Kering to Pay $206 Million to Settle Italian Tax Probe
- Investigation centered on Kering’s Bottega Veneta brand
- Italy previously fined Kering 1.25 billion euros over Gucci
A Guccio Gucci luxury goods store in Milan.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Luxury-goods group Kering SA agreed to pay 187 million euros ($206 million) to settle an Italian probe on alleged tax evasion at its Bottega Veneta unit, according to people familiar with the matter.
Italian financial police found that Bottega Veneta used two Swiss affiliates to avoid paying taxes in Italy, the people said, asking to not be named because the matter isn’t public. The investigation is part of a broader probe into Kering’s fiscal practices in the country that led to a previous settlement over Gucci brand, the people said.