Allegations over tax avoidance, 1,3 billion Euros, hit Gucci. Yet the luxury fashion brand “is fully cooperative”

“The company restates full availability to authorities, as we know that our actions have been fair and clear”. In their release, Gucci have commented about the unexpected inspection carried out, at Gucci’s offices in Milan, by Financial Police (Guardia di Finanza). What were they looking for? They were seeking evidence of allegations, into which they are investigating, over tax avoidance, 1,3 billion euros, committed at the expense of the Inland Revenue. Apparently, the thorough inspection was triggered by a report of Reuters press agency, based on anonymous sources, inside Gucci. Such sources, writes, perhaps refer to “a manager formerly fired”. They actually accuse Gucci of paying taxes, resulting from business and sales in Italy, abroad, namely in Switzerland, where tax regime is less heavy. Such accusation recalls the similar case of Prada, which was charged with tax avoidance as well (470 million euros). In the end, the luxury fashion brand worked it out by paying 381 million euros.


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