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Report: Milan prosecutors conclude probe into alleged tax evasion by Gucci

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Report: Milan prosecutors conclude probe into alleged tax evasion by Gucci

Prosecutors in Milan completed their probe into alleged tax evasion by Kering SA's luxury fashion brand Gucci, Reuters reported Nov. 27, citing a judicial source.

The prosecutors alleged that Gucci evaded about €1 billion in taxes for revenues between 2010 and 2016, according to the report. The case will be sent to court if the parties fail to reach a settlement in the next 20 days.

The prosecutors suspect that Gucci paid taxes on profits from sales in Italy in another country with a more favorable tax regime.

Gucci CEO Marco Bizzarri and former CEO Patrizio Di Marco are reportedly under investigation in the case.

Kering told Reuters that it was "confident about the correctness and transparency of its operating mode, and is cooperating actively with the competent authorities."