Renowned fashion designer Valentino Garavani and his business partner, Giancarlo Giametti, has been fined €33 million ($44 million) based on allegations of tax evasion.
Spokespersons for Valentino and the Italian tax police refuse to disclose the exact figure of the alleged owings.
Statements by reprensentatives from their London offices have declared the allegations “unexpected and surprising,” as Valentino’s position “in the past already had been verified and deemed entirely legitimate and regular.”
Part of the justification is that Valentino moved to London more than a decade ago, and Valentino officially resigned from the company in 2007. In fact the company is now owned by a private equity firm, Permira.
Apparently Italian tax authorities love to target Italian designers – the most obvious earners. And the regulation is that anyone earning revenue on Italian territory is supposed to declare their earnings.
Maybe this is why so many designers are now expanding into Dubai? (Just kidding.)
