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Report: Gucci Italy offices searched in tax probe

Italian tax police searched the offices of Gucci, Kering SA's luxury fashion brand, for fiscal checks in connection with a tax-evasion probe, Reuters reported, citing "a senior source with direct knowledge of the matter."

Milan prosecutors suspected Gucci paid taxes due on profits garnered in Italy in another country that had a more favorable tax regime.

Confirming the news, Gucci said it was providing its full cooperation to the respective authorities and was confident about the correctness and transparency of its operations, the news outlet reported.

According to Reuters' source, the searches were carried out at the fashion company's Milan offices and Florence headquarters.