Gucci Confirms Its Offices Were Raided Over Suspected Tax Evasion

The Italian fashion house Gucci has confirmed that its offices in Milan and Florence were raided last week over suspected tax evasion. The company, which is owned by the French luxury group Kering, was forced to issue a statement after the Italian newspaper La Stampa reported on Saturday that police had spent three days searching the offices, including its new Milan headquarters, for evidence amid suspicions that levies on profits made from sales in Italy were instead declared in the more favourable tax regime of Switzerland. By doing so, prosecutors suspect that the 96-year-old brand, which is enjoying a phenomenal revival, managed to save €1.3bn (£1.1bn) in domestic tax over several years. The company said it was “providing its full cooperation to the respective authorities and is confident about the correctness and transparency of its operations”. Read more at The Guardian.