion (over $1.5 billion Canadian) for revenues booked between 2010 and 2016.

They suspect that the company was paying taxes on profits generated within Italy in a different country that had a more beneficial taxing system. For example, Gucci is part of the French luxury group Kering. Kering uses the Swiss company, Luxury Goods International (LGI), to manage the distribution and logistics of many of its brands. Prosecutors are essentially arguing that Gucci’s revenues should be taxed in Italy, not in Switzerland.

A source claimed that Gucci’s Chief Executive, Marco Bizzarri and the company’s former CEO, Patrizio Di Marco are the main subjects of the investigation and while their lawyers have yet to comment on the situation, Kering has released an official statement. The company said they were “confident about the correctness and transparency of its operating mode” and that they were “cooperating actively with the competent authorities.”

A judicial source has revealed that in the wake of the investigation wrapping, there’s been a formal request for trial. Unless the parties can reach a settlement or new evidence emerges, the case will be sent to court in 20 days.

Hopefully this news will not affect our ability to purchase totally impractical hiking boots or crystal-embellished loafers in the near future.

 

The post Gucci May Face Trial Following Alleged Tax Evasion appeared first on FASHION Magazine.



from FASHION Magazine https://ift.tt/2E1YEkZ

Popular posts from this blog

I Tried the Viral One-Leg Jeans, and I Got Plenty of Stares

If you're into fashion and an avid TikTok scroller, you've probably come across the viral and somewhat controversial Coperni one-leg jeans . People who got their hands on them are asking followers how they should style them - and even whether or not they should keep them. Those who are still on a waitlist or are simply curious about the trend are going so far as to DIY the jeans by taking a scissor to one leg of an old pair. I, on the other hand, dared to step into the Romeo Hunte Black One Leg Pant ($232, originally $725), an alternative take on the same silhouette that's even more eye-catching (which, how is that possible?). These jeans were, without a doubt, one of the most polarizing looks I've ever worn - and I've tried some pretty divisive clothing, from Skims butt-enhancing shapewear to the brand's famous push-up nipple bra , and many a sheer naked dress . After wearing the jeans around town to run errands and obviously attracting some attention (st...
Read more

Oh, to Be Pedro Pascal's Sparkly Cardigan

Never have we been more envious of an inanimate object than when Pedro Pascal stepped out in a sparkly cardigan this week. As soon as we saw him walking the streets of London wearing the glittery knit, we longed to swap places with it - to be enrobing the heartthrob, catching the attention of random passersby, sparking internet discourse, and ultimately taking responsibility for his style breakout. Pascal has been serving look after look while promoting " The Last of Us " season one and "The Mandalorian" season three this year, working with stylists Julie Ragolia and Fabio Immediato . His latest came on Feb. 23 when he arrived to a radio interview wearing the shiny cardigan in question: a long button-down sweater made of silver foil yarn and created by menswear label 4SDesigns. He layered it over a sheer brown tank top and finished the look with black pants, leather boots, and his usual chunky-framed glasses. Just one day prior, the actor stopped by a photo call...
Read more

Katy Perry Takes Inspiration From "Kill Bill" in Yellow Moto Jacket and Low-Rise Jeans

Katy Perry is making the press rounds ahead of the upcoming season of "American Idol." On March 28, the competition judge and singer was spotted leaving "Good Morning America" in casual, off-duty street style that turned heads. She wore distressed, low-rise R13 Denim jeans that sat at her hips, as well as a white baby tee under a cropped leather Balenciaga jacket . With its thick black stripes running down the sleeves, the yellow race jacket was reminiscent of Uma Thurman 's iconic tracksuit in "Kill Bill." Wearing an assortment of rings on each of her left fingers, Perry also carried a yellow coffee cup with her other hand to match her jacket. As for the rest of her cool outfit, which was curated by stylist Tatiana Waterford , pointed black heels peeked out from the floor-length denim and sporty cat-eye sunglasses shielded the singer's eyes. The edgy ensemble was one of three outfits she wore on Tuesday. Perry arrived on the morning-show set ...
Read more